Big bull Rakesh Jhunjhunwala celebrates his 62nd birthday today, 5 July 2022. Rakesh Jhunjhunwala, India’s Warren Buffet, was born to an Indian Tax officer in a middle class family, and started trading in the stock market in 1985, when in college. BSE Sensex was around 150 points at the time; and he began investing with Rs 5,000 as capital. According to Forbes, Rakesh Jhunjhunwala’s net worth stood at $5 billion (Rs 39,527 crore), as of 5 July 2022, zooming 15 per cent in one year from $4.6 billion (Rs 34,387 crore). Rakesh Jhunjhunwala’s first big win was Tata Tea, where he made a profit of Rs 5 lakh in 1986. He bought 5,000 shares of Tata Tea at a price of Rs 43, which zoomed to Rs 143 apiece within just three months, more than tripling his invested money.
Rakesh Jhunjhunwala holds 33 stocks worth over Rs 25,000 crore
As per the latest corporate shareholdings filed, Rakesh Jhunjhunwala and associates publicly hold 33 stocks with a net worth of over Rs 25,842.3 crore. These stocks are Titan Company, Tata Motors, Star Health and Allied Insurance Company, Metro Brands, Fortis Healthcare, Nazara Technologies, Federal Bank, Delta Corp, DB Realty and Tata Communications, among others, according to data by Trendlyne. His most valuable listed holding is watch and jewellery maker Titan Company, with holding value at Rs 8,830.9 crore; followed by Star Health and Allied Insurance Company with Rs 4,957.1 crore; and Metro Brands at Rs 2,391.3 crore.
Rakesh Jhunjhunwala journey from bear to big bull
During Harshad Mehta days, Rakesh Jhunjhunwala was a bear, and made money by shorting stocks post Harshad Mehta Scam 1992. In a video interview, big bull admitted making a lot of money short selling, as he was part of the bear cartel. In 1990’s, Indian stock market was dominated by established cartels. One such bear cartel was led by Manu Manek, known as Black Cobra, with followers including Radhakishan Damani and Rakesh Jhunjhunwala, among others. Journalist Sucheta Dalal reported the Harshad Mehta scam of 1992, following which the stock market crashed.
RARE Enterprises: ‘Ra’ from Rakesh, ‘Re’ from Rekha
In 1987, Rakesh Radheshyam Jhunjhunwala married Rekha Jhunjhunwala, who is also a stock market investor. In 2003, Rakesh Jhunjhunwala set up his own stock trading firm RARE Enterprises, known to derive its name from first two initials of his and his wife Rekha’s names — ‘Ra’ from Rakesh; ‘Re’ from Rekha.
Rakesh Jhunjhunwala, the latest entrant in aviation market
The ace investor is also the latest entrant in the aviation market with his latest venture Akasa airlines. It is likely to start services by the end of this month. It had taken delivery of its first Boeing 737 max aircraft in India on June 21 and plans to conduct proving flights this week, following which it will get the Air Operator Permit for launching commercial operations. In a statement on Monday, Akasa Air said the uniform fit focuses on providing the best possible stretch to ensure their comfort over their busy flight schedules.