With ace investor Rakesh Jhunjhunwala buying an additional 2.85 lakh shares of VIP Industries in the January-March quarter, the stock surged 10% during the trade on Monday
With ace investor Rakesh Jhunjhunwala buying an additional 2.85 lakh shares of VIP Industries in the January-March quarter, the stock surged 10% during the trade on Monday as investors rushed to mirror the big bull’s move. The scrip touched an intraday high of Rs 234.80 per share. After his recent shopping spree, Rakesh Jhunjhunwala now owns a 5.31 per cent stake in the luggage maker. VIP Industries share price has gained merely 9.89 per cent from recent lows of March 23. The 10 per cent surge would have helped Rakesh Jhunjhunwala pocket gains of as much as Rs 16.5 crore.
With the purchase of 2.85 lakh shares, Jhunjhunwala has bought the entire stake he sold in VIP Industries between October-December 2019. Jhunjhunwala’s holdings in the company had dropped to 5.11 per cent in the quarter ending December 2019. In the market rout earlier in March, VIP Industries share price tanked 54 per cent to trade at Rs 203 per share. The fall was close to 57% from its 52-week-high price of Rs 519 apiece.
The recent trend of foreign portfolio investors selling and mutual funds buying was evident in VIP Industries latest shareholding data. Mutual Funds bought 17.88 lakh shares in the last quarter of the previous fiscal increasing their stake in the company to 10.40 per cent from 9.13 per cent at the end of December 2019. Foreign investors on the other hand sold over 27 lakh shares to reduce their stake to 4.76 per cent from 6.68 per cent.
Among other stock on Rakesh Jhunjhunwala’s shopping list in the January-March quarter were, Federal Bank where the big bull bought 35 lakh shares increasing his holdings to 3.08 per cent. Orient Cement and pharma firm Jubilant Lifesciences were also on his target in the previous quarter. Over 1 lakh shares of Orient Cement were bought while 15 lakh shares of Jubilant Lifesciences were purchased. Orient Cement stock surged 10% before the wipe-out on Dala Street began in March.