Rakesh Jhunjhunwala increases stake in Karur Vysya Bank; firm posted 70% decline in Q1 profit

By: | Updated: July 26, 2018 10:45 AM

Rakesh Jhunjhunwala has raised his stake in Karur Vysya Bank, even as the net profit in the latest quarter saw a 70% decline.

Rakesh Jhunjhunwala holds 3.07 crore shares of Karur Vysya Bank, data from BSE showed.

Ace investor Rakesh Jhunjhunwala has raised his stake in Karur Vysya Bank, even as the net profit in the latest quarter saw a 70% decline. In the latest quarter, Rakesh Jhunjhunwala holds 3.07 crore shares of Karur Vysya Bank, data from BSE showed. At the current market prices, the stake translates to Rs 299 crore.  Notably, Karur Vysya Bank’s net profit for the April-June quarter stood at Rs 45.9 crore, registering a decline of 69% from Rs 148 crore in the same period last fiscal.

Karur Vysya Bank shares were trading at Rs 97.45 on BSE this morning, down by more than 2% in the morning trade. Meanwhile, net interest income was up 8.4% at Rs 583.6 crore against Rs 538.6 crore. The company’s gross NPA was up at 7.44% and net NPA was up at 4.50%, when compared on a quarter-to-quarter basis.

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Apart from Karur Vysya Bank, Rakesh Jhunjhunwala has also increased stake in the shares of debt laden Jaiprakash Associates, taking his holding to 2.06% in the latest quarter. The shares of JP Associates were trading at 15.25 this morning. Notably, Rakesh Jhunjhunwala has increased his stake in the company to 2.06% or 5 crore shares, data sourced from BSE showed. At current prices, Rakesh Jhunjhunwala’s stake amounts to Rs 76.25 crore. This amounts to a massive rise in his stake as he held just 1.23% as at the end of March-18.

In March this year, Rakesh Jhunjhunwala’s picked up a staggering 3 crore shares in the company. According to bulk data available on NSE, Rakesh Jhunjhunwala’s firm Rare Enterprises bought 3 crore shares of Jaiprakash Associates at Rs 18.37 amounting to Rs 55 crore on March 15th. The shares soared by nearly 10% intra-day on the news of Rakesh Jhunjhunwala picking up shares in the company.

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