Ace investor Rakesh Jhunjhunwala's net worth rose by Rs 1,300 crore in just 5 months between two lists of Forbes -- one released in October last year and the other one released this week.
Ace investor Rakesh Jhunjhunwala’s net worth rose by Rs 1,300 crore in just 5 months between two lists of Forbes — one released in October last year and the other one released this week. According to the Forbes’ estimate, Rakesh Jhunjhunwala’s net worth was $3 billion (about Rs 19,466 crore) in the March 2018 list of billionaires, up from $2.8 billion (about Rs 18,167 crore) in the October list of Indian billionaires.
Rakesh Jhunjhunwala, who is considered India’s Warren Buffett, Forbes said, is an “investor with a Midas touch”. According to the magazine, which released its 2018 list of billionaires on Monday, said that Rakesh Jhunjhunwala began investing with $100 in 1985 when the Bombay Stock Exchange Index was at 150; it now trades over 34,000.
Rakesh Jhunjhunwala is ranked 791st in the Forbes World’s Billionaire list of 2018, and is ranked 54th on the Forbes list of richest 100 Indians. His biggest holding is an 8% stake in watch and jewellery maker Titan, worth more than $900 million, while he also owns a stock trading firm Rare Enterprises. Earlier January, an 8% jump in the shares of his flagship company Titan made him richer by Rs 200 crore in a day.
Though dubbed as India’s Warren Buffett, Rakesh Jhunjhunwala does not share the same view as the American business magnate. While Warren Buffett often suggested investors to not fall into the trap of leverage, Rakesh Jhunjhunwala has said that a big part of his success in the stock market is because of the leverage.
Dalal Street’s big bull Rakesh Jhunjhunwala is a son of an income tax officer. He began trading with just Rs 5,000 in the 80s, while he also obtained chartered accountancy (CA) degree in 1985.
In 2017, four of Rakesh Jhunjhunwala’s stock picks — Titan Company Ltd, Delta Corp Ltd, Dewan Housing Finance and Escorts Ltd — doubled investors’ wealth. His favourite Titan Company Ltd’s shares returned 161%, Delta Corp Ltd’s shares returned 170%, Dewan Housing shares returned 142% and Escorts Ltd’s shares surged by 158%.