Rakesh Jhunjhunwala’s latest investment choice? Singer India rallies 20%

Singer India shares stuck in a 20% upper circuit on Tuesday amid a media report that Rakesh Jhunjhunwala’s RARE Enterprises bought more than 10% stake in the company in a deal bulk. The certificate jumped to Rs 69.15 against the previous close of Rs 57.65. However, final wholesale trade data will arrive later in the day after market hours.

Singer India would be Jhunjhunwala’s final investment decision, according to the report. The veteran investor died Sunday morning at the age of 62. Jhunjhunwala died at 6:45 a.m. in Mumbai and was brought dead to Breach Candy Hospital, according to reports.

The company is active in the trade or manufacture of sewing machines, related accessories and in the trade of household appliances. Lately, Singer India reported net profit of Rs 96 lakh, up 243%, from Rs 28 lakh in the corresponding quarter last year. Net sales also increased by almost 50% to Rs 109.53 crore during the same period.

The company’s share price has gained 4.6% in the past year to August 12, 2022, while the benchmark BSE Sensex Index is up 8.4%.

Popularly known as Warren Buffett in India, Jhunjhunwala launched his career in the stock market in 1985 with an initial capital of Rs 5,000. Presently, the value of his stock portfolio with his wife Rekha Jhunjhunwala stands at over Rs 30,000 crore.

Speaking at the India Today conclave in 2021, he said: “Risk is the essence of life. If you don’t take risks, you are nothing. The billionaire investor remains an inspiration and will be remembered for the words of wisdom he has shared over the years.

Worth around Rs 11,000 crore, Titan Company is the largest holding company of Jhunjhunwalas. The “Big Bull” and his wife together held more than 5% of the company’s capital as of June 30, according to data available from Trendlyne.

Star Health And Allied Insurance Company is the next big pick from Jhunjhunwala with a value of around Rs 7,000 crore. The value of its investments in other players including Metro Brands, Tata Motors and Crisil stands at nearly Rs 3,350 crore, Rs 1,731 crore and Rs 1,301 crore as of August 12, 2022.

Also read: Death of Rakesh Jhunjhunwala: what will happen to Akasa Air now?

Also Read: Shares Owned by Rakesh Jhunjhunwala Drop After His Death; Aptech, big losers from Star Health

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