Rakesh Jhunjhunwala’s latest investment in Singer India drives share price up nearly 50%

Rare Investments, backed by Rakesh Jhunjhunwal, invested in sewing machine maker Singer India on August 16. Rare Investments bought 42.50,000 shares of the company at an average price of Rs 53.50, valuing the deal at Rs 22.73 crore, according to BSE Wholesale Transactions data.

After Rare Investments, backed by Jhunjhunwala, bought shares of Singer India, the stock attracted new buying interest and led to a 47% rise in the stock over the past two sessions to reach a high of Rs 84.50 in intraday transactions. The stock has traded in the upper circuit for two consecutive days, according to ESB data.

Besides Rare Investments, Pivotal Business Managers bought 7.5 lakh shares, PGA Securities bought 24.50 lakh shares, Authum Investment & Infrastructure bought 5.68 lakh shares, Mansi Share & Stock Advisors bought 3.35 lakh shares, Gauri Tandon bought 7 lakh shares, Seven Hills Capital bought 4 lakh shares and Veena Kumari Tandon bought 7 lakh shares. While Retail Holdings (India) BV sold 1.2 crore shares of the company.

Billionaire stock market investor Jhunjhunwala died Sunday morning in Mumbai after suffering cardiac arrest. Jhunjhunwala suffered from multiple health issues.

He had been undergoing treatment for several health issues, including kidney disease, according to reports. He was last seen at Akasa Air’s launch event. He also held stakes in major listed companies in the country such as Titan, Aptech, Lupin, Federal Bank, Tata Motors and Nazara Technologies, among others.

A self-taught trader, investor and businessman, he was also known as the “Big Bull” of Dalal Street. With an estimated net worth of around $5.8 billion (around Rs 46,000 crore), Jhunjhunwala was India’s 36th richest billionaire, according to the 2021 Forbes list.

As of 12:29 p.m., shares of Singer India were trading up 4% at Rs 82.15, outperforming the Sensex which was down 0.4%.

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