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Rakesh Jhunjhunwala bought shares of Indiabulls housing finance, SAIL, Edelweiss Financial Services and Federal Bank

Ace investor Rakesh Jhunjhunwala has trimmed his stake in yet another Tata Group company during the April-June quarter of 2021. According to the latest shareholding pattern released by Tata Motors showed that ‘Big Bull’, Jhunjhunwala now holds a 1.14% stake in Tata Motors compared to 1.29% held in March 2021 quarter. He also trimmed his stake in Titan Company during the quarter to 4.8% from 5.1% in March 2021.

As per the June 2021 shareholding pattern of Tata Motors available with the BSE, Rakesh Jhunjhunwwala now holds 3,77,50,000 Tata Motors shares., This is 50 lakh lesser than the number of Tata Motors shares Jhunjhunwwala holdings showed after March 2021. As Rakesh Jhunjhunwala sold out 50 lakh shares of this auto major his holding has reduced by 0.15%.

This comes after the ace investor at multiple media interactions has stated that he is very bullish on Tata Group stocks. “We are still underestimating the kind of profitability and return to shareholders the Tata Group is going to give under Mr Chandra’s leadership,” he said in an interview to ET NOW.

Stock performance

After the news of Jhunjhunwala trimming stake in Tata Motors, the auto stock dipped to the tune of 1.68% in intraday trade. At the time of publishing this story (at 2:51 PM), Tata Motors share price at BSE was quoting at Rs 30.360 per stock lower by Rs 5.10 from its Monday close price. While on an intraday basis the stock made a low of Rs 302.75.

Company announcements

Earlier in the month Tata Motors announced that the company’s subsidiary JLR (Jaguar Land Rover) is likely to report a cash outflow of about £1 billion with a negative EBIT margin for the quarter.

“Jaguar Land Rover had about £3.7 billion of cash and short-term investments (unaudited). Based on this and broadly in line with expectations given the supply constraints, the company expects to report a cash outflow of about £1 billion with a negative EBIT margin for the quarter. Total liquidity at the end of the first quarter was over £5.6 billion including a £1.9 billion undrawn committed credit facility (RCF),” said the company in a regulatory filing.

That apart the company was cautious about its outlook given the chip shortage scenario being very dynamic and difficult to forecast. “Based on recent input from suppliers, we now expect chip supply shortages in the second quarter ended 30 September 2021 to be greater than in the first quarter, potentially resulting in wholesale volumes about 50% lower than planned, although we are continuing to work to mitigate this. We expect the situation will start to improve in the second half of our financial year,” the filing added.