At a time when markets were reeling under the pressure during the April-June quarter due to rising caseloads of the second Covid-19 wave, ace investor Rakesh Jhunjhunwala rejigged his portfolio. The ‘Big Bull’ bought a stake in Indiabulls Housing Finance during the June quarter.
According to the recent shareholding pattern released by the company, Rakesh Jhujhunwala bought 2.17% stake or 1,00,00,000 shares in the company during the April-June period. He did not hold any stake in the previous quarter, the data showed.
Shares of Indiabulls Housing traded nearly 3% higher at Rs 273.80 apiece on the BSE in early deals.
Even Blackrock Funds had acquired over 25 lakh additional equity shares in the housing finance company on June 11, taking the total stake to over 3% in the company. At the end of June quarter, the shareholding of Blackrock Funds increased to 3.54%, from 2.55% at the end of March 2021.
In a portfolio rejig Jhunjhunwala also known as India’s Warren Buffet made a fresh buying in a PSU metal stock as he purchased a 1.39% stake in Steel Authority of India (SAIL) during the April-June period. That apart, he has raised his stake in his portfolio stock Edelweiss Financial Services and Federal Bank whereas trimmed in Tata group companies – Tata Motors and Titan during the said quarter.
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