A tribute to the "Warren Buffet" of India, who made some of his most significant investments and exhibited revolutionary decision-making abilities.
Rakesh Jhunjhunwala was born on July 5th, 1960. His father was an income tax officer.
Rakesh enrolled in Sydenham College, Mumbai in 1985 and became a Chartered Accountant soon after.
He made his lucrative investment in Tata Tea in 1986 during his formative years as an investor.
Jhunjhunwala was well renowned for his stock market forecasts and upbeat outlooks and was frequently referred to as "India's Warren Buffett" or the "Big Bull of India."
A "bull" investor is one who buys an asset or commodity on the belief that prices will increase and then sells it for a profit. A market that is projected to experience price growth is said to be bullish.
In 1988, he sold shares of SESA Goa and earned his first significant profit. He had purchased 2.5 lakh Sesa Goa shares for 28 rupees and an additional 2.5 lakh shares for 35 rupees. Sesa Goa's cost rose to 65 rupees after six months.
In 1991, the big bull bought 14k shares of ACC at Rs. 535/share. He placed a large bet on cement majors despite believing that overall market valuations were quite high, and despite ACC being quoted at very high valuations, he sold it at Rs. 3,400-3,500/share.
This incident was before the Harshad Mehta scam came to light, ending the epic bull run.
Rakesh Jhunjhunwala alluded to Harshad Mehta's heyday as a well-known figure on Dalal Street. He thought Mehta sold stocks during that time because he was aware that the money was the proceeds of deception. Rakesh Jhunjhunwala frequently urged investors to adhere to market reality and refrain from following anyone without conducting their own research.
His net worth was Rs 1 crore in 1988 after a streak of profitable trades, rising to Rs 200 crore in 1993.
Rakesh Jhunjhunwala has been investing for 35 years, and during most of that period, he has demonstrated his bullish tendencies, even while other more seasoned, larger, and more seasoned investors of the time were openly negative.
At an average cost of Rs. 23 per share, Jhunjhunwala purchased Titan shares. He became a crorepati largely because of the Titan Company.
The stock closed at Rs 2,471.95 on the BSE on August 12, 2022, and Jhunjhunwala possessed those stocks worth Rs 11,086.9 crore with a holding of 5.10 percent or 4,48,50,970 shares in the most recent quarter. The stock was worth Rs 30 to Rs 32 when he bought it 20 years ago.
The newest "Big Bull" in the more regulated market had less baggage on his front than names like Harshad Mehta and Ketan Parekh, whose rise to fame was soiled with scam connections.
In 2004, he created RARE Enterprises to manage his portfolio. The name came from merging his and his wife's names together; RA for "Rakesh". RE for "Rekha". his wife
Along with his success in the stock market, Mr. Rakesh also made it onto the Forbes List of Billionaires in 2008 at position 1062. He then made his debut film, "English Vinglish," as a producer. The movie starred the renowned actress Shri Devi.
On August 7,2022, he made an investment in the low-cost commercial airline AKASA Air and joined its founding team.
Upon entering the aviation industry, he stated in an interview, "We'll see how the airline does (Akasa Air). If I fail, I'll claim ignorance. However, I am ready to fail. I am aware of all the hazards involved as well as the potential rewards. Life is a risk-reward equation after all, and I was fortunate to have the best management team.
On the morning of August 14, Rakesh became sick and was taken to Breach Candy Hospital in Mumbai, where he passed away at around 6:30 a.m. The doctors then reported that he had acute multiple organ failure and kidney-related issues.
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