Rakesh Jhunjhunwala

Rakesh Jhunjhunwala (born 5 July 1960) is an Indian billionaire, investor, trader, and chartered accountant. He manages his own portfolio[2] as a partner in his asset management firm, Rare Enterprises.[3]

Rakesh Jhunjhunwala
Born (1960-07-05) 5 July 1960
Hyderabad, Andhra Pradesh (now in Telangana), India
NationalityIndian
EducationChartered Accountant
Alma mater
OccupationOwner of Rare Enterprises, investor , trader & film producer
Net worth US$3 billion (February 2018)[1]
Spouse(s)Rekha Jhunjunwala
Children3

He is the 48th richest person in India, with net worth of $1.8 billion (as of 4 July 2019).[4]

Early life

Jhunjhunwala grew up in Mumbai, where his father worked as an income tax officer. He graduated from Sydenham College[5] and thereafter enrolled at the Institute of Chartered Accountants of India.[6]

Career

Jhunjhunwala is the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited and Tops Security Limited. He is popularly referred to as the "Warren Buffett of India" and the "King of Bull Market".[7]

Jhunjhunwala's stocks fell by up to 30% in December 2011.[8] He recovered his losses in February 2012.[9] These ups and downs forced him to reduce his vulnerability by trimming his portfolio to one-third.[10] His attempts to divest his Aptech stake had no takers.[11]

Jhunjhunwala invested ₹26 Crores ($3.4 Million) in A2Z Maintenance[12] increasing his stake in the company by 3.57%, upping his stake in the company to 23.2%.

The first big profit of Rakesh Jhunjhunwala was Rs 0.5 million in 1986. In between 1986–89, he earned almost Rs 20-25 lakh profit.

As of 2020, his biggest investment is in Titan Company which is worth $1.1 Billion.[13]

Like the Fke Steve blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the Investor's life. On 7 June 2012, the authors were revealed by The Economic Times to be two people.[14][15] For the first year, Forbes columnist Mark Fidelman[16] and for the remaining years, Author and Writer Aditya Magal.

Controversy

There is an ongoing investigation against Rakesh Jhunjhunwala for insider trading as of 28 Jan 2020[17]

References
  1. Jhunjhunwala topic page. Forbes.com. Retrieved October 2012.
  2. "Rakesh Jhunjhunwala's Latest Portfolio, Top Holdings, News". Niveza.in. Niveza Editorial Desk. Retrieved 4 June 2019.
  3. "RAKESH JHUNJHUNWALA BIO". Retrieved 9 November 2012.
  4. "Rakesh Jhunjhunwala - Profile". Forbes. 2 July 2017. Retrieved 2 July 2017.
  5. Nagar, Anupam (13 December 2019). "What does it take to make a Rakesh Jhunjhunwala? Not just Titan & Tata Tea". The Economic Times. Retrieved 7 April 2020.
  6. 28.627815°N 77.242135°E / 28.627815; 77.242135
  7. "Rakesh Jhunjhunwala Story". 4Remedy. 15 November 2017. Retrieved 8 May 2018.
  8. Nihar, Gokhale (17 December 2011). "ET Bureau". The Economic Times. Retrieved 28 April 2012.
  9. "Rakesh Jhunjhunwala Slaughters The Bears". Rakesh Jhunjhunwala Slaughters The Bears. Rakesh-jhunjhunwala.in. Retrieved 28 April 2012.
  10. Modak, Samie (27 April 2012). "Rakesh Jhunjhunwala to trim companies in his portfolio". Business Standard. Retrieved 28 April 2012.
  11. John, Satish (5 April 2012). "No takers for Rakesh Jhunjhunwala's stake in Aptech". The Economic Times. Retrieved 28 April 2012.
  12. "Rakesh Jhunjhunwala buys shares worth Rs 26 crore in A2Z Maintenance and Engineering Services". Economic Times. 22 May 2012. Retrieved 5 June 2012.
  13. "Conference proceedings literature added to ISI's chemistry citation index". Applied Catalysis A: General. 107 (1): N4–N5. December 1993. doi:10.1016/0926-860x(93)85126-a. ISSN 0926-860X.
  14. "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala - The Economic Times".
  15. http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/how-parody-blog-the-secret-journal-of-rakesh-jhunjhunwala-writer-aditya-magal-impressed-rakesh-jhunjhunwala/articleshow/13877181.cms?curpg=1
  16. Fidelman, Mark. "Mark Fidelman -Socialized and Mobilized – Forbes". Blogs.forbes.com one by one. Retrieved 17 November 2012.
  17. Awasthi, Prashasti. "SEBI summons Aptech chairman Rakesh Jhunjhunwala in insider-trading probe". @businessline. Retrieved 31 January 2020.
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