Here's why Rakesh Jhunjhunwala is betting big on Tata Motors1 min read . Updated: 24 Feb 2021, 07:45 AM IST
'The biggest and best player in electric cars in India is going to be Tata Motors,' Rakesh Jhunjhunwala said.
Rakesh Jhunjhunwala wants to play India's electric vehicles story with Tata Motors. "The biggest and best player in electric cars in India is going to be Tata Motors. I am a shareholder and I am playing EV story with Tata Motors only," the ace investor said in interview with CNBC International TV.
The 'big bull' of the Dalal Street further sees the customisation of the electric cars as the way forward for the established automobile players in India.
Asked whether India is 'EV ready', Jhunjhunwala said, 'India is ready as any developing country.' He further added that the pace of EV transition will be faster in the coming years.
Speaking on bitcoin, Jhunjhunwala said he would never invest in the cryptocurrency and further added that it should be banned.
"I won't buy Bitcoin even for $5. In the world, only the sovereign has the right to create currency. The dollar move of 1-2 percent is news but here the fluctuation is 10-15 percent in a day, hence the speculation is the highest. I don't want to join every party in the town. You should go to the party which you like. I will never buy Bitcoin in my life. Cryptocurrencies should be banned," he said.
"Only the sovereign has the right to create currency in the world," he further added.
Rakesh Jhunjhunwala also predicted that Nifty would touch 90,000-100,000 by 2030. "India will surprise on the upside. I can't tell you the depth or direction as it depends on so many factors," he said.
"India is on a roll and the stock market will be on a roll," Jhunjhunwala added.