BackRakesh Jhunjhunwala cuts stake in this portfolio financial stock in Q1
Rakesh Jhunjhunwala's stake in Indiabulls Housing Finance stands at 1.17% in Q1, down from 1.28% in the previous quarter
PremiumIndian ace investor and stock market trader Rakesh Jhunjhunwala has pared stake marginally in his portfolio stock Indiabulls Housing Finance during the first quarter ended June 2022, showed the recent shareholding pattern.
As per the recent shareholding pattern of Indiabulls Housing Finance as of June 2022, Jhunjhunwala's stake in the housing finance company stands at 1.17% or 55,00,000, down from 1.28% equity or 60,00,000 shares in the previous quarter of March 2022. Thus, during the April-June 2022 period, the investor dumped about 5 lakh shares in the company.
Part of the Indiabulls Group, Indiabulls Housing, one of India’s leading housing finance companies (HFC), offers home loans in the affordable housing segment. The stock is down more than 63% in a year's period, whereas has fallen about 53% in 2022 (YTD) so far.
For the quarter ended March 2022 or Q4FY22, the mortgage financier Indiabulls Housing Finance reported an 11% rise in net profit at ₹307 crore on lower credit cost and higher profit from its co-lending business. The company had posted a profit after tax of ₹276 crore in the year-ago quarter.
The home loan financier said it disbursed ₹2,962 crore in H2 FY22 through co-lending. It has also committed co-lending demand for ₹15,000 crore in FY23 from seven existing partnerships. The company is on track to disburse ₹15,000 crore in FY23 and ₹20,000 crore in FY24, according to the release. The company's gross non-performing assets (GNPAs) stood at 3.21% in Q4FY22 against 2.86% a year ago. Net NPA was at 1.89% compared to 1.55%.
Known as the 'Big Bull' and the 'Warren Buffet of India', Rakesh Jhunjhunwala's portfolio and investments are closely watched by the stock market participants as he has created enormous wealth over the past years from his stock market bets and strategies.
Jhunjhunwala is a qualified Chartered Accountant and manages the asset firm Rare Enterprises. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds about 32 stocks with a net worth of over ₹29,800 crore, as per Trendlyne.
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