Rakesh Jhunjhunwala raises stake in this banking stock1 min read . Updated: 22 Jul 2021, 09:40 AM IST
- Rakesh Jhujhunwala's stake stands at 2.78% stake or 5,75,00,000 shares in the bank during the April-June period
Indian marquee investor and stock market trader Rakesh Jhunjhunwala has increased his stake in Federal Bank as the shareholding pattern of the company shows his name appear in the June 2021 quarter. Known as the 'Big Bull' as well as India's 'Warren Buffett', Jhunjhunwala's investments are closely tracked by the market participants.
As per Federal Bank's BSE shareholding pattern, Rakesh Jhujhunwala's stake stands at 2.78% stake or 5,75,00,000 shares in the bank during the April-June period, up 0.38% from 2.40% or 4,72,21,060 shares in the March 2020 quarter.
Federal Bank shares are up nearly 25% this year (year-to-date or YTD) and over 70% in the past year. One of India’s largest old generation private sector banks, Federal Bank's net profit was up 58.6% at ₹477.8 crore for the quarter ended March as compared to ₹301.2 crore in the same quarter last year. The bank's gross non-performing assets (NPA) stood at 3.41% versus 2.71% on a quarterly basis while net NPAs stood at 1.19% against 0.90% sequentially during the fourth quarter.
Jhunjhunwala invests in both his own name and his wife's, Rekha Jhunjhunwala. He 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.
Separately, he also raised his stake in his portfolio stock Edelweiss Financial Services Ltd. In April to June 2021 quarter, Big Bull of the Indian stock market raised his stake in the financial company to 1.61% from 1.19%. He made a fresh buying in two stocks - PSU metal company SAIL and Indiabulls Housing Finance as he purchased 1.39% stake and 2.17% stake respectively during the said period. On the other hand, he has cut his stakes in two Tata group companies - Tata Motors and Titan company.
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