Veteran investor Rakesh Jhunjhunwala has bought additional stake in Steel Authority of India (SAIL) in the last quarter April-June 2021. This disclosure has been made from the data available on the stock exchange. According to the shareholding pattern on the BSE website, Rakesh Jhunjhunwala holds 5.75 crore equity shares of SAIL which is equivalent to 1.39 per cent stake in the company. SAIL’s share price today rose by 2.3 percent to Rs 127.4 per share. Its prices have been increasing since March 2020 last year and one of the reasons for the recent rally is a jump in commodity prices. For the first time, the name of Rakesh Jhunjhunwala has appeared among the shareholders of SAIL on the website of the stock exchange.
Big Bull Rakesh Jhunjhunwala holds less stake in Titan, shares fell 1% due to sell-off
Big Bull trusts PSU stocks
For the first time on the website of the exchange, Jhunjhunawala’s name has appeared among the shareholders of SAIL, but according to the data available on the company’s website, he had a stake in the company even in the last quarter January-March 2021. According to this data, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala held 3.55 lakh shares of the company in the March 2021 quarter. Big Bull’s increasing stake in the sale is in line with his comments on the country’s stock markets and economy. In a recent interview, he had said that the PSU stock may rise. According to Jhunjhunwala, if the government moves in the right way, then PSU stocks can give great returns. He had said in the interview that he has invested in PSU banks and the entire sector can perform better.
Zomato IPO: Zomato can increase hiring after the success of IPO of 9375 crores, more chances of getting employment opportunities
Kotak Securities started SAIL coverage last month
In the March quarter, the price of SAIL had increased by 65 percent. Earlier last month, brokerage firm Kotak Securities had given a buy rating to SAIL. According to analysts at Kotak Securities, SAIL may benefit from a rise in steel/iron ore prices due to changes in China’s trade policies and supply reforms. Analysts found that SAIL has improved its balance sheet and the company’s position is going to be better going forward. Kotak Securities started its coverage early last month and it has said in its report that SAIL’s expansion projects are going to be completed soon. These include capacity expansion, product mix-gradation, debottlenecking and raw material augmentation.
(Article: Kshitij Bhargava)