Veteran investor Rakesh Jhunjhunwala has booked profit in one of his portfolio stock Prakash Pipes. The news became public after BSE shared the shareholding pattern of Prakash Pipes for the October to December 2021 quarter. Rakesh Jhunjhunwala’s name is missing from the list of individual shareholders who hold 1 per cent or more of the company’s shares. However, a new name has been added to this list and this new name is of Chennai-based investor Dolly Khanna. During Q3FY22, Dolly Khanna has bought 1.35 percent stake in the company while Rakesh Jhunjhunwala has sold his 1.31 percent stake in the company.
Rakesh Jhunjhunwala’s shareholding in Prakash Pipes
As per the shareholding pattern of Prakash Pipes for the recently ended December 2021 quarter, Rakesh Jhunjhunwala’s name is missing from the list of individual shareholders who hold 1 per cent or more shares of Prakash Pipes. But Rakesh Jhunjhunwala held 3,12,500 Prakash Pipes shares or 1.31 per cent stake in the company in the September 2021 quarter. This means Big Bull has booked profit in the company during Q3 FY2021-22. However, it is not known whether ‘Warren Buffett of India’ made 100 per cent profit in the recently ended quarter of the current financial year or booked partial profit in the company in this quarter. As per exchange filing rules, companies are not obliged to ascertain individual shareholders whose holding is less than 1 per cent.
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Shareholding of Dolly Khanna in Prakash Pipes
On one hand Rakesh Jhunjhunwala’s name is missing from the shareholding pattern of Prakash Pipes for Q3FY22 while on the other hand Dolly Khanna’s name appears in the list of individual shareholders. Khanna holds 3,24,000 shares of Prakash Pipes, which is 1.35 per cent of the total issued paid-up capital of the company. Since Dolly Khanna’s name was not there in this list in the company’s shareholding pattern for the September 2021 quarter, it means that the veteran investor has bought these shares during the October to December 2021 quarter.
Hence, in Q3 FY2021-22, Prakash Pipes lost a stalwart investor in the form of Rakesh Jhunjhunwala but the company got a second stalwart in the form of Dolly Khanna.
But it can be confusing for those who scan portfolios of stalwart investors because in this stock one stalwart has booked profits while the other has bought.
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In such a situation, solving the confusion of investors, Sumeet Bagadia, Executive Director at Choice Broking, Choice Broking said, “This stock looks bullish on the chart pattern. Investors can buy this stock at the current price of Rs 180 to Rs 190. Can buy for target. However, stoploss should also be placed at Rs 150 level on this stock.
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