Rakesh JhunJhunwala News: Rakesh Jhunjhunwala has increased his stake in PSU company SAIL (SAIL). Jhunjhunwala increased his stake in SAIL to 1.93 per cent in the June quarter. At the end of this month, he had 5.75 crore shares in it. His name was not mentioned in the shareholding pattern for the March quarter. That is, they will have less than one percent of the sale shares at that time. The name of an investor is disclosed only after holding more than one percent share.
Why is Jhunjhunwala increasing stake in SAIL?
Rakesh Jhunjhunwala has increased his stake in SAIL at a time when investors like LIC and mutual funds are selling shares of this giant steel company. LIC has reduced its stake in SAIL by 0.8 percent to 8.43 percent from 9.26 percent in the June quarter, while mutual funds’ stake in it was 5.67 percent till March quarter, which came down to 5.59 percent in the June quarter. In fact, Jhunjhunwala is currently betting on the increasing investment of the government in infrastructure. The demand for steel has increased due to the boom in business activities after COVID-19. Its price is touching the heights in all the countries of the world including India. SAIL’s first quarter results have been good. The company has made a profit of Rs 3,897 crore in the first quarter. Whereas in the first quarter of the last financial year, it had a loss of Rs 1226 crore. In the March quarter also, the company had a net profit of Rs 3470 crore.
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SAIL said, trying to take advantage of increase in steel demand
SAIL has said that it is paying full attention to its manufacturing capabilities so that at this time it can maintain the pace of its supply in the country and the world. The company says that the prices of steel are increasing all over the world. The company is currently focusing on strengthening its production capacity to take advantage of the market conditions.