A share of Rakesh Jhunjhunwala’s portfolio has jumped 10 per cent in a single day. This share is of the legendary tractor manufacturing company Escorts Limited. On Thursday, the stock of this company climbed ten percent to Rs 1793.15. This was its top price for 52 weeks. However, later it closed at Rs 1765.40. Stock exchanges remained closed on Friday on account of Guru Nanak Jayanti. Investors will keep an eye on this in the next trading session.
Escorts shares jump on Japanese company Kobuta’s investment
The major reason for this jump in the company’s shares was the board’s approval for the Japanese company Kobuta to increase its stake in it. Kobuta Escorts will now increase its stake from 9.09 percent to 14.99 percent. Number of its shares as per BSE filing It will increase from 12,257,688 to 21,621,414. Kobuta will be given 93,63,726 equity shares of face value of Rs 10. The price of one share will be Rs.2000. The price of the entire shares will be Rs 18,72,74,52,000. Escort’s board has given permission to raise this amount through preferential issue. After the purchase of these shares, Kobuta will increase his stake and become a joint promoter.
Stock Tips: There is ample opportunity to earn in the shares of this legendary engineering company, know the rating and target price of brokerage firm Jefferies
Jhunjhunwala holds 4.8 percent stake in Escorts
As per the company’s shareholding pattern, Rakesh Jhunjhunwala’s stake in Escort was 4.8 per cent as of September. He had 6,400,000 shares of this company worth Rs 1,033.1 crore.
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