Jhunjhunwala picks up 1.29% stake in Tata Motors for Rs 500 cr
Jhunjhunwala’s portfolio is widely followed by investors to get a peek into his strategy.
Rakesh Jhunjhunwala has picked up a 1.29 per cent stake in Tata Motors. The September quarter shareholding pattern disclosed by the automaker showed Jhunjhunwala holding 40 million shares.
It couldn’t be ascertained if he bought the entire stake during the July-September period.
Firms have to disclose the names of their public shareholding holding more than 1 per cent stake.
At the current market price, Jhunjhunwala’s stake is valued at close to Rs 500 crore.
During the September quarter, shares of Tata Motors had soared 36 per cent. In comparison, the Nifty had gained 9.2 per cent during the same period. Earlier this month, the company had reported better-than-expected volumes for the September quarter at its British subsidiary Jaguar Land Rover (JLR).
JLR reported a sequential volume growth of 50 per cent, led by higher sales in China and the UK. This growth was led by improving demand and new launches, such as the Land Rover Defender.
Jhunjhunwala’s portfolio is widely followed by investors to get a peek into his strategy. It has emerged that he raised his holdings in Lupin from 1.47 per cent to 1.57 per cent during the September quarter. His wife Rekha sold 50,000 shares of Titan during the quarter, pruning her holdings from 1.1 per cent to 1.09 per cent.
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