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Who is Rakesh Jhunjhunwala?
How Rakesh Jhunjhunwala became the Dalal street mogul
Jhunjhunwala had started dabbling with the stock market when he was in college. He was enrolled at the Institute of Chartered Accountants of India but after attaining the degree, he decided to plunge headlong into Dalal street. In 1985, Jhunjhunwala had invested Rs 5,000 as capital. By September 2018, that capital had inflated to Rs 11,000 crore.
Jhunjhunwala had developed an interest in the stock market after listening to his father discuss it with his friends. Jhunjhunwala had said that his father told him to read newspapers regularly as it was the news that made the stock market fluctuate. While his father allowed him to dabble in the stock market, he refused to give him financial aid and forbade him to ask friends for money.
But Jhunjhunwala was a risk-taker right from the start. He borrowed money from his brother’s clients and promised to return the capital with higher returns compared with bank fixed deposits.
He had earned his first big profit in 1986 when he bought 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 within three months. He had earned over three-times profit. In three years, he had earned 20-25 lakh.
Over the years, Jhunjhunwala successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC.
After the 2008 global recession, his stock prices fell by 30% but he eventually recovered from the loss by 2012.
Rakesh Jhunjhunwala's personal life and education
Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai, where his father was posted as an Income Tax Officer. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India. He was married to Rekha Jhunjunwala, who is also a stock market investor.
Jhunjhunwala's investments
Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises. He had invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc.
Rakesh Jhunjhunwala's net worth
Jhunjhunwala is ranked the 36th richest man in India, with a net worth of $5.8 billion, at the end of the FY23 June quarter.
Philanthropy
His philanthropic portfolio included nutrition and education. By the year 2020, Jhunjhunwala planned to give away 25 per cent of his wealth to charity. He had contributed to St Jude, which runs shelters for cancer-affected children, Agastya International Foundation, and Arpan, an entity that helps create awareness among children on sexual exploitation. He also supported Ashoka University, Friends of Tribals Society, and Olympic Gold Quest. He was in the process of building an eye hospital in Navi Mumbai, which will perform 15,000 eye surgeries free of cost.
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Vinay Dube said the airline was well-capitalised to induct 72 aircraft over next 5 years, while mourning the death of Akasa's top backer and ace investor Rakesh Jhunjhunwala who passed away on Sunday
Rare Investments, the investment arm of late Rakesh Jhunjhunwala acquired 4.25 million equity shares or 7.91 per cent stake in Singer India on Tuesday, showed block deal data
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Among the firms in his portfolio, Aptech shares dipped 0.04 per cent to settle at Rs 232.65 on BSE after falling 5.92 per cent to Rs 218.95 during the day.
Jhunjhunwala was among the most influential market voices in Asia's third-biggest economy, with an intense following among the nation's growing horde of retail investors.