Rakesh Jhunjhunwala Bought Stake in These Two Companies in Q3

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Rakesh Jhunjhunwala Bought Stake in These Two Companies in Q3

By Aditya Raghunath

Investing.com -- Data from BSE showed that noted investor, Rakesh Jhunjhunwala bought shares of Tata Communications Limited (NS: TATA ) in the third quarter of FY2021. Rekha Jhunjhunwala, Rakesh’s wife, held 32,00,687 shares or a 1.12% stake in Tata Communications at the end of Q3FY21.

It is unclear if Jhunjhunwala, who invests in both his name and in his wife Rekha’s name, had a stake in the company before Q3 as companies are not required to list shareholders who hold less than 1% stake in the company. Tata Communications shares have soared by over 30% from October 1 when it was trading at Rs 838 to Rs 1087 where it is trading as of this report.

There has been sustained buying in Tata Communications stock with mutual funds increasing their stake to 0.41% during the December quarter from 0.38% in the previous quarter. FPIs (foreign portfolio investors) also raised their stake to 17.65% in Q3 from 17.56% in the previous quarter.

Jhunjhunwala has also increased his stake in pharma company Jubilant Life Sciences Ltd (NS: JULS ) from 5.74% in the September quarter to 5.82% in Q3. Jubilant’s stock price has increased by over 25% from Rs 734.5 on October 1 to Rs 918 where it is trading as of this report.

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