Rakesh Jhunjhunwala Increases Stake in Fortis while FPIs Sold

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Rakesh Jhunjhunwala Increases Stake in Fortis while FPIs Sold

By Aditya Raghunath

Investing.com --  Data released by hospital chain Fortis Healthcare Ltd (NS: FOHE ) showed that ace investor Rakesh Jhunjhunwala increased his share in the company by almost 63%. He now owns 4.31% of the company at the end of March 31, 2020, compared to 2.65% at the end of December 2020.

Fortis Healthcare closed April 13 at Rs 200.6. The stock is up 29.2% since December 31 when it closed at Rs 155.2. The second wave of COVID-19 has hit India very hard and the country recorded over 1.85 lakh cases on April 13, the highest ever since the pandemic began in 2020.

While Jhunjhunwala increased his stake in Fortis, FPIs (foreign portfolio investors) reduced their stake in the company from 43.24% to 34.42% in the March quarter. Mutual funds, however, have also increased their stake in Fortis by over 145% in the same period. They now own 12.25% of Fortis compared to 4.99% at the end of December 2020.

Brokerage firm Elara Securities has said that the hospital business revenue will continue to improve as non-COVID revenue goes up but revenue from overseas patients will be hit until travel restrictions are lifted.

Interestingly, the stock has dropped almost 10% from April 5, when it closed at Rs 219.4, at a time when the second wave of COVID-19 cases is surging.

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  • Mera Lau @Mera Lau
    MFs and RJ investment would be more striking than selling of FIIs.
    Like 0
  • Abhishek Dhar @Abhishek Dhar
    We should avoid dubious people and what they are doing like Rakesh JhunJhunwala
    Like 5
    • Mera Lau @Mera Lau
      And why do you think that we should follow your dubious opinion?
      Like 0

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