Rakesh Jhunjhunwala buys stake in this Tata firm after a 5X rally

Rakesh Jhunjhunwala buys stake in this Tata firm after a 5X rally

NEW DELHI: Rakesh Jhunjhunwala, famous for picking multibaggers, has bought a stake in Tata Communications that has seen a massive 430 per cent rally from the 52-week lows of March 2020.

Data for the December quarter shows Rekha Rakesh Jhunjhunwala, wife of the Big Bull, owns 32,00,687 shares, or 1.12 per cent, in the company. It could not be ascertained if she earlier held any shares of the firm as companies are required to publish names of shareholders only if their individual holdings are above 1 per cent.

Shares of Tata Communications, however, traded down 2.27 per cent at Rs 1038.45 amid subdued market conditions.

Mutual funds also raised their stake in the company during the quarter, although marginally. They now hold 0.41 per cent in the company, against 0.38 percent stake at the end of September.

Foreign portfolio investors (FPIs), who have been binging on Indian equities throughout the quarter, raised their stake to 17.65 per cent from 17.56 per cent. Similarly, HNIs also raised stake by 3 percentage points to 2.76 per cent.

On the other hand, retail investors have booked some profits in the scrip as their stake came down to 2.25 per cent from 2.32 per cent. Insurance companies also trimmed their stake to 0.95 per cent from 1.05 per cent.

Public investors hold 25.01 per cent in the midcap communication services provider. The remaining 74.99 per cent is held by promoters.

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