What Jhunjhunwala, Damani And Other Veteran Investors Bought And Sold In June Quarter
Equities in India posted their best quarterly gains since 2009 as an overwhelming liquidity push and foreign inflows helped stocks recover from the March selloff, the worst in more than a decade, triggered by the coronavirus pandemic.
The Nifty 50 Index gained 25% in the three months to June. That was mirrored by the Nifty 500 Index. The mid- and small-cap indices rose 28% and 30.34%, respectively, during the period.
Some large investors used this opportunity to buy or pare holdings in the small- and mid-cap space.
Here’s what veteran investors such as Rakesh Jhunjhunwala, Radhakishan Damani, Ashish Kacholia, Vijay Kedia and Dolly Khanna bought and sold during the period.
The holdings and changes are based on disclosures made on the exchanges for the three months to June and do not reflect their entire portfolio.
Billionaire investors Rakesh Jhunjhunwala and his family raised stakes in seven companies and pared in two during the quarter ended June.
He added the most to his holding in construction company NCC Ltd. and was also listed among shareholders with 1% or more stake in auto parts maker Autoline Industries Ltd., Indian Hotels Company Ltd., DB Realty Ltd. and Dishman Carbogen Amcis Ltd.—a provider of drug development and commercialisation to pharmaceutical companies.
Jhunjhunwala reduced his shareholding in Agro Tech Foods Ltd. and Lupin Ltd. during the quarter.
The billionaire owner of Avenue Supermarts Ltd.—the operator of DMart supermarket chain—increased his stake in India Cements Ltd. during the quarter ended June.
He has been gradually increasing his holding in the south-based cement maker. The veteran investor, according to a Bloomberg report, is also considering acquiring a controlling stake in India Cements.
Damani was also listed among shareholders with 1% or more stake in Mangalam Organics Ltd, the maker of camphor and various synthetic resins, wind power generator BF Utilities Ltd., and Astra Microwave Products Ltd.
Kacholia, who usually bets on small caps, added the most to his holdings in Apollo TriCoat Tubes Ltd. He was listed among the shareholders with 1% or more stake in the maker of galvanised and hybrid pipes in the quarter ended March.
Besides, he increased his holding in Religare Enterprises Ltd., Poly Medicure Ltd. and Safari Industries (India) Ltd. by 2-5 basis points during the three months ended June. He was listed among shareholders with 1% or more stake in HLE Glasscoat.
While Kacholia pared his holding the most in CHD Developers Ltd., he either exited or cut stake below 1% in Hikal, MIRC Electronics Ltd., Mold-Tek Packaging Ltd., Mastek Ltd., Nocil Ltd. and Gati Ltd.
Kedia increased his stake in Atul Auto Ltd. and was listed among shareholders with 1% or more stake in Tejas Networks Ltd. and Ramco Systems Ltd.
He pared his holding the most in fast-moving consumer goods maker Lykis Ltd., followed by Everest Industries Ltd., Sudarshan Chemicals Ltd. and Vaibhav Global Ltd.
Chennai-based Rajiv Khanna, who invests in the name of his wife Dolly Khanna, pared his holding in two companies—Nocil Ltd. and Rain Industries Ltd.—during the quarter ended June.