What Jhunjhunwala, Damani And Other Veteran Investors Bought And Sold In March Quarter
Indian equities gained in the quarter ended March, just before the deadlier second wave of Covid-19 infections stalled economic recovery.
The Nifty 50 rose 5.07% in the January-March period, posting its best fourth quarter since 2007, according to Bloomberg data. The Nifty 500 Index advanced around 7%. The mid- and small-cap indices gained 14-15% each during the three months.
Some of the veteran investors used this opportunity to buy or pare holdings in certain stocks.
Here’s what Rakesh Jhunjhunwala, Radhakishan Damani, Ashish Kacholia, Vijay Kedia and Dolly Khanna bought and sold during the March quarter.
The billionaire investor and his family raised holdings in five companies and pared in five. For the quarter ended March, Jhunjhunwala held the largest stake in Nazara Technologies Ltd., which listed on March 30. With this, his name featured him among shareholders with more than a 1% stake in the online gaming platform, along with lifescience company Jubilant Ingrevia Ltd.
The specialty intermediate to pharma, agrochemical and other industries made it to the portfolio of Jhunjhunwala and his wife during the quarter after the restructuring of Jubilant Life Sciences.
The market veteran pared most of his holding in luggage maker VIP Industries Ltd.
Jhunjhunwala either cut his stake below 1% or exited four companies — water supplier Ion Exchange Ltd., BPO services provider Firstsource Solutions Ltd., Indiabulls Real Estate Ltd., and airport developer GMR Infrastructure Ltd. He even reduced holding in his favourite jewellery maker Titan Co.
The billionaire owner and promoter of Avenue Supermarts Ltd., the operator of DMart chain, didn’t increase stake or bought any new company but pared holding in two.
He lowered most of his stake in Charminar cigarette maker VST Industries Ltd. Damani either exited or cut his holding below 1% in three companies—Domino’s Pizza operator Jubilant Foodworks Ltd., beauty products maker Kaya Ltd., and Spencer’s Retail Ltd.
Kacholia, who usually bets on small caps, either bought or raised his stake above 1% in polyester filmmaker Garware Hi-Tech Films and carbon black manufacturer Phillips Carbon Black.
He pared his holding in eight companies, the most being in Birlasoft Ltd.
Kedia's largest stake was held in Affordable Robotic & Automation Ltd., which listed him among shareholders with 1% or more stake.
He also increased holding in Tejas Networks, Ramco Systems and Heritage Foods. The investor reduced his stake the most in consumer goods maker Lykis Ltd.
Chennai-based Rajiv Khanna, who invests in the name of his wife Dolly, either raised his stake above 1% or bought Mangalore Chemicals & Fertilizers Ltd., pigment maker Asahi Songwon Colors Ltd., and Neuland Laboratories Ltd.
Khanna’s biggest holding by percentage is in KCP Ltd., in which he increased stake for at least the third quarter in a row.
The ace investor pared his stake in Rain Industries Ltd. Khanna either exited or cut holding to less than 1% in Nocil Ltd.—the chemical maker in which he had lowered stake in the previous three quarters.