Rakesh Jhunjhunwala Tweaks Positions In DHFL, SpiceJet And Lupin
Veteran investor Rakesh Jhunjhunwala was buying more shares of Dewan Housing Finance Corporation Ltd. while the stock was crashing during the July-September quarter. The investor now also holds a significant position in SpiceJet Ltd. and has cut his stake in Lupin Ltd.
Jhunjhunwala now owns 3.19 percent stake in the battered housing financier, compared with 2.76 percent stake in the June-ended quarter, according to exchange filings.
DHFL fell 57 percent during the quarter and was among the worst-hit stocks on account of worries that stemmed from defaults at the IL&FS group. But Jhunjhunwala didn’t fret. He bought an additional 13.34 lakh shares during the second quarter, taking his total now to 1 crore shares of the firm.
SpiceJet was another stock that Jhunjhunwala bought during the quarter. His stake in the low-cost airline has now gone up to 1.25 percent, or 75 lakh shares. The low-cost carrier, too, was hit badly in a tough quarter for Indian airlines marred by competitive airfares and rising fuel prices. Its stock declined 37.5 percent in the July-September period.
As per June quarter data Jhunjhunwala’s shareholding in SpiceJet was less than one percent. He had earlier held 1.4 percent stake in SpiceJet during the January-March quarter.
Jhunjhunwala also upped his stake in Fortis Healthcare Ltd. He now holds close to 2.76 percent stake in the healthcare services provider.
However, the billionaire investor reduced his stake in Lupin during the quarter to 1.79 percent from 1.95 percent earlier, amounting to a total 80.9 lakh shares. And while the firm expects its long-standing problems to abate during the second half of 2017-18, its stock marginally fell 0.32 percent in the second quarter.