Investor Ace Rakesh Jhunjhunwala posted profits in one of his portfolio stocks – Prakash Pipes. The news fell into the public domain after BSE shared Prakash Pipes’ shareholding pattern for the October to December 2021 quarter. Rakesh Jhunjhunwala’s name is missing from the list of individual shareholders who hold 1% or more shares of the company. However, there has been a surprise entry in the list and the new entrant is Chennai-based investor Dolly Khanna. Dolly Khanna bought a 1.35% stake in the company while Rakesh Jhunjhunwala sold his 1.31% stake in the company during Q3FY22.
Participation of Rakesh Jhunjhunwala in Prakash Pipes
According to Prakash Pipes shareholding scheme for the recently closed December 2021 quarter, the name of Rakesh Jhunjhunwala is missing from the list of individual shareholders, who hold 1% or more of Prakash Pipes shares. But, in the September 2021 quarter, Rakesh Jhunjhunwala owned 3,12,500 Prakash Pipes shares or 1.31% of the company’s share capital. This means that Big Bull posted profits in the business during the third quarter of the 2021-22 financial year. However, it is impossible to determine whether “Warren Buffett of India” recorded a 100% profit in the last quarter of the current financial year or whether it recorded a partial profit in the company during this quarter. Under the exchange’s filing rules, companies are not required to determine individual shareholders who hold less than 1% of the company’s total issued paid-in capital.
Shareholding of Dolly Khanna in Prakash Pipes
As Rakesh Jhunjhunwala’s name is missing from Prakash Pipes shareholding plan for Q3FY22, Dolly Khanna’s name is included in the list of individual shareholders. Khanna owns 324,000 Prakash Pipes shares, or 1.35% of the company’s total issued paid-in capital. Since then, Dolly Khanna’s name was absent from this list in the company’s shareholding plan for the September 2021 quarter; this means that an ace investor bought these shares during the October to December quarter of 2021.
Thus, in the third quarter of the 2021-22 financial year, Prakash Pipes lost an ace investor in the form of Rakesh Jhunjhunwala, but this loss was compensated by the entry of Dolly Khanna into its shareholding.
As a result, it can be confusing for those browsing the portfolio of ace investors to find value picks, as one investor exited that stock while another entered.
Resolve the confusion of these investors; Sumeet Bagadia, Executive Director of Choice Broking, said, “The stock looks bullish on the chart. Once can buy the counter at the current price for a short-term target of ₹180 to ₹190 hold stop loss at ₹150 levels each.”
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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