Rakesh Jhunjhunwala bought 2,50,00,000 shares of this government company, do you have it?

Multibagger Stock: Veteran investor Rakesh Jhunjhunwala bought a total of 2,50,00,000 shares of National Aluminum Company Limited (NALCO) during the quarter ended September (Q2FY22), which is about 1.36% in the government-owned company. The Government of India holds a 51.5% stake in the company, which has diversified operations in mining, metals and power. Foreign Portfolio Investors (FPIs) held 15.22% stake in NALCO at the end of September quarter as per the company’s shareholding pattern.

Rakesh Jhunjhunwala, known as India’s Warren Buffet or Big Bull, recently got approval from the central government for his new airline venture Akasa Air. Jhunjhunwala’s investments and portfolio are closely watched by the market participants. The veteran investor had bought 1.39% stake in another PSU metal company SAIL in the June quarter.

Brilliant performance by NALCO
The market capitalization of NALCO is around Rs 18,000 crore. On Monday, the stock closed at Rs 102.90 on the NSE with a gain of 6.80%. Since the beginning of 2021, the shares have gained a whopping 132.02%.

For the June quarter, NALCO reported a net profit of Rs 347.73 crore, a huge jump of 1,947% year-on-year. Revenue from operations in Q1, meanwhile, grew 79% to ₹2,474.55 crore. Despite the COVID-19 pandemic, NALCO posted a net turnover of Rs 8,869.29 crore and a net profit of Rs 1,299.56 crore in FY21.

Jhunjhunwala has made investments in the name of both himself and his wife Rekha Jhunjhunwala. He is a qualified Chartered Accountant and manages the asset firm Rare Enterprises. According to Hurun’s list of rich, the net worth of Rakesh Jhunjhunwala and his family as of September is Rs 22,300 crore. His wealth has increased by a whopping 52% in the last one year.

NALCO is one of the largest integrated Bauxite-Alumina-Aluminum-Power complexes in the country.

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