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NEW DELHI: Despite his vocal support to Tata Group companies, which he believes are primed for growth in the next few years, ace investor Rakesh Jhunjhunwala’s actions during March quarter belie his words.
After selling Titan Company shares worth Rs 344 crore in the March quarter, he has also trimmed his stake in internet infrastructure provider Tata Communications held through his wife.
In the March quarter, Rakesh Jhunjhunwala sold 2.5 lakh Tata Communications shares held in his wife’s name, bringing her stake in the company to 1.04 per cent, latest shareholding data showed. She had held a 1.12 per cent stake in the company at the end of December.
Her remaining stake in the company is now valued at Rs 325 crore. The shares sold by Jhunjhunwala are valued at Rs 27.50 crore at the last closing price.
The Big Bull's move comes on the back of over three-fold returns in Tata Communications in the last one year.
The counter advanced about 2 per cent to Rs 1,121.90 apiece on Thursday despite the news.
However, not everyone is as bearish on Tata Communications as Jhunjhunwala.
Mutual funds increased their stake in the company by as much as 10 times during the quarter. They now hold a 4.01 per cent stake in Tata Communications, up from 0.41 per cent previously.
Foreign portfolio investors increased their stake in the company to 24.40 per cent from 17.65 per cent.
LIC now holds a 2.17 per cent stake. The insurance behemoth did not figure among major shareholders at the end of the December quarter.
Public shareholding in the company increased to 41.14 per cent after the government mopped up about Rs 8,846 crore by selling a 26.12 per cent stake in the company last month. It no longer holds any shares in the firm.
After the share sale, Tata Group's holding in Tata Communications increased to 58.87 per cent.
After selling Titan Company shares worth Rs 344 crore in the March quarter, he has also trimmed his stake in internet infrastructure provider Tata Communications held through his wife.
In the March quarter, Rakesh Jhunjhunwala sold 2.5 lakh Tata Communications shares held in his wife’s name, bringing her stake in the company to 1.04 per cent, latest shareholding data showed. She had held a 1.12 per cent stake in the company at the end of December.
Her remaining stake in the company is now valued at Rs 325 crore. The shares sold by Jhunjhunwala are valued at Rs 27.50 crore at the last closing price.
The Big Bull's move comes on the back of over three-fold returns in Tata Communications in the last one year.
The counter advanced about 2 per cent to Rs 1,121.90 apiece on Thursday despite the news.
However, not everyone is as bearish on Tata Communications as Jhunjhunwala.
Mutual funds increased their stake in the company by as much as 10 times during the quarter. They now hold a 4.01 per cent stake in Tata Communications, up from 0.41 per cent previously.
Foreign portfolio investors increased their stake in the company to 24.40 per cent from 17.65 per cent.
LIC now holds a 2.17 per cent stake. The insurance behemoth did not figure among major shareholders at the end of the December quarter.
Public shareholding in the company increased to 41.14 per cent after the government mopped up about Rs 8,846 crore by selling a 26.12 per cent stake in the company last month. It no longer holds any shares in the firm.
After the share sale, Tata Group's holding in Tata Communications increased to 58.87 per cent.
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1 Comment on this Story
 | Devinder Sharma10 minutes ago Inspite of triming jis holding in Tata Communication, and there could be reasons other the company's future earnings and share price prospects, the sale if government holding im the company has been fully absorbed without any fall in price and mutual funds, FII increasing their holdings and the new business plans of the company all point to high confidence in the stock. The stock has the potential to touch 1,500 by the next quarter. |