Rakesh Jhunjhunwala

Rakesh Jhunjhunwala (born 5 July 1960) is a Bussiness Magnate. He manages his own portfolio as a partner in his asset management firm, Rare Enterprises.

He is the 39th richest person in India, with net worth of $2.9 billion (as of 29 September 2020).

 

Early life

Jhunjhunwala grew up in a Marwari Family in Mumbai, where his father, an IRS officer worked as Commissioner of Income Tax, Bombay. He graduated from Sydenham College and thereafter enrolled at the Institute of Chartered Accountants of India.

Career

Jhunjhunwala is the chairman of Aptech Limited and Hungama Digital Media Entertainment Pvt. Ltd. and sits on the board of directors of Prime Focus Limited, Geojit Financial Services, Bilcare Limited, Praj Industries Limited, Provogue India LimitedConcord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited and Tops Security Limited. He is popularly referred to as the “Warren Buffett of India” and the “King of Bull Market”.

Jhunjhunwala’s stocks fell by up to 30% in December 2011. He recovered his losses in February 2012. These ups and downs forced him to reduce his vulnerability by trimming his portfolio to one-third. His attempts to divest his Aptech stake had no takers.

Jhunjhunwala invested ₹26 Crores (US$3.4 Million) in A2Z Maintenance increasing his stake in the company by 3.57%, upping his stake in the company to 23.2%.

The first big profit of Rakesh Jhunjhunwala was ₹5 lakh in 1986. In between 1986 and 1989, he earned almost ₹20-25 lakh profit.

As of 2020, his biggest investment is in Titan Company which is worth ₹4,758 Crores (approx US$600 Million).

In popular culture

Like the Fake Steve blog, there is a popular parody blog called The Secret Journal of Rakesh Jhunjhunwala that humorously parodies the Investor’s life. On 7 June 2012, the authors were revealed by The Economic Times to be two people. For the first year, Forbes columnist Mark Fidelman and for the remaining years, Author and Writer Aditya Magal. In the web series Scam 1992, actor Kavin Dave played a role based on him.