Rakesh Jhunjhunwala, one of the biggest stock market investors, has reduced his stake in Tata Motors in the June quarter. He has booked some profit after the strong rally in the stock of this company. On the other hand, he has increased his stake in Federal Bank. This is indicating their interest in the stocks of the banking sector.
Jhunjhunwala had bought shares of Tata Motors during the September quarter last year when the stock price had fallen drastically due to losses caused by Corona.
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Jhunjhunwala has held a stake in Federal Bank since 2016.
According to BSE filings, Jhunjhunwala held 3,77,50,000 shares or about 1.14 per cent stake in Tata Motors at the end of June quarter. This is down from 4,27,50,000 shares in the March quarter.
Shares of Tata Motors reached its 52-week high at Rs 360.55 in the previous quarter. Jhunjhunwala may have booked profit at that price. Since then the share price has fallen by about 15 percent. Its stock has fallen sharply since the company reported a loss of production due to chip shortage.
Buy and share shares in Federal Bank
Jhunjhunwala has bought 75 lakh equity shares of Federal Bank. He held 5,47,21,060 shares of Federal Bank at the end of the June quarter, up from 4,72,21,060 shares in the March quarter. The share price of Federal Bank is currently Rs 83.30.
Jhunjhunwala’s stake in Federal Bank is valued at around Rs 458 crore.
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