Rakesh Jhunjhunwala has raised stake in this company in March quarter; shares up 10%

Big Bull Rakesh Jhunjhunwala has raised stake in VIP Industries Limited during March quarter of FY20. The stake has been increased by 2.85 lakh shares in the company, according to the latest shareholding data available on the exchanges. Jhunjhunwala held a total of 75,00,400 shares in the January-March quarter as against 72,15,400 shares of the company in Q3FY20. The ace investor currently owns 5.31 per cent shares in the company, the data also showed.

In the fourth quarter, mutual funds also increased their stake to 10.40 per cent as against 9.13 per cent stake in the third quarter. However, foreign portfolio investors (FPIs) cut their stake to 4.76 per cent from 6.68 per cent during the same period. VIP Industries manufactures luggage and travel accessories. It is based in Mumbai and is the world's second largest and Asia's largest luggage maker. In the March quarter, shares of the company plunged 44.45 per cent.

Shares of VIP industries were up just over 10 per cent from the previous close in the intraday trade today. The scrip was trading at Rs 232, up 18.90 points, or 8.87 per cent on NSE at the time of reporting.

Jhunjhunwala also increased his stake in Rallis India during the fourth quarter of FY20. Jhunjhunwala purchased an additional 2.75 lakh shares to raise his stake to 9.93 per cent in the March quarter as against 9.79 per cent in the December quarter in the agrochemicals firm, the data showed.  

Meanwhile, the benchmark equity indices -- Sensex and Nifty -- surged sharply on Monday, led by strong global cues, as investors shook off weak economic data and  focused on the upcoming earnings season. BSE Sensex rose 567 points higher at 32,210 and Nifty climbed to 9,425, rising 173 points.

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