Big Bull Rakesh Jhunjhunwala increases stake in Rallis India in March quarter
BusinessToday.In May 5, 2020
Big Bull Rakesh Jhunjhunwala has 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 of shareholding pattern on BSE showed. Jhunjhunwala held 1,93,05,820 shares in the company at the end of March 2020 against 1,90,30,820 shares at the end of December 2019. Shares of Rallis India were trading at Rs 225.45, up 5.45 points, or 2.48 per cent on BSE at the time of reporting.
Similarly, institutional investors including mutual funds and foreign portfolio investors (FPIs) also increased their stake in the firm. While holding of mutual funds surged to 15.01 per cent from 13.56 per cent, FPIs' stake increased to 4.89 per cent from 4.41 per cent in December quarter.
Rallis India is a subsidiary of Tata Chemicals, with its business presence in the farm essentials vertical. It is one of the crop care companies in India. The company has a product portfolio of crop care solutions.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala reduced their stake in gems and jewellery maker Titan to 5.53 per cent for the quarter ended March 2020, according to the exchange data. The Jhunjhunwala couple sold 1.03 crore shares of Titan during last quarter. For the quarter ended December 31 2019, Jhunjhunwalas held 6.69 per cent stake in the company.
Meanwhile, benchmark equity indices -- Sensex and Nifty -- erased earlier gains, although traded higher on Tuesday, backed by strong global cues. While BSE Sensex rose 250 points higher to 32,238, NSE Nifty climbed 80 points to 9,378.