Rakesh Jhunjhunwala

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Rakesh Jhunjhunwala
Rj in office.jpg
Born (1960-07-05) 5 July 1960 (age 62)
EducationChartered Accountant
Alma mater
OccupationInvestor
Spouse(s)Rekha Jhunjhunwala
Children3

Rakesh Jhunjhunwala (born 5 July 1960)[2] is an Indian billionaire business magnate, stock trader and investor. He manages his own portfolio as a partner in his asset management firm, Rare Enterprises.[3][4] Jhunjhunwala grew up in a Rajasthani family, in Bombay, where his father worked as a Commissioner of Income Tax. His surname indicates that his ancestors belonged to Jhunjhunu in Rajasthan.[5] He graduated from Sydenham College[6] and thereafter enrolled at the Institute of Chartered Accountants of India.[7]

He has an estimated net worth of $5.5 Billion (as of July 2022) making him the 36th richest man in India.[8][9][10]

Career[edit]

Jhunjhunwala's interest in stock markets arose when he observed his father discussing the markets with his friends. While his father guided him on the markets, he never gave him money to invest and forbade him from asking friends for money. With his savings at hand Rakesh started investing early when in college. Beginning with ₹5,000 capital in 1985, today his investment has grown to ₹11,000 crores.[10]

Besides being an active investor 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 Limited, Concord 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 "Big Bull of India" and the "King of Bull Market", and is widely known for his stock market predictions and bullish outlooks.[citation needed]

The first big profit of Rakesh Jhunjhunwala was ₹5 lakh in 1986. Between 1986 and 1989, he earned almost ₹20-25 lakh profit.[11][better source needed]

As of 2021, his biggest investment is in Titan Company which is worth 7,294.8 crore.[12]

Currently, he is a member of the Board of Advisors of India's International Movement to Unite Nations (I.I.M.U.N.).[13]

Akasa Air is an Indian airline co-founded by Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dubey.[14] The airline currently has 2 aircraft with additional order for 70 more aircraft and flies to 3 cities as of 9th Aug 2022

In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered bank for Rs 176 crore. Later in 2017 he bought the other 6 apartments in the building from HSBC bank for Rs 195 crore. In 2021 he commenced the construction of his new 70000 square feet 13 storey home after the demolition of the old building.[15]

In popular culture[edit]

Like the Fake Steve Jobs 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.[16][17] For the first year, Forbes columnist Mark Fidelman[18] 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.

Controversy[edit]

There was an investigation against Rakesh Jhunjhunwala for insider trading as of 28 January 2020.[19] As of July 2021, the SEBI has settled the issue after a total payment of ₹35 crore from Jhunjhunwala and his associates. Jhunjhunwala paid ₹18 crore and his wife paid ₹3.2 crores.

References[edit]

  1. ^ "I am thinking of making a film: Rakesh Jhunjhunwala". Economic Times. 9 November 2010. Retrieved 7 July 2022.{{cite web}}: CS1 maint: url-status (link)
  2. ^ "Five lesser known facts about stock market expert Rakesh Jhunjhunwala". India Today. 5 July 2021. Retrieved 9 July 2021.{{cite web}}: CS1 maint: url-status (link)
  3. ^ Jain, Surbhi (3 July 2021). "Rakesh Jhunjhunwala birthday today: Rs 5,000 investment to now Rs 34,000 cr; journey from 'bear' to 'big bull'". The Financial Express.
  4. ^ "Jhunjhunwala's Rare Enterprises to invest in Syska LED". ETRetail.com. The Economic Times. 31 August 2021.
  5. ^ Sarkar, Kanishka (4 August 2021). "Rakesh Jhunjhunwala's Akasa Air gets NOC from Aviation Ministry, aims flight take off by 2021 end". www.cnbctv18.com. CNBC TV18. Retrieved 14 September 2021.
  6. ^ Nagar, Anupam (13 December 2019). "What does it take to make a Harshad Mehta? Not just Titan & Tata Tea". The Economic Times. Retrieved 7 April 2020.
  7. ^ "Five lesser known facts about stock market expert Rakesh Jhunjhunwala". India Today. 5 July 2021.
  8. ^ "Rakesh Jhunjhunwala". Forbes. Retrieved 5 June 2021.
  9. ^ Shah, Vrutika (8 June 2020). "These are the 5 richest stock market investors of India and their net worth". GQ India. Retrieved 23 May 2021.
  10. ^ a b "WHO IS RAKESH JHUNJHUNWALA?". Business Standard India. Retrieved 7 March 2022.
  11. ^ "Business Standard Mobile Offers Who is Rakesh Jhunjhunwala, Rakesh Jhunjhunwala's net worth, Who is the biggest investor in India". Business Standard. Retrieved 6 July 2020.
  12. ^ "Rakesh Jhunjhunwala Cuts Stake In Titan Company In June 2021 Quarter". Moneycontrol. 15 July 2021. Retrieved 9 September 2021.
  13. ^ "I.I.M.U.N. || Board of Advisors". new.iimun.in. Retrieved 17 July 2021.
  14. ^ "WHAT IS AKASA AIR?". Business Standard India. Retrieved 4 July 2022.
  15. ^ "How Rakesh Jhunjhunwala built his 13-floor home in Mumbai". Moneycontrol. Retrieved 22 March 2022.
  16. ^ Kk, Sruthijith. "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala - The Economic Times". The Economic Times.
  17. ^ KK, Sruthijith. "How parody blogger Aditya Magal impressed Rakesh Jhunjhunwala". The Economic Times. Retrieved 30 September 2020.
  18. ^ Fidelman, Mark. "Mark Fidelman -Socialized and Mobilized – Forbes". Blogs.forbes.com one by one. Retrieved 17 November 2012.
  19. ^ "SEBI sends Rakesh Jhunjhunwala, family notices in Aptech insider trading case: Report - Money Control".

External links[edit]