IndiaBulls Housing, SAIL, Edelweiss Financial Services - 3 Rajesh Jhunjhunwala-backed stock rise 60% in June, as Big Bull picks stakes

IndiaBulls Housing Finance Limited (IBHF), Steel Authority of India Limited (SAIL) and Edelweiss Financial Services Limited are three Rakesh Jhunjhunwala-backed stocks have surged up to 60 per cent in June as the ace investor either increased his holding or made a fresh purchase in the specific stock during the first quarter of the financial year 2021-22.

The billionaire investor has bought 10,000,000 shares in IBHF, which comprises around 2.17 per cent of holding in the company, the housing finance’s June shareholding pattern mentioned. Jhunjhunwala has made an investment of over Rs 280 crore in the company, as per the exchanges data.

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The shares of the company have jumped over 58 per cent from Rs 178 piece in one month and has been trading at day’s high level to Rs 289.35, up over 5 per cent during Monday’s session intraday.

On similar lines, the shares of the state-owned company — SAIL had also jumped when the June shareholding pattern of the company showed Rakesh Jhunjhunwala’s name. He bought 57,500,000 shares in the company, which comprises of 1.4 per cent stake with an investment of Rs 807 crore.

SAIL stock grew by over 15 per cent from Rs 124 per share, which majority of this growth came after the shareholding pattern was made available on the BSE. The stock on Monday trading near the day’s low level at Rs 140 per share, down 1 per cent on the BSE intraday.

Meanwhile, Edelweiss Financial shares have jumped almost 30 per cent in the last one month. Rakesh Jhunjhunwala has increased his stake in Q1FY22 in the financial services firm by 0.4 per cent to 1.6 per cent, which can be calculated to 15,125,000 shares with an investment of Rs 143.5 crore.

The stock has been buzzing since Rakesh Jhunjhunwala picked up additional stakes and has hit an upper circuit of 5 per cent to touch a new life high of Rs 96.3 per share on Monday.

As per the June-ended quarter shareholding of companies, Rakesh Jhunjhunwala and Associates publicly holds 38 stocks ranging from finance to tech to retail sectors.