Rakesh Jhunjhunwala stock: Anant Raj shares jump 6% as company approves NCD proposal
The Rakesh Jhunjhunwala-backed realty company counter gained on the back of board meeting decision to consider non-convertible debentures proposal.
Anant Raj Limited shares jumped over 6 per cent to Rs 65.8 per share on the BSE intraday trade on Tuesday. The Rakesh Jhunjhunwala-backed realty company counter gained on the back of board meeting decision to consider non-convertible debentures’ proposal.
The company in its filing to exchanges on Monday said, “the Board of Directors has considered and approved the proposal for calling the ‘Final Call’ of Rs 400 crore with respect to 4,750, secured, unlisted, redeemable, non- convertible debentures (‘Debentures’) bearing face value of Rs 10 lakh each, at par aggregating up to Rs 475 crore allotted by the company on January 4, 2022.”
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Ace investor Rakesh Jhunjhunwala, who is termed as the Big Bull of Indian stock market, holds about 10,000,000 equity shares, aggregating 3.4 per cent stake in Anant Raj, as per the December 2021 shareholding pattern of the company available on the exchanges.
Rakesh Jhunjhunwala, along with his wife Rekha Jhunjhunwala and associates publicly holds around 37 stocks with a net worth of over Rs 33,258.4 crore, according to stock analysis website trendlyne.
At around 01:30 PM, the stock is trading over 4 per cent higher to Rs 64.55 per share on the BSE as against 0.2 per cent rise in the S&P BSE Sensex during same period. The counter in the last one year surged nearly 16 per cent as compared to 15 per cent gain in the benchmark index.
During December-end quarter this fiscal, the company’s profit slumped by over 8 per cent to Rs 1.1 crore as against 1.2 crore in a year-ago quarter. While its total company jumped 11 per cent to Rs 10 crore as against Rs 9 crore in year-on-year basis.
As per JM Financial report, “If commodity prices increase further, labour inflation as well as raw material inflation will increase forcing developers to take a hit on margins or increase pricing.”
“The projects which are nearing completion might see a margin contraction while the newly launched projects would try and increase pricing to offset raw material inflation,” it added.
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