Rakesh Jhunjhunwala is an investor with a Midas touch, often referred to as India’s own Warren Buffet. He is a chartered accountant and also a trader. Ramesh Jhunjhunwala is the 48th wealthiest man in the country according to Forbes’ Rich List. He is the chairperson of Hungama Media and Aptech and stands on the board of directors of companies such as – Viceroy Hotels, Provogue India, Concord Biotech,
and Geojit Financial Services.
How Rakesh Jhunjhunwala came to be the Dalal street mogul
Jhunjhunwala commenced dabbling with the stock exchange when he was in university. He took admission at the Institute of Chartered Accountants of India but after finishing the degree, he decided to fall headlong into Dalal street. Jhunjhunwala empowered Rs 5,000 as capital, in 1985. By September 2018, that money had increased to Rs 11,000 crore.
Jhunjhunwala formulated an interest in the stock market after listening to his father communicate it with his friends. Referring to his father, Jhunjhunwala said his father told him to read newspapers daily because it was the news that gave rise to the stock exchange fluctuation. While his father permitted him to dabble with the stock market, he declined to give him financial assistance and restricted him to ask friends for money.
But being a risk-taker right from the beginning. He leased money from his brother’s customers and pledged to return the capital with elevated returns compared with bank fixed deposits. He amassed his main big revenue in 1986 when he purchased 5,000 shares of Tata Tea at Rs 43 and the stock boosted to Rs 143 within three months. He earned over three-times earnings. In three years he reaped 20-25 lakh.
Rising above the charts of success in the stock market, Jhunjhunwala has invested successfully in CRISIL, Titan, Sesa Goa, Aurobindo Pharma, NC, and Praj Industries over the years. After the 2008 worldwide recession, his stock prices chopped down by 30% but he ultimately recovered from the loss by 2012.
Rakesh Jhunjhunwala’s personal life and education
The business magnate was born on July 5, 1960. He grew up in Mumbai, the place where his father was posted as an Income Tax officer. After completing his graduation from Sydenham College in 1985, he took admission to the Institute of Chartered Accountants of India. He got married to Rekha Jhunjhunwala who is also a stock market investor.
Investments of Jhunjhunwala
Jhunjhunwala operates a privately-owned stock trading company called RARE Enterprises. He has capitalized in Titan, Aurobindo Pharma, CRISIL, MCX, Fortis Healthcare, Praj Industries, NCC, Aptech Limited, Ion Exchange, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, etc.
Jhunjhunwala’s net worth
Jhunjhunwala is the 48th wealthiest man in India, with a net worth of $ 4.6 billion.
His philanthropic portfolio comprises nutrition and education. By the year 2020, Jhunjhunwala intends to offer away 25 percent of his fortune to charity. He donates to St Jude, which operates shelters for cancer-affected children, Agastya International Foundation, and Arpan, an entity that assists in creating awareness among children on sexual exploitation. He also helps Ashoka University, Friends of Tribals Society, and Olympic Gold Quest. He is within the process of building an eye care hospital in Navi Mumbai, which can perform 15,000 eye surgeries free of cost.