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Rakesh Jhunjhunwala raises stake in Edelweiss Financial Services in Apr-Jun quarter 2021; stock up 4%

Rakesh Jhunjhunwala has bought 40 lakh shares or 0.42 per cent stake in the financial firm.

Rakesh Jhunjhunwala has raised stake in Edelweiss Financial Services in April-June quarter of 2021. The ace investor has increased his stake in the company to 1.61 per cent from 1.19 per cent stake that he held at the end of March 2021 quarter. Rakesh Jhunjhunwala has bought 40 lakh shares or 0.42 per cent stake in the financial firm. Edelweiss Financial Services share surged nearly 4 per cent to Rs 93.50 apiece intraday on BSE. Earlier this week, the stock had hit a 52-week high of Rs 100.80, more than doubling from its low of Rs 50, touched last year in November.

Also read: Rakesh Jhunjhunwala cuts stake in Titan, sells Rs 384 crore shares in Apr-Jun; stock falls 1%

In the traded volume terms, so far 6.60 lakh shares have exchanged hands on BSE, while a total of 92.66 lakh units have traded on NSE. Foreign portfolio investors (FPIs) have, however, trimmed their stake to 29.85 per cent stake or 27.95 crore shares in the June quarter as compared to 30.04 crore shares or 32.10 per cent stake in the March quarter. LIC, the largest domestic institutional investor, and mutual funds have kept their stakes unchanged. While retail investors (individual share capital up to Rs 2 lakh) have increased their holdings to 10.06 per cent or 9.42crore shares from 8.50 per cent stake or 7.95 crore shares.

Also read: Rakesh Jhunjhunwala buys stake in SAIL; PSU steel stock jumps 2%

Besides, Edelweiss Financial Services, Rakesh Jhunjhwala has purchased an additional stake in Steel Authority of India (SAIL) during the April-June quarter. Rakesh Jhunjhunwala now holds 5.75 crore equity shares of SAIL or a 1.39 per cent stake in the company. While he slashed his holding in watch-to-jewellery maker Titan Company by 0.25 per cent in the first quarter of the current fiscal. Ace investor cut his stake in Titan for the third staright quarter. While his wife Rekha Jhunjhunwala’s stake remained unchanged at 1.09 per cent. Titan is the largest holding in his portfolio.

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