Rakesh Jhunjhunwala to invest in this company, the stock reaches the upper circuit
Indian ace investor and stock trader Rakesh Jhunjhunwala will invest nearly â¹31 crore in lesser-known small-cap mining and metallurgy company Raghav Productivity Enhancers, as the company informed in a BSE trade brief on Sunday. Raghav Productivity Enhancers shares continued to increase their earnings on Tuesday as they hit the upper circuit and hit a new high at â¹752.7 per share. The title has been on the rise since last week.
The company said it would issue up to 6,000,000 unsecured bonded convertible debentures (CCDs) for a maximum amount of â¹30.9 crore through a preferential allotment on the basis of a private placement to Rakesh Jhunjhunwala. The CCDs will be converted into shares at the end of a period of 18 months from the grant date.
Raghav Productivity Enhancers, based in Jaipur, Rajasthan, is one of the largest manufacturers of Ramming Mass in India. The ramming mass is used in the lining of induction furnaces in steelworks. It also manufactures high quality quartz powder used in glass, ceramics, artificial marble, semiconductors, electrodes, solar power, paint and various other industries. The company is currently exporting its equipment to 28 countries, while supplying its equipment to all of India.
Known as the âBig Bull,â which was recently bullish on the metals space, Jhunjhunwala made a new purchase in metallurgical company PSU Steel Authority of India (SAIL) during the June quarter by purchasing a stake 1.39% in the company, BSE shareholder data showed.
Its portfolio and investments are closely watched by stock market participants. He is a qualified public accountant, manages the asset company Rare Enterprises and invests both in his own name and that of his wife, Rekha Jhunjhunwala. He tends to favor stocks in the financials, tech, retail and pharmaceutical sectors, to name a few. Rakesh Jhunjhunwala and Associates publicly owns 38 shares with a net worth of over â¹20,294 crores, according to Trendlyne.
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