Rakesh Jhunjhunwala, Big Bull who backed India, dead

MUMBAI: Rakesh Jhunjhunwala deeply believe in India. He was always willing to speak passionately about how soon its economy and financial markets would join the ranks of global superpowers. Where does he put his money – investing billions of dollars on the basis of his unwavering faith in the country.
On the eve of its 75th Independence Day, India lost one of its biggest supporters. Jhunjhunwala, the billionaire investor, stock trader, qualified chartered accountant and philanthropist who recently became a co-owner of India’s newest airline, has died after a year. health problems in the past few years. He is 62 years old.

Family members found Jhunjhunwala unconscious early Sunday morning and took him to the city’s Breach Candy hospital, where doctors declared him dead.

Massive contributions. Call him ‘indomitable’, PM Narendra Modi He said he was full of life, wit and insight. “He left an indelible contribution to the world of finance. He was also very passionate about India’s progress. His passing is very sad. My deepest condolences to his family and admirers. Om Shanti,” the Prime Minister tweeted.

In October 2021, Jhunjhunwala met Modi in Delhi and said the famous “India ka time aa gaya”, which means that India’s time on the global stage has come.
“He is India’s biggest bull… always believes in the Indian story,” someone who has known Jhunjhunwala for more than three decades told TOI. “If you cut off his arm, his blood color will be Tiranga.”

At Times Network’s India Economic Conference in March 2021, Jhunjhunwala said that not only the current decade, even the current century is poised to be India’s century.
Jhunjhunwala’s ascent to become one of the wealthiest and most successful investors in India started with an initial capital of Rs 5,000. In 1985, when he entered the market, his dream was to earn Rs 10,000 per month, he told TOI in an interview in 2011. Almost 37 years later, on a beautiful day, he He earned a few rupees. On Sunday, Forbes His net worth is estimated at around Rs 44,000 crore.

Although widely known for his super profitable investments, he has the rare ability to combine investment acumen with keen trading skills. Trading and investing in the stock market requires different skills.
As an investor, Jhunjhunwala always favors promoters who are honest, have a positive attitude and understand their business. During the late 90s and early 200s, he invested in a number of lesser-known companies that were difficult for many seasoned investors at the time. He bought not only a few shares but also a minority stake in relatively obscure companies like Titan, Crisil and Praj Industries.

“He bought about 5% in Titan when its market cap was around Rs 500-700. He still holds that stake,” said one person who has worked with Jhunjhunwala in the past. On Friday, Titan’s market capitalization was Rs 2.2 lakh, a 400-fold increase since Jhunjhunwala bought its stake in the watch-to-jewelry business. He has repeated the same multi-bagger strategy at Crisil, Praj Industries and several other companies.
Repeating incredible successes often leads to a few compliments and Jhunjhunwala is no different. ‘Rakeshbhai’ to close friends and associates, he also bears nicknames such as ‘Warren Buffet of India’, ‘RJ’ and ‘Rocky’.
Great successes also spawn legendary stories. And there’s quite a bit about Jhunjhunwala too.
One of them was about him spending Rs 32 lakh in one night on the finest whiskeys and liquors at a bar in south Mumbai after placing a discount bet on one of his tech ringers. India and he made a few bucks in one trading session. at the end of 2003.
The world knows about how he made billions of dollars but not many people know how he spent a portion of his fortune. Giving back to society without too many people knowing it is his philosophy for all his philanthropic activities.
A few years ago, he was helping run a small boarding house on the outskirts of Mumbai for children from disadvantaged backgrounds. He also helped run a special children’s school in the heart of Mumbai, contributed to a new university in northern India, established an eye hospital on the outskirts of Mumbai and also funded a lot. to an NGO working to improve India’s legislative system through research and information.
Not only does he help organizations and business ventures with his own money, he convinces others to do the same. “Rakesh Jhunjhunwala has committed for many good reasons,” said Nilesh Shah, group president & MD, Kotak Mutual Fund. “Not only did he commit his money, he convinced his friends to contribute for the same. (He) is famous for his talent in choosing clothes. (But) he never talked about the good causes he was advocating for,” Shah speak. “He believes in the right hand, but has no idea where the left hand is donating,” another close friend said.
His philanthropic ideas were planted in his mind by his father. For the first time he was placed on the list of the richest people in the country, his father, a man of principle whom junior Jhunjhunwala idolized, was delighted by his achievement. However, “he asked me to use more for charity,” Jhunjhunwala once told TOI. And when asked about his net worth, he had a standard answer, “I have less wealth than people think but I have more than I need.”