Indian Billionaire-Investor Rakesh Jhunjhunwala Dies at 62

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A billionaire investor Rakesh Jhunjhunwala who is locally referred to by the name of India’s Warren Buffett due to his habit of investing in equity, was dead. He was 62.
The seasoned investment banker was also a trader by himself and was an investor in various established firms and start-ups, including the nation’s most recent airline Akasa Air. Famous for his selection of stocks to invest in for the long run, Jhunjhunwala was among the most influential market experts in India.
Although investment in equity markets of the second most populous country is not yet emerging as an important source of savings for households and comprises only 5% or less of the assets in the south Asian nation has recently time seen a surge of retail investment in the market for equity.
India has added 58 million retail investors who have joined more than the absolute number of people in South Korea since the pandemic outbreak early in 2020.

Jhunjhunwala popularly referred to in the media as the “Big Bull” in India, In an interview in 2005 with Bloomberg News, 2005 that his method of selecting stocks before their growth rate was inspired by US billionaire George Soros and Hong Kong investor Marc Faber, while Berkshire Hathaway Inc.
Premier Secretary Narendra Modi confirmed Jhunjhunwala’s death in a tweet on Twitter. The prime minister said Jhunjhunwala was “indomitable” and left behind “an indelible contribution to the financial world.”
Jhunjhunwala was the key to publicizing several private businesses, such as Star Health and Allied Insurance Co. Ltd. and gaming company Nazara Technologies Ltd. His most recent venture was Akasa, which was launched at the beginning of March.
“He was somebody who could understand how to run companies as well as the market,” said Motilal Oswal, co-founder, and founder of Mumbai’s Motilal Oswal Financial Services Ltd., one of India’s largest brokerages. “That’s extremely uncommon. Most of his investments were made recently when the man was in his 60s and not doing well.”
From $100 to Billions
Jhunjhunwala discovered a fascination in his childhood for stocks after watching his father, who retired as a tax commissioner, manage markets, he explained during the conversation. After graduating from the prestigious Sydenham College of Commerce and Economics in Mumbai in 1985, he took a loan of $100 from a brother-in-law in 1985 and started buying shares when he was 25.
The purchase of Titan Ltd. shares was among his highest-returning investments. He bet in the early 2000s on Tata Group firm, which was primarily a watchmaker and was battling labor-related issues. Jhunjhunwala and his wife had 4 percent of the stake as of June Titan, which is currently India’s largest jewelry manufacturer. The company’s share price has increased by more than 260% since the beginning of 2005.

Tributes came pouring in. Indian Finance Minister Nirmala Sitharaman said in a Twitter post that Jhunjhunwala was a “bold risk taker” who was convinced of the capabilities and strength of India. Uday Kotak, Asia’s most wealthy banker, who co-founded Kotak Mahindra Bank Ltd., remembered his high school and college friend and declared in a tweet: “Amazingly sharp in understanding financial markets.”

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