On October 5, Rakesh Jhunjhunwala, a well-known stock market investor, along with his wife Rekha Jhunjhunwala met Prime Minister Narendra Modi. After the meeting, Prime Minister Modi wrote in a tweet: "Great to meet Rakesh Jhunjhunwala, one of his kind. He is vibrant, insightful, and very optimistic about India."
A few days after this meeting, on October 11, it was reported that the Ministry of Civil Aviation has given initial approval to launch an ultra-low-cost airline named 'Akasa Air', backed by Rakesh Jhunjhunwala. The flight of this airline is expected to start in the summer of next year.
Rakesh Jhunjhunwala has asked to invest $ 35 million or about Rs 264 crore in this airline. Along with this, they have also told that they are preparing to buy 70 aircraft for this.
The approval received by Akasa Air is being linked to Jhunjhunwala's meeting with Prime Minister Modi. In a picture of this meeting, Jhunjhunwala is seen sitting on a chair, while Prime Minister Narendra Modi and Rekha Jhunjhunwala are seen standing and talking to him. In this regard, the opposition parties have tightened many taunts on the Prime Minister.
But in this whole episode, everyone's eyes have turned towards Rakesh Jhunjhunwala and the question is being asked what is it in Rakesh Jhunjhunwala that makes him so important?
Career start at a young age
Born on July 5, 1960, Jhunjhunwala grew up in Mumbai. His father was an income tax officer. His inclination towards investing in the stock market started in his teens. It is said that his father used to ask him to pay attention to how the news of the day affects the stock market.
Jhunjhunwala's interest in the stock market continued to grow. While studying at Sydenham College, Jhunjhunwala started investing money in the stock market in 1985.
After completing his Chartered Accountancy studies, when he expressed his intention to invest in the stock market with his father, his father told him not to ask him or his friends for money for this. His father also said that if he is not successful in the stock market business, then he can make his career as a chartered accountant.
It is said that Rakesh Jhunjhunwala started investing in the stock market with a small capital of only Rs 5,000 and according to Forbes, today his net worth has become $ 6 billion or about Rs 45,328 crore.
According to Forbes, his most valuable listed holding is that of watch and jewelry maker Titan, which is part of the Tata Group. Jhunjhunwala also has a stake in private companies like Star Health Insurance, Metro Brands, and Concorde Biotech.
In the year 1986, Jhunjhunwala bought 5,000 shares of a company. He had bought these shares at Rs 43 per share, but within three months the price of one share increased to Rs 143. To make this investment more than three times so quickly was like climbing the first ladder of success for Jhunjhunwala.
Is he the Warren Buffett of India?
Warren Buffett is considered the world's most successful investor of all time. According to Forbes, currently, Buffett's net worth is $ 102 billion or about Rs 7,69,903 crore.
It is also told about Buffett that he first bought any stock at the age of 11 and he paid the first tax at the age of only 13.
That's why Jhunjhunwala is often called the Warren Buffett of India. However, Jhunjhunwala does not like this comparison very well.
In an interview with Reuters in 2012, Jhunjhunwala said that this is not a fair comparison and that Buffett is far ahead of him in every respect, be it money, success, or maturity.
In the same interview, Jhunjhunwala had said, "I am no one's clone. I am Rakesh Jhunjhunwala. I live the world on my terms. I do what I love. I enjoy what I do."
with controversies
Jhunjhunwala has also been in controversies related to the stock market from time to time.
In July this year, Jhunjhunwala, his wife Rekha Jhunjhunwala, and eight other persons paid over Rs 37 crore in a case related to insider trading in shares of Aptech Ltd. This amount also included settlement charges, payment of wrongly earned profits, and interest charges.
Insider trading is a method of doing business in which trading in the stock market is done for one's profit using confidential information.
This was not the first time that Jhunjhunwala had come under the scanner of SEBI. He was questioned by SEBI in 2018 for suspected insider trading in another company. Jhunjhunwala later settled the matter with 'consent' by paying Rs 2.48 lakh.
'Consent' is a mechanism through which alleged violations can be settled by paying a fee to SEBI without admitting or denying the offense.
So can Jhunjhunwala's name appearing in the insider trading controversies be considered a blot on his image?
'A person with qualities like Paras'
It is said about Rakesh Jhunjhunwala that he is a 'paras-like person', that is, whatever he touches, it turns into gold.
His success in the stock market has given him the status of a celebrity. There will hardly be any business newspaper or news channel in the country which has not interviewed Jhunjhunwala.
Rakesh Jhunjhunwala has also been a producer of Hindi films like 'English-Vinglish', 'Ki & Ka' and 'Shamitabh'.
Recently, due to an ongoing boardroom dispute in Zee Media, Jhunjhunwala bought shares of Zee and earned about 50 percent profit from it.
In a conversation with film actress Alia Bhatt on 'ET Now' news channel in 2017, Jhunjhunwala said, "The stock market is as much about psychology as it is about reality. As long as you have the flair to keep pace with the stock market." No, till then you will not be successful. The market is the king and there is no king in the market. All those who try to become the king of the stock market have gone to Arthur Road jail."
Jhunjhunwala does business through his firm Rare Enterprises. The name 'Rare' is made by combining the first two letters of the name of him and his wife Rekha.
'Very powerful behind the scenes'
Senior journalist Alam Srinivas believes that Rakesh Jhunjhunwala is a smart and sensible investor. This is also known from the way they invest. According to him, Jhunjhunwala is very influential in the world of corporate, financial, and stock markets.
Srinivas says, "He becomes such a significant shareholder by buying five to 15 percent stake in any company that he has to listen to the management of the company whatever he says. He lives behind the scenes, but is very powerful."
According to him, Jhunjhunwala is very well connected with the corporate and financial world. Due to this, he has a good association in political circles as well.
Srinivas says, “The stock starts moving up and down in his name in the stock market. If the rumor spreads that Jhunjhunwala is buying the stock, the stock will automatically go up and if the rumor spreads that he is selling the stock, then the stock will go up. The price will come down. Rakesh Jhunjhunwala mostly doesn't sell. He is a buyer."
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