ace investor Rakesh Jhunjhunwala has booked profit in one of its portfolio stocks, Prakash Pipes. The news became public after BSE shared the shareholding pattern of Prakash Pipes for the October to December 2021 quarter. Rakesh Jhunjhunwala’s name is missing from the list of individual shareholders who hold 1 per cent or more of the company’s shares. However, there was one surprise entry in the list and the new entry is Chennai based investor Dolly Khanna. Dolly Khanna has bought 1.35 per cent stake in the company while Rakesh Jhunjhunwala has sold his 1.31 per cent stake in the company during Q3FY22.
Rakesh Jhunjhunwala’s stake in Prakash Pipes
As per the shareholding pattern of Prakash Pipes for the recently ended December 2021 quarter, Rakesh Jhunjhunwala’s name is missing from the list of individual shareholders who hold 1 per cent or more shares of Prakash Pipes. But, Rakesh Jhunjhunwala held 3,12,500 Prakash Pipes shares or 1.31 per cent stake in the company in the September 2021 quarter. This means, Big Bull booked profit in the company during Q3 FY2021-22. However, it is not known whether ‘Warren Buffett of India’ made 100 per cent profit in the recently ended quarter of the current financial year or reported partial profit in this quarter. As per exchange filing rules, companies are not obliged to ascertain individual shareholders who hold less than 1 percent of the total paid-up capital of the company.
Dolly Khanna’s stake in Prakash Pipes
Since Rakesh Jhunjhunwala’s name is missing from Prakash Pipes’ shareholding pattern for Q3FY22, Dolly Khanna’s name appears in the list of shareholders in an individual capacity. Khanna holds 3,24,000 shares of Prakash Pipes, which is 1.35 per cent of the total paid-up capital of the company. Since, Dolly Khanna’s name was missing from this list in the company’s shareholding pattern for the September 2021 quarter; This means that the veteran investor has bought these shares during the October to December 2021 quarter.
Hence, in Q3 FY2021-22, Prakash Pipes lost an ace investor in the form of Rakesh Jhunjhunwala, but this loss was compounded with the entry of Dolly Khanna into shareholding pattern.
Therefore, it can be confusing for those who scan the portfolios of ace investors, as one investor has dropped this stock while another has entered.
To resolve the confusion of such investors; Sumeet Bagadiya, Executive Director, Choice Broking said, “The stock chart looks bullish on the pattern. One-time near term target can be counter buy at current price. from 180 maintain stop loss at 190 150 each level.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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