Rakesh Jhunjhunwala Buys JP Associates & Lupin, Cuts Titan Holding in Quarter June
Rakesh Jhunjhunwala raised his stake in JP Associate by 0.83 percent to 2.06 percent and in Lupin by 0.03 percent to 1.95 percent in quarter June.
He is now holding 78.83 lakh shares of Lupin worth Rs 645 crore, total 804.66 lakh shares of Titan value Rs 6456 Cr, 40 lakh shares of CRISIL worth Rs 762 Cr.
Jhunjhunwala has cut its stake in CRISIL, First Source Solution, Aptech and Titan company but accumulated Orient Cement shares including Lupin. He also kept the stakes which fells around 60 percent in 2018, such as Man Infra construction, Geogit Financial Services, Multi Commodity Exchange of India, Mandhana Retail Ventures , VIP Industries, Ion Exchange and Orient Cement
Rakesh Jhunjhunwala manages the holding from his company, Rare Enterprises where he discloses the shareholding data for every quarters.
There are more than 25 companies where Rakesh Jhunjhunwala holds around 1 percent and more stakes.
Jhunjhunwala recently shown more interest in hight debt company, JP Associates. The company is a part of Jaypee Group and is into construction, cement, hospitality, real estate and power. The home buyer of Jaypee group is protesting the company due to delay in delivery of real estate projects.
The slow sales of housing properties leads to stuck in finance that leading the company towards lack of fund, revenue loss, failed debt repayments and project stuck midway.
Supreme Court has also ordered JP Associates to deposit Rs 1000 crore with its registry by June 15 to refund the amount to hassled home buyers.
Lupin announced on Monday that they have received a go ahed approval for its Goa facility from UK health regulator. UK, Medicines and Healthcare Product Regulatory Agency (UK MHRA) inspected the facility in march and found no major or critical observation cited.
Nilesh Gupta, Lupin’s MD said, “The outcome of this inspection is positive and encouraging sign for us, and is a testament to our commitment to maintaining global manufacturing standards and best practices.”