Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Livemint
Livemint
Business
Livemint

Rakesh Jhunjhunwala cuts stake in this portfolio financial stock in Q1

Rakesh Jhunjhunwala (File photo) 

As per the recent shareholding pattern of Indiabulls Housing Finance as of June 2022, Jhunjhunwala's stake in the housing finance company stands at 1.17% or 55,00,000, down from 1.28% equity or 60,00,000 shares in the previous quarter of March 2022. Thus, during the April-June 2022 period, the investor dumped about 5 lakh shares in the company.

Part of the Indiabulls Group, Indiabulls Housing, one of India’s leading housing finance companies (HFC), offers home loans in the affordable housing segment. The stock is down more than 63% in a year's period, whereas has fallen about 53% in 2022 (YTD) so far.

For the quarter ended March 2022 or Q4FY22, the mortgage financier Indiabulls Housing Finance reported an 11% rise in net profit at 307 crore on lower credit cost and higher profit from its co-lending business. The company had posted a profit after tax of 276 crore in the year-ago quarter.

The home loan financier said it disbursed 2,962 crore in H2 FY22 through co-lending. It has also committed co-lending demand for 15,000 crore in FY23 from seven existing partnerships. The company is on track to disburse 15,000 crore in FY23 and 20,000 crore in FY24, according to the release. The company's gross non-performing assets (GNPAs) stood at 3.21% in Q4FY22 against 2.86% a year ago. Net NPA was at 1.89% compared to 1.55%.

Known as the 'Big Bull' and the 'Warren Buffet of India', Rakesh Jhunjhunwala's portfolio and investments are closely watched by the stock market participants as he has created enormous wealth over the past years from his stock market bets and strategies.

Jhunjhunwala is a qualified Chartered Accountant and manages the asset firm Rare Enterprises. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds about 32 stocks with a net worth of over 29,800 crore, as per Trendlyne.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.