Rakesh Jhunjhunwala is at 993rd place among the Global Rich List as per Forbes

by khalid on 14/03/2011 · 0 comments

India’s big bull Rakesh Jhunjhunwala is frequently dubbed as “India’s Warren Buffett”. As per the recently published Forbes Billionaire list 2011, Rakesh Jhunjhunwala is at 993rd place among the Global Rich People. In the Richest Indians club, he is at 45th place. There are 657 billionaires in India. Rakesh Jhunjhunwala’s net wealth is USD 1.2 billion. Last year he was at 1,062nd place in world and at 51st place in India as per Forbes Billionaire list 2010.

Stock Market trader Jhunjhunwala is a famous equity investor in India and manages his own portfolio. Here you can have a look at his latest portfolio.

Rakesh Jhunjhunwala is son of an income tax officer. He is an Indian Chartered Accountant by qualification but an investor / trader by profession. He started dabbling in stocks while in college and plunged into investing as a full time profession soon after completing his education. He started his career with Rs 5,000 in 1985 when the BSE Sensex was at 150. He made his first big profit of Rs 5 lakh in 1986 when he sold 5,000 shares of Tata Tea at a price of Rs 143 which he had purchased for Rs 43 a share just 3 months prior. Between 1986 and 1989 he earned Rs 20-25 lakhs. His first major successful bet was iron ore mining company Sesa Goa. He bought 4 lakh shares of Sesa Goa in forward trading, worth Rs 1 crore and sold about 2-2.5 lakh shares at Rs 60-65 and another 1 lakh at Rs 150-175. The prices then went up to Rs 2200 and he sold some shares.

Mr Jhunjhunwala says his fascination with balance sheets began young. “I had a childhood love for stocks,” he says. “My father used to invest a bit and I used to talk about it with him in the evening. I was a very curious child, so I was always quizzing my dad. He said, ‘Instead of quizzing me all the time, why don’t you find out yourself’?”

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