Indian equities gained in the quarter ended September as Asia’s third-largest economy reopened after the second wave of the pandemic and speedier vaccination aided optimism.
The Nifty 50 rallied as much as 12.4% in July-September. The mid- and small-cap indices, too, rose 10% and 11.8%, respectively, despite suffering losses in August.
Some of the veteran investors used this opportunity to buy or pare holdings in certain stocks.
Here’s what Rakesh and Rekha Jhunjhunwala, Radhakishan Damani, Ashish Kacholia, Vijay Kedia and Dolly Khanna bought and sold in the September quarter.
Radhakishan Damani
The billionaire owner and promoter of Avenue Supermarts Ltd., the operator of DMart chain, didn’t tweak his portfolio much during the quarter ended September.
He raised stake in Charminar cigarette maker VST Industries Ltd., and camphor maker Mangalam Organics Ltd.
Rakesh & Rekha Jhunjhunwala
The billionaire-investor and his family was listed among large shareholders in four new companies, suggesting that either these were new buys or the Jhunjhunwalas raised the stake above 1%, mandating disclosures by companies.
Jhunjhunwala increased holdings in three firms already part of his portfolio, including his favourite jewellery maker Titan Co., and pared in six.
He and his wife Rekha cut the stake by most in apparel and accessories maker The Mandhana Retail Ventures Ltd., followed by property developer TARC Ltd. and Indiabulls Housing Finance Ltd.
The couple held the largest stake in Rallis India Ltd. as of September even as they cut exposure in the chemical maker over the preceding quarter.
They either exited or cut stake below 1% in two companies during the period.
Dolly Khanna
Chennai-based Rajiv Khanna, who invests in the name of his wife Dolly, either bought or raised stake above 1% in New Delhi Television Ltd.
The investor raised holdings in four companies; and cut in seven. He lowered his stake by most in dyed synthetic yarn maker Deepak Spinners Ltd.
Khanna either exited or cut exposure to less than 1% in Shemaroo Entertainment Ltd.
Vijay Kedia
Kedia owned the largest stake among his investments in Affordable Robotic & Automation Ltd., which listed him among shareholders holding with 1% or more in the assembly line to automatic car parking solutions provider. He also owns more than 1% in Innovators Façade Systems Ltd. To be sure, both these companies didn’t report shareholdings for the April-June period.
He raised stake in one company and cut his holding by most in optical, broadband and data networking products maker Tejas Networks Ltd. during the reported quarter.
Kedia either exited or lowered holding below 1% in tea-to-leather maker Cheviot Co.
Ashish Kacholia
Kacholia, who usually bets on small caps, either bought or raised stake above 1% in 10 companies.
He increased exposure in five companies, the most in Ador Welding Ltd.
The veteran investor pared holdings in two companies; and either exited or cut stake below 1% in five.
Oberoi Realty Achieves Gross Bookings Worth Rs 787 Crore During Launch Of New Project In Mumbai
JSW Steel Ltd.’s subsidiary JSW Steel (USA) commenced second phase of the project to upgrade its Plate Mill facility in Texas. The phase II project begins today and will be completed in the second half of 2023, the company said in an exchange filing. The upgrade is expected to improve product quality, productivity and cost-effectiveness of the plate mill operations.
Analyst Action: Bajaj Finserv, UPL, DLF
Bajaj Finserv raised to ‘accumulate’ at KR Choksey; Price target: Rs 19,674
UPL raised to ‘buy’ at Asian Markets; Price target: Rs 880
DLF raised to ‘buy’ at Spark Capital Advisors; Price target: Rs 450