On the eve of its 75th Independence Day, India has lost one of its biggest supporters. Jhunjhunwala, a billionaire investor, stock trader, qualified accountant and philanthropist, who recently became the co-owner of the new Indian airline, has died after battling several health problems in recent years. He was 62 years old.
Family members found Jhunjhunwala unconscious on Sunday morning and rushed him to the city’s Breach Candy Hospital, where doctors pronounced him dead.
Prime Minister Narendra Modi, calling him ‘indomitable’, said he was full of life, witty and insightful. “He leaves an indelible contribution to the financial world. He was also very passionate about India’s progress. His disappearance is painful. My condolences to his family and his admirers. Om Shanti, “tweeted the Prime Minister.
Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves an indelible contribution … https://t.co/AtkyDRUhnc
– Narendra Modi (@narendramodi) 1660449684000
In October 2021, Jhunjhunwala met Modi in Delhi and famously said “India ka time aa gaya” which means that India’s time on the global stage had arrived.
“He was the largest Indian bull … he always believed in the history of India,” a person who had known Jhunjhunwala for over three decades told TOI. “If I cut off his arm, his blood color would be Tiranga.”
At the Times Network’s India Economic Conclave in March 2021, Jhunjhunwala said that not only the current decade, the current century was also destined to be India’s century.
Jhunjhunwala’s rise to become one of the most successful and wealthiest investors in India began with a starting capital of Rs 5,000. In 1985, when he entered the market, his dream was to earn Rs 1 lakh per month, he told TOI in an interview in 2011. Almost 37 years later, on a good day he was earning several crores of rupees. On Sunday, Forbes he estimated his net worth at around Rs 44,000 crore.
Although widely known for his extremely profitable investments, he had the rare ability to mix his investment acumen with keen trading skills. Trading and investing on the stock exchange require distinctly different skills.
As an investor, Jhunjhunwala has always supported promoters who were sincere, had a strong positive attitude and understood their business well. During the late 1990s and early 200s, he had invested in some of the little-known companies that baffled many savvy investors of that time. He was buying not only a few shares, but also minority stakes in then relatively unknown companies such as Titan, Crisil and Praj Industries.
“He had bought about 5% in Titan when its market capitalization was around Rs 500-700 crore. He still holds that stake, “said one person who had worked with Jhunjhunwala in the past. On Friday, Titan’s market cap was Rs 2.2 lakh crore, a 400-fold jump since Jhunjhunwala bought his stake in the major. from watches to jewelry He had repeated the same multi-bagger strategy in Crisil, Praj Industries, and several other companies.
The repetition of mind-blowing successes often earn the person several nicknames, and Jhunjhunwala was no different. “Rakeshbhai” to close friends and associates, he also wore nicknames like “India’s Warren Buffet”, “RJ” and “Rocky”.
Big hits also produce legendary tales. And there are quite a few on Jhunjhunwala as well.
One of them is how he spent Rs 32 lakh overnight on whiskeys and finest wines at a South Mumbai bar after his bearish bets on one of India’s tech factors were corrected and he has earned several crores in a single trading session at the end of 2003.
The world knows how it made its billions but not many knew how it spent some of its fortune. Giving back to society without too many people knowing was his philosophy for all his philanthropic endeavors.
A few years ago he was helping run a small boarding house in a Mumbai suburb for children from marginalized sections of society. He also helped run a school for special children in central Mumbai, contributed to a new university in northern India, set up an eye hospital on the outskirts of Mumbai, and also heavily funded an NGO working to improve the set up. Legislative Decree of India through research and information.
Not only has he helped such institutions and initiatives with his own money, he has also convinced others to do so. “Rakesh Jhunjhunwala has been involved in many good causes,” said Nilesh Shah, president of the group and MD, Kotak Mutual Fund. “Not only did he pawn his money out of him, he convinced his friends of him to contribute for the same. (He) was well known for his stock picking. (But) he never talked about the good causes he was advocating “, Shah She said. “He believed in his right hand not knowing where he was giving his left hand,” said another close friend.
His philanthropic ideas were planted in his mind by his father. The first time he was listed among the richest in the country, he his father, a man of principles whom the young Jhunjhunwala idolized, was delighted with his successes. However, “he asked me to use more for charity,” Jhunjhunwala once told TOI. And when he was asked about his net worth, he got a standard answer: “I have a lot less wealth than people think, but I have a lot more than I need.”