Value of this stock has doubled in a month! Rakesh Jhunjhunwala owns over 27 lakh shares

Big Bull Rakesh Jhunjhunwala on Thursday bought 27.85 lakh shares of financial services firm IIFL Securities at an average price of Rs 42.83 per share through bulk deal on BSE. The total value of Rakesh Jhunjhunwala's purchase is Rs 11.93 crore. Reacting to the ace investor's latest share deal, shares of IIFL Securities hit the upper circuit of  5% at opening today.

IIFL  Securities share price rose 5% to Rs 47.15 compared to previous close of Rs 44.95 on BSE. There were only buyers, no sellers in the stock. Market capitalisation of the stock rose to Rs 1,505.19 crore on BSE today. IIFL Securities share price has more than doubled since November 25 last year. The stock has risen from Rs 22.8 on November 25 to Rs 47.15 today. IIFL Securities listed on the bourses on September 20 last year.

Also read: Rakesh Jhunjhunwala's profit more than doubles in Ion Exchange stock in 2019

The stock made its market debut at Rs 22 on NSE. On March 15 2019, National Company Law Tribunal (NCLT) cleared demerger of IIFL Group which paved the path for listing of three entities: IIFL Finance, IIFL Wealth and IIFL Securities on the bourses within 60 days.

IIFL Securities has four subsidiaries-IIFL Capital, IIFL Facilities Services, IIFL Management Services and IIFL Insurance Brokers.

On November 4, Jhunjhunwala, often referred to as Warren Buffet of India, bought nearly 1.3 crore shares of private lender YES Bank for around Rs 87 crore through open market transactions.

Jhunjhunwala bought YES Bank shares at an average price of Rs 67.10, valuing the transaction at Rs 86.89 crore, bulk deal data showed. His stake (0.5%) in YES Bank forms a minuscule portion of his portfolio which stands at approximately Rs 18,000 crore.

By Aseem Thapliyal