Shares, stock and stock market, when we hear these words ,generally we get a confused feeling in our minds but for one person it is not like that he is Mr Rakesh Jhunjhunwala.
Do you know about this stock market legend of india.? Keep reading to know about him and get inspired from his story.
Today Mr Jhunjhunwala has a worth of 2.2 billion dollars and is the board member for many prestigious companies like Prime Focus Limited, Geojit BNP Paribas Financial Services Limited, Bilcare Limited, Praj Industries Limited, Concord Biotech Limited, Innovasynth Technologies (I) Limited, Mid Day Multimedia Limited, Nagarjuna Construction Company Limited, Viceroy Hotels Limited and Tops Security Limited.he is a now a film producer too.
His asset management firm Rare enterprises is one of the most successful asset management company.
Rakesh was interested in stocks and stock markets from an age of 14 . He regularly used to ask his father about shares and stocks,and as his father was an income tax officer he used to explain Rakesh in detail .
After becoming a chartered accountant Rakesh decided to start his carrier in share market and told the same to his father ,his father said that you do that thing which makes you happy but he said that Rakesh should not ask money from his father or his father’s friends. Rakesh accepted with his father’s words .Rakesh had only 5000 rupees at that time and got his first capital of 30 lakhs from a lady who was his brother’s client and Rakesh promised that lady that he would give 18%annual return on her money.
Then Rakesh started his carrier in stock market. Rakesh earned nearly 8-10 lakhs in his starting days itself. With this his capital was strengthened but the days became difficult also the upcoming 2 years were not so good for Rakesh .after that he bought 2500000 shares of two companies at the cost of 28 an 35 rupees each share which grew to 65 rupees per share in just 6 months which made him big player. 1989 was the turning year for Rakesh. That year’s budget took Rakesh’s net worth from 40 to 300 crores .
And then he bought shares of titan at as low as 27 rupees per share which are now valued as 600 rupee per share.in between titan’s shares came down to 30 rupees but Rakesh did not sell even a single share. This was his vision,and that is why he is said to be the Warren Buffett of India.
Rakesh once told that he sold some of his shares worth 27 lakh and bought a flat which now costs 90 crores but if the shares that he sold would worth 900crores today.
But Jhunjhunwala never regrets about his mistake and learns something from his mistakes.