Rakesh Jhunjhunwala: Rakesh Jhunjhunwala is ranked as the 48th richest man in the country on Forbes’ Rich List. He was on the boards of directors for companies like Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services. He is the chairman of Hungama Media and Aptech.
Rakesh Jhunjhunwala- Education
On July 5, 1960, Jhunjhunwala was born. He was raised in Mumbai, where his father was a tax officer sent to the city. He joined the Institute of Chartered Accountants of India in 1985, the year after he received his diploma from Sydenham College.
Rekha Jhunjunwala, another stock market investor, is his wife. His charitable endeavors span the fields of nutrition and education. Jhunjhunwala intends to donate 25% of his wealth to charity by the year 2020. He gave to organizations like Arpan, which works to educate kids against sexual exploitation, Agastya International Foundation, and St Jude, which operates homes for kids with cancer.
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Additionally, he backs the Olympic Gold Quest, Friends of Tribals Society, and Ashoka University. He constructed an eye facility in Navi Mumbai that provides 15,000 free eye surgery.
The Dalal Steel Mogul
When he was a college student, Jhunjhunwala began experimenting with the stock market. After enrolling in the Institute of Chartered Accountants of India, he decided to run straight onto Dalal Street after receiving his degree. Jhunjhunwala contributed Rs 5,000 as capital in 1985.
That capital has grown to Rs 11,000 crore by September 2018. After hearing his father talk about the financial market with his friends, Jhunjhunwala became interested in it.
Jhunjhunwala cited his father when he claimed that the news was what caused the stock market to move and that he should read newspapers frequently.
While his father let him to dabble in the stock market, he prevented him from asking friends for money and did not provide him with any financial assistance.
Net Worth
The success of Rakesh Jhunjhunwala: Rakesh Jhunjhunwala’s net worth, according to the most recent updates on Forbes, is $5.1 billion, or more than Rs 40,000 crores. In 1985, Mr. Rakesh Jhunjhunwala invested merely Rs. 5,000 in the stock market. Sensex was at 150 points at the moment (currently Sensex is hovering at 58,500 points).
However, soon after, Rakesh Jhunjhunwala was successful in obtaining Rs 2.5 lakhs from one of his brother’s clients by promising to offer larger returns than fixed deposits. In 1986, Rakesh Jhunjhunwala made his first significant profit of Rs. 0.5 million.
Tata Tea was selling at Rs 143 three months after he purchased 5,000 shares for Rs 43. By selling the Tata tea stocks, he realized a profit that was more than three times what he had invested.
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Rakesh Jhunjhunwala generated a lot of profitable stock trades. He made between 20 and 25 lakhs rupees (1986 to 1989). Sesa Goa was his subsequent significant investment, which he first purchased for Rs 28 before increasing his stake to Rs 35.
The stock quickly increased to Rs 65. Rakesh Jhunjhunwala made a lot of multi-bagger stock investments throughout his extensive career in the stock market before his death.