PM Narendra Modi meets Rakesh Jhunjhunwala, calls him lively and insightful

Prime Minister Narendra Modi met ace equity investor and big bull Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala in New Delhi on October 5. Modi said he was delighted to meet the one and only Rakesh Jhunjhunwala. He also called him lively and insightful.

In his tweet Modi said, “Delighted to meet the one and only Rakesh Jhunjhunwala…lively, insightful and very bullish on India.”

Jhunjhunwala is known for picking quality stocks on Dalal Street. With an equity investment of over Rs 22,700 crore, he is the second biggest individual investor in the domestic equity market after D-Mart owner Radhakishan Damani (Rs 1.84 lakh crore). While retaining his bullish view on India, Rakesh Jhunjhunwala in April told Republic TV that it will take another 15 years for the country to become a superpower.

“India is on the threshold of the next stage of growth. I see double-digit growth this year and 6-6.5 growth next year. That going up 1% every year and can reach 10%-11%,” Jhunjhunwala said in an interview.

Big Bull’s views

The market maven thinks that India will see double-digit growth for at least 15-20 years post-2025. “India will also have a more cohesive society and the country could be a pharmaceutical and entertainment hub of the world after software,” he projected, adding entertainment is a very big industry. Jhunjhunwala holds over 1% stake in more than 25 companies listed on bourses.

Titan, Tata Motors, Lupin, Jubilant Pharmova, Crisil, Escorts, Fortis Healthcare, Nazara Technologies and Rallis India were among the top holdings of Jhunjunwla as of June 30.

In another interaction with AIMA earlier this year, Jhunjhunwala said there will be a big upturn in the Indian economy. Cyclical stocks and the most battered smallcaps and midcaps will outpace blue chips like HDFC and Titan over the next 4-5 years.