September quarter shareholding data published by
(Nalco) showed Jhunjhunwala picked a significant minority stake in the company during the quarter, making it his latest pick.
The Big Bull, often referred to as India’s own Warren Buffett, held 2,50,00,000 shares, or 1.36 per cent, in the company. It is not clear if he bought all the shares during the September quarter or only bought additional shares.
Companies are not obliged to reveal names of shareholders who hold less than 1 per cent. The Big Bull’s name did not figure in the June quarter shareholding data.
Nalco is a public sector undertaking (PSU) that produces aluminium. The government owns 51.28 per cent stake in the company. About 10 per cent is held by mutual funds, while foreign portfolio investors hold 15.22 per cent. HNIs hold 10.97 per cent and retail investors 5.89 per cent.
Shares of the company have rallied in the ongoing bull run in the metals space. In the last one year, the stock has jumped three-fold or 197 per cent.
Analysts are mostly bullish on the counter and advise buying. As per Refinitiv database, the stock has a median price target of Rs 96.5 in 12 months from eight analysts, with a high estimate of Rs 117 and a low estimate of Rs 37.
