Rakesh Jhunjhunwala books profit in this top tractor maker

Rakesh Jhunjhunwala books profit in this top tractor maker

NEW DELHI: Ace investor Rakesh Jhunjhunwala booked profits by selling a part of his stake in tractor maker Escorts after the share price more than doubled in the last 10 months.

Escorts has seen a stellar jump in sales during the pandemic, thanks to robust demand from rural India.

As per December shareholding data released by the company, Jhunjhunwala sold 12 lakh shares of the firm. He now holds 64,00,000 shares, or 4.75 per cent, stake in the company. At the end of the September quarter, he held 5.64 per cent stake in Escorts.

As per the current market price, the price of 12 lakh shares that he sold stands at Rs 163 crore.

Thanks to the selling, the total stake of HNIs in Escorts also came down to 7.19 per cent from 7.69 per cent. Retail investors, on the other hand, now hold 11.32 per cent against 10.51 per cent in the last quarter.

Apparently, SBI Life Insurance also sold stake in the company. The data shows it held 1.18 percent at the end of the September but now does not feature among the list of major minority shareholders.

Mutual funds also trimmed their stake in the company during the December quarter. As many as 30 mutual funds now hold 6.94 per cent in Escorts, down from 8.29 per cent held by 28 mutual funds.

Foreign portfolio investors, on the other hand, raised their stake to 23.79 per cent from 21.59 per cent earlier.

Shares of Escorts were trading at Rs 1,356.20, down 0.71 per cent on BSE.

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