Rakesh Jhunjhunwala: An inspiration for all investors
Rakesh Jhunjhunwala, the billionaire investor, has breathed his last
Jhunjhunwala always believed in India's growth potential
He started off with a capital of Rs. 5,000
Indian billionaire investor Rakesh Jhunjhunwala, who was also known as the Big Bull of India, has passed away at the age of 62. A self-made man, Jhunjhunwala had started his career in investments with only Rs. 5,000 but went on to amass a fortune of $5.6 billion USD.
Jhunjhunwala was always optimistic about the potential India had for growth, and it was this belief that gave him the moniker of Big Bull. There are many investors across the country who followed the tycoon's advice on investments to the tee.
The Mumbai-based magnate was first inspired to enter the stock market when he heard his father discuss the same with his friends. However, Jhunjhunwala was strictly advised by his father to not borrow money from his friends to invest in stocks. The Rs. 5,000 with which he started off was from his own savings.
Some of Jhunjhunwala's bets in the market paid off well and led to a massive increase in his assets. These include the bet on Apollo Hospitals, the share price of which grew more than 100 times from 1998 to 2015.
From 1996 to 2019, his bet on Bata India also paid off handsomely. He also made a 90-times profit from his investment in Bharat Electric from 1998 to 2007. Another massive profit, of nearly 700 times, was made by Jhunjhunwala through his investment in Praj Industries from 2001 to 2007.
Jhunjhunwala had often compared bull market investments to how a test match progresses, which is slow and steady, unlike the rapid ups and downs of a 50-over encounter.
The investor had, in 2021, predicted that India would witness corporate profits amounting to 5-6 percent of the country's GDP in fiscal year 2022. He was of the opinion that fundamental changes to the structure of the country's economy would be responsible for said growth.