On Tuesday, the billionaire flew to Ahmedabad in his chartered plane, especially to meet the media and brokers for promotion of the IPO of his company, A2Z Maintenance & Engineering Services.
The Warren Buffet of India, Rakesh Jhunjhunwala who is a billionaire equity investor, says he is scared when he enters the stock market. When asked what he does after going to the stock market, Jhunjhunwala answered in Hindi with a laugh: “Meri p**t jati hai jab mein share bazaar jata hun” (I am scared when I go to the stock market).
On Tuesday, the billionaire flew to Ahmedabad in his chartered plane, especially to meet the media and brokers for promotion of the IPO of his company, A2Z Maintenance & Engineering Services, in which he holds around 1.21 crore shares (around 20%).
A stock broker and a closed aide of Jhunjhunwala had sent a Rolls Royce Ghost to pick him from the airport. Jhunjhunwala, said sources, travelled in the super luxury car from the airport to a hotel in Khanpur.
Continuously chewing guthka and checking scrips on his mobile phone, he kept the media in good humor while talking to them.
He also said he does not give tips (investment advice) even to his wife. “I don’t want to advise retail investor because they will not get benefit out of it. They don’t exit on time and miss the profit booking. ‘Tips’ is very bad. I don’t give tips even to my wife,” said Jhunjhunwala.
However, he said his wife suggests that he stay away from gambling. “She always says ‘Satta no dhandho khotto’ (business of gambling is wrong).”
Jhunjhunwala is very confident of India growth story, so much so that he says though India is a globalising economy, here companies will grow multifold.
“I am very much bullish on Indian companies and Indian stock bourses. Currently, 5,500-5,550 levels on Nifty are a strong support. Sensex is at 21,000 and we are expecting a 30% to 40% growth in the earnings. With this kind of earnings, the bull-run will continue. But in my view, Sensex will reach 25,000 and also 1 lakh. But I don’t know when,” he said.
But he firmly said that he does not invest in either commodities or real estate. “How can you invest in commodities like copper? Can you buy copper and hold for 20 years? No. But you can buy a scrip and can remain investor for a long term. Commodities are satta (gambling). Similarly, I am away from real estate. I don’t invest in real estate and also in real estate companies,” he said.
Being bullish on stock market, Jhunjhunwala suggested that scrips are driven by domestic consumption story, banking, retail, infrastructure, power, FMCG, pharma and healthcare, etc.
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