Stock investor Rakesh Jhunjhunwala, dubbed “India’s Warren Buffett” with an estimated net worth of US$6 billion, died early yesterday at age 62, his family said.
A chartered accountant by profession from the western state of Rajasthan, Jhunjhunwala started dabbling in stocks while in college and went on to manage a stock trading firm, RARE Enterprises Pvt Ltd.
“Rakesh-ji passed away surrounded by his family and close aides,” a family member told Reuters, using a term for respect.
Photo: Reuters
The cause of death was not immediately announced.
The promoter of India’s newest airline, ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. He is survived by his wife and three children.
Jhunjhunwala’s excellent communication skills helped small investors understand the stock market, said businessmen and bankers based in India’s financial capital, Mumbai, who had interacted with him for more than 30 years.
His insights on the economy made him a popular TV celebrity.
Jhunjhunwala’s bets include a number of companies run by Tata Group, one of India’s largest conglomerates. They include Tata Motors Ltd, watchmaker Titan Co Ltd, Tata Communications Ltd and Indian Hotels Co, which runs the Taj hotel brand.
Other investments include Indiabulls Housing Finance Ltd, Star Health and Allied Insurance Co Ltd and Federal Bank Ltd.
Major politicians and business leaders mourned his death on social media.
“Rakesh Jhunjhunwala was indomitable,” Indian Prime Minister Narendra Modi wrote on Twitter. “Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers.”
Uday Kotak, chief executive of Kotak Mahindra Bank Ltd and a friend from school days, said Jhunjhunwala had “believed stock India was undervalued,” and was right.
“Amazingly sharp in understanding financial markets,” Kotak wrote on Twitter. “Will miss you Rakesh!”
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS