Rakesh Jhunjhunwala is a Chartered Accountant by qualification but an investor / trader by profession. In 2007, Forbes rated him as India's 51st and the world's #1062 richest man with ...Associated to charities Akshaya Patra Foundation
Rakesh Jhunjhunwala is a Chartered Accountant by qualification but an investor / trader by profession. In 2007, Forbes rated him as India's 51st and the world's #1062 richest man with wealth of $1.1 billion. He is one of the most famous and respected equity investors in India and manages his own portfolio as a partner in his asset management firm, Rare Enterprises.
A large man in his late 40s, Jhunjhunwala was described as "Pied Piper of Indian bourses". He is tagged by the media as 'India's Warren Buffet'. Mr Jhunjhunwala stays at Malabar Hill and works from his office at Nariman Point in South Mumbai. He regularly appears on various business channels on television to share his ideas and opinions on the Indian markets.
He is well known among the investing circles as 'Rocky'. He considers Mr Radhakrishna Damani as his guru (mentor) and best friend. Son of an income tax officer, he started dabbling in stocks while in Sydenham college and plunged into investing as a full time profession soon after completing his education. He started his career with $100 in 1985 when the BSE Sensex was at 150. He made his first big profit of Rs 0.5 million in 1986 when he sold 5,000 shares of Tata Tea at a price of Rs 143 which he had purchased for Rs 43 a share just 3 months ago.
He made his first million in an iron ore mining company Sesa Goa whose shares he bought at Rs 27 and sold at Rs 1,400. But he believes it was the Union budget of 1990 was the inflection point for his investing career which quintupled his net worth. His privately owned stock trading firm Rare Enterprises, derives name from first two initials of his name and wife Rekha's name.