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<ul><li>With the passing away of <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword>, India has lost its biggest champion.</li><li>He had been widely known for his investment strategies, but he was also one of the biggest philanthropists in the country.</li><li>Even while battling illness, he opened an eye hospital where 80% of surgeries would be carried out free of cost.</li></ul>“When I became a billionaire in 2008, my father wasn’t interested in my net worth but in how much I was going to give away,” Rakesh Jhunjhunwala, India’s best known stock investor, had said nearly a decade ago. This is probably one of the reasons why Jhunjhunwala constantly endeavoured to strike the right balance between earning and giving back to the society. The man, dubbed as India’s Warren Buffett, was so much more than an Indian stock market mogul. He has been among the country’s most notable philanthropists – he wanted to give away a fourth of his wealth within his lifetime. He did achieve the target last year as he donated 25% of his annual income towards charitable work focused on the education sector, according to Edelgive Hurun India Philanthropy list. He donated approximately <a href="https://www.india.com/business/rakesh-jhunjhunwala-as-a-philanthropist-big-bull-donated-approx-rs-13-69-lakh-per-day-5571664/">₹13.69 lakh</a> per day last year. Jhunjhunwala <a href="https://www.businessinsider.in/india/news/akasa-air-founder-top-broker-rakesh-jhunjhunwala-passes-at-62/articleshow/93551704.cms">passed away </a>on Sunday morning, leaving a deep void. His stock picks had earned him a cult following, and his humble nature was praised by many. It was not long ago that Jhunjhunwala’s simple dressing sense became a source for many memes after his meeting with Prime Minister Narendra Modi. Son of an income-tax officer, Jhunjhunwala never forgot his roots no matter how much wealth he had accumulated over the years. “I would be driving the same car and having the same food even with 85% less wealth than now. At heart, I’m pure middle-class. If I don’t go to the office for a few days, my wife starts asking why you are home,” India’s <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">36th </a>richest man had <a href="https://www.thehindubusinessline.com/markets/rakesh-jhunjhunwala-indias-warren-buffet-who-remained-a-middle-class-at-heart/article65768876.ece">said</a>. Jhunjhunwala stepped into philanthropy with St Jude, a free-of-cost shelter for underprivileged children battling cancer, which has helped over 31,262 children since its inception in 2006. His biggest charity was Agastya, which aims to impart knowledge of science to young students. Other than these, he also backed Ashoka University. Friends and the beneficiaries of these organisations have also <a href="https://www.outlookindia.com/business/the-oracle-of-dalal-street-rakesh-jhunjhunwala-news-216304">highlighted</a> that Jhunjhunwala didn’t just believe in only signing a cheque, but was also actively involved in these causes. The philanthropy didn’t end here. Even when he was battling health problems last year, Jhunjhunwala opened an eye hospital named after his father near Mumbai last June. The R Jhunjhunwala Sankara Eye Hospital follows a 20:80 model, where two in ten surgeries are subsidised for those who can afford it and the remaining eight are totally free of cost. The hospital is primarily built for patients from rural Maharashtra. Jhunjhunwala was born on July 5, 1960, and grew up in a Rajasthani family in Bombay. He entered the stock market with just ₹5,000 in 1985. He amassed a fortune worth an estimated $5.8 billion (roughly ₹46,042 crore) in his life span. His portfolio included 47 companies like Star Health, Titan, Canara Bank, Indian Hotels Company, Nazara Technologies and Tata Motors at the end of June. He also had holdings in Tata Communications, Bilcare, Federal Bank and Aptech. His latest venture was an airline – Akasa Air, which took its maiden flight exactly a week before his death on August 7. A Chartered Accountant by qualification and training, he was 62 and is survived by his wife Rekha and three children. “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world,” Prime Minister Narendra Modi said on Sunday. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/heres-a-list-of-stocks-that-can-benefit-from-the-festive-season/articleshow/93579202.cms">Here’s a list of stocks that can benefit from the festive season</a> <a href="https://www.businessinsider.in/business/news/food-delivery-startup-qmin-claims-to-be-the-only-profitable-business-among-its-peers-like-zomato-swiggy/articleshow/93520527.cms">Taj Hotels’ Qmin food delivery app claims to be the only profitable business among its peers</a> <a href="https://www.businessinsider.in/entertainment/news/avatar-2-black-panther-2-ant-man-here-is-a-complete-list-of-hollywood-movies-expected-to-hit-indian-theaters-in-the-next-6-7-months/articleshow/93522825.cms">Avatar 2, Black Panther 2, Ant Man — Here is a complete list of Hollywood movies expected to hit Indian theaters in the next 6-7 months</a>

Life and times of Rakesh Jhunjhunwala — the man behind the trader

<ul><li>India's iconic stock picker Rakesh Jhunjhunwala made a sexist joke. </li><li>He called 'long-term investing' the wife, and 'short-term' speculation, the 'mistress'. </li><li>This is not the first time the investor worth $2.7 billion has made an example of women.</li></ul>Rakesh Jhunjhunwala is India's most famous stock picker, and the largest individual investor in the country's share market. But even the man who is reportedly worth $2.7 billion is feeling more nervous with age. "I must put 5-10% of my money into (savings products)... age is catching up, and I should limit my risk appetite," Jhunjhunwala <a href="https://www.cnbctv18.com/market/big-bull-rakesh-jhunjhunwala-says-time-to-keep-some-money-off-the-street-2213231.htm" data-type="tilCustomLink" target="_blank">said</a> on Wednesday. This is a person who admittedly loves to gamble. He has a fixed deposit of ₹50,000 ($700) in a bank and ₹ 1 crore in public provident fund, while rest of the investments are in equities. Now, he wants to leave behind 5% of his fortune in fixed deposits for his two kids-- that would be about $135 million. The statements have come after the carnage in mid-cap stocks in India last year, when the whiskey-lover billionaire <a href="https://www.moneycontrol.com/news/business/markets/rakesh-jhunjhunwalas-portfolio-picks-slip-up-to-30-in-2018-2555193.html" data-type="tilCustomLink" target="_blank">lost</a> a lot of money. Jhunjhunwala had a good advice for his followers, but his words were in bad taste. He said, people to invest in stocks for the long term, and speculate less, but his analogy was abhorrent. "The outspoken investor compared share trading to a mistress and longer-term investing as a wife, and recommended investors to keep both happy," news agency PTI reported. In 2016, the Associated Press style book disallowed the use of the word 'mistress' for being sexist. "The word “mistress” has no male equivalent and means different things in different parts of the world, so the AP now recommends avoiding the term and using “companion,” “friend,” or “lover” if applicable. “Whenever possible,” the new entry says, “phrasing that acknowledges both people in the relationship is preferred: ‘The two were romantically (or sexually) involved," the Columbia Journalism Review <a href="http://www.cjr.org/language_corner/a_matter_of_ap_style.php" data-type="tilCustomLink" target="_blank">reported</a>. Perhaps, he could have said it like Warren Buffett— “Someone’s sitting in the shade today because someone planted a tree a long time ago." Not long ago, Jhunjhunwala himself had said it differently-- "Give your investments time to mature. Be Patient for the world to discover your gems.” This time, he let himself down with the choice of words. But then, this is not the first time that Jhunjhunwala has made a sweeping statement about women. "As I told you markets are like women, you have to be patient," he <a href="http://www.moneycontrol.com/india/newsarticle/news_print.php?autono=356959&amp;sr_no=0" data-type="tilCustomLink" target="_blank">told</a> CNBC-TV18. He also <a href="http://www.moneycontrol.com/india/newsarticle/news_print.php?autono=356959&amp;sr_no=0" data-type="tilCustomLink" target="_blank">said</a>, "If a girl is beautiful, a suitor will come. If a stock is beautiful, a suitor will come. So I don't search for suitors when I buy the stock." A chartered accountant himself, and the son of an income tax officer, Jhunjhunwala is a respected investor in India, who started investing when the Sensex was at 150. Today, the benchmark index is at over 37,000. While he is not active on social media, a twitter handle dedicated by his fans has over 61,400 followers. Any rumour of his interest has taken <a href="https://www.business-standard.com/article/companies/rakesh-jhunjhunwala-acquires-1-4-stake-in-spicejet-114112801070_1.html" data-type="tilCustomLink" target="_blank">stocks</a> to soaring heights. He was famously called 'India's <keyword id="71133" type="PERSON" weightage="20" keywordseo="Warren-Buffet">Warren Buffet</keyword>', a title he gracefully <a href="https://www.financialexpress.com/market/heres-rakesh-jhunjhunwalas-take-on-being-called-indias-warren-buffett/976380/" data-type="tilCustomLink" target="_blank">disowned</a>. Any contribution from him to raise awareness of the rampant sexism in India's corporate culture will be priceless. SEE ALSO: <a>A Star Money Manager In India Made A Rookie Mistake That Cost Millions</a> <a>A Whopping 40% Of India's Women Engineers Don't Have Jobs Because Of 'Rampant' Sexism At Workplace</a><ul class="breadcrumb clearfix"><li class="youhere"></li></ul>

'Age' is making Rakesh Jhunjhunwala risk averse, but not less sexist

<ul><li>Jhunjhunwala is one of the few billionaires in India whose net worth has surged during the nationwide lockdown in the country from March 23 to June 30. </li><li>Jhunjhunwala along with his family has increased his investments in listed companies by over 30% to ₹10,797 crore in the last four months. </li><li>Jhunjhunwala has 29 stocks in his portfolio, according to moneyexcel.com, ranging from Aptech Limited, Titan, CRISIL, Edelweiss Financial Services, Bilcare, Delta Corp among others. </li></ul>The market volatility may have investors jittery but there’s no stopping the Big Bull from adding to his coffers. Indian billionaire <keyword id="6398943" type="UNKNOWN" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword> earned at least $40 million in the last four months, thanks to some of the new stocks he purchased during this COVID-19 lockdown in India. Moreover, Jhunjhunwala has become one of the few billionaires in the country to have increased their net worth during nationwide lockdown in the country from March 23 to June 30, according to Forbes real-time billionaires data. Apart from him, Radhakishan Damani and Mukesh Ambani saw a surge in their net worth. His latest investments include a 3.18% stake buy in Dishman Carbogen Amis. <div type="image" title="Rakesh Jhunjhunwala" msid="77081733" hostid="261"></div> <a href="https://www.business-standard.com/article/markets/rakesh-jhunjhunwala-s-portfolio-outperforms-net-worth-over-rs-10-000-crore-120072100483_1.html">According to Business Standard</a>, Jhunjhunwala along with his family has increased his investments in the listed companies by over 30% to ₹10,797 crore in the last four months. This includes increased investments in Rallis India, <keyword id="439363" type="ORGANIZATION" weightage="20" keywordseo="Jubilant-Life-Sciences">Jubilant Life Sciences</keyword> amongst other stocks. <div type="Article" hostid="261" msid="77102706" title="IndiaMart’s Dinesh Agarwal shares how the profit doubled during the lockdown" mstype="2" mssubtype="0"></div> These a<a href="https://trendlyne.com/portfolio/superstar-shareholders/53781/latest/rakesh-jhunjhunwala/">re the stocks that Jhunjhunwala has bet </a>on in the last three months: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Autoline Industries. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Firstsource Solutions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jubilant Life Sciences </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rallis India </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dishman Carbogen Amcis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"></td></tr></tbody></table> Jhunjhunwala’s has 29 stock in his portfolios, <a href="https://moneyexcel.com/11499/rakesh-jhunjhunwala-portfolio-holdings/">according to moneyexcel.com</a>, <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aptech Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Man Infra Construction </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ion Exchange </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bilcare </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Spice Jet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit Financial Services </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Orient Cement </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delta Corp </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prakash Industries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MCX </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mandhana Retail Ventures </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Firstsource Solution </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dewan Housing Finance Corporation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Federal Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rallis India </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortis Healthcare </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TV 18 Broadcast </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lupin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jubilant Life Sciences </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CRISIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yes Bank </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Communication </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prakash Pipes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Hotels </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">VIP Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCC Ltd. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Autoline Industries Ltd. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dishman Carbogen Amcis </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/coovid-vaccine-from-oxford-serum-institute-and-astrazeneca-shows-promising-immune-response/articleshow/77069321.cms">The COVID-19 vaccine from Oxford and Astrazeneca shows 'promising' results in early human trials</a> <a href="https://www.businessinsider.in/careers/news/from-intel-and-wipro-to-tcs-and-google-here-are-the-top-job-openings-in-the-multinational-companies/articleshow/77058769.cms">From Intel and Wipro to TCS and Google— Here are the top job openings in the multinational companies</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-upcoming-affordable-smartphone-oneplus-nord-launch-price-specifications-features/articleshow/77061620.cms">OnePlus Nord launch price, specs and more – Everything we know about the upcoming affordable OnePlus smartphone</a>

Big Bull Rakesh Jhunjhunwala added nearly $40 million to net worth in the last four months⁠— these are the stocks he bet on

<ul><li>Footwear retailer <keyword id="12783358" type="General" weightage="20" keywordseo="metro-brands-ipo" source="Orion">Metro Brands’ IPO</keyword> was open for subscription between December 10 and December 14.</li><li>The Rakesh Jhunjhunwala-backed company received a moderate interest from investors as it was subscribed just 3.64 times.</li><li>Shares of the company may witness a poor listing due to weak grey market premium and volatile market conditions.</li></ul>Marquee investor Rakesh Jhunjhunwala-backed Metro Brands, which is one of the largest Indian footwear specialty retailers in India, is set to get listed on exchanges today, December 22. Shares of the company may open at a discounted price as indicated by weak grey market price and volatile market conditions. The Rakesh Jhunjhunwala-backed company received a moderate interest from investors as it was subscribed just 3.64 times. “We are seeing a change in IPO [initial public offering] sentiment amid a slight decline in the market, and the last two debutants witnessed profit bookings post-listing, as well we are seeing a decline in the GMP [grey market price] for upcoming IPOs. We may see a discount listing of Metro Brands given that its GMP trades at a discount of 10-15% currently,” said Aayush Agrawal, senior analyst at Swastika Investmart. Analysts at Angel One also expect a weak listing for Metro Brand’s stock, but they hold a positive stance for the long term investment. “On the listing day, we are expecting a slightly weak listing due to the company already commanding higher valuation and fear of [the] new COVID variant omicron (will increase the possibility of lockdown). However, we are positive on stock for the long term on the back of asset light business, strong brands and wide range of products,” said Amarjeet Maurya, assistant vice president – mid caps at Angel One. Also, the company’s financial performance in FY21 was not very great due to COVID-19 restrictions in the country that affected the entire footwear retailing segment. Its revenue from operations declined by 37.75% in FY21. In the meantime, it permanently closed 24 stores, due to significant decline in footfalls on account of COVID-19. <div type="image" title="metro brand rev" height="900" width="1200" msid="88411590" hostid="261"></div> While the fundamentals of the company remain good with close-to-zero debt in its books and generation of profits, the new COVID-19 variant may adversely affect its plan to grow its store sales in the near term. As of March 31, 2021, Metro Brands operates 586 Stores in 134 cities across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/snapdeal-ipo-paper-reveals-that-it-is-going-offline/articleshow/88408081.cms">Snapdeal IPO papers reveal the e-tailer’s offline aspirations for budget fashion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mapmyindia-ipo-makes-a-positive-stock-market-debut/articleshow/88403594.cms">MapmyIndia debuts below expectation but IPO investors still make a sweet 53% return on listing</a>

Metro Brands’ IPO may open on a weak note today, GMP at 10-15% discount

<ul><li><keyword id="125145" type="COMPANY" weightage="20" keywordseo="Nazara-Technologies">Nazara Technologies</keyword> is backed by <keyword id="6398943" type="UNKNOWN" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword>, one of India’s biggest stock market investors. </li><li>The gaming and sports media company is looking to join the league of tech startups looking to go public this year. These include Zomato, Nykaa, and Delhivery. </li><li>This is the second attempt at a market debut. <keyword id="242260" type="COMPANY" weightage="20" keywordseo="Nazara">Nazara</keyword> had earlier filed the DRHP in 2018 but didn't go through with its plans.</li><li>In the last two years, Nazara has made at least seven acquisitions and raised ₹500 crore in funds.</li></ul>Indian gaming and sports media company Nazara Technologies has re-filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) as the first step towards its market debut. Nazara holds the license mobile gaming rights of popular cartoon characters like Chhota Bheem, Motu Patlu and Shikari Shambhu. It has also established itself in 64 countries across Africa, Middle East, South East Asia, and the Indian subcontinent. The public issue will see a sale of 4.96 million equity shares by Nazara’s promoters and investors. This year, Nazara’s <keyword id="3128913" type="PERSON" weightage="20" keywordseo="IPO-debut">IPO debut</keyword> could kick off a series of tech IPOs in the country as startups like Zomato, Nykaa, Delhivery are headed for the public markets. The Rakesh Jhunjhunwala-backed Nazara had first filed the DRHP in January 2018 and had even got approval from SEBI for an IPO (Initial Public Offering). However it didn’t go ahead with the launch because of a <a href="https://inc42.com/buzz/post-sportskeeda-acquisition-nazara-technologies-looks-at-ipo-in-2020/">market slump. </a> The company has been preparing for its market debut with acquisitions and funding in its kitty. Strengthening its capital base Nazara counts stock broking giant Rakesh Jhunjhunwala, IIFL Asset Management, Sequoia Capital, Plutus Wealth Management as its investors. Earlier in January 2021, WestBridge Ventures, an early investor in Nazara, had exited the company through a secondary transaction as Plutus pumped in ₹500 crore into the company. According to<a href="https://yourstory.com/2021/01/ys-learn-nazara-technologies-gaming-startup-exit-westbridge-capital"> reports</a>, the exit gave WestBridge 40 times the return on its investment. Nazara’s stakeholders <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Promoter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mitter Infotech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arpit Khandelwal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rakesh Jhunjhunwala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.38% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Plutus Wealth Management LLP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.91% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Special Opportunities Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.04% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Special Opportunities Fund - Series 4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.94% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Special Opportunities Fund - Series 5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Special Opportunities Fund - Series 2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.89% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nitish Mittersain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.49% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emerging Investment Ltd </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Special Opportunities Fund - Series 3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.87% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Riyaz Suterwalla </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Turtle Entertainment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manish Agarwal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Seedfund2 International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.27% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Anshu Dhanuka </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.02% </td></tr></tbody></table>Source: Moneycontrol Nazara went on an acquisition spree Nazara strengthened its offerings by going on an acquisition drive. It has pumped in over $50 million in startups in the last two years. In fact, its acquisition spree even got it a ‘next Tencent’ reference in a <a href="https://economictimes.indiatimes.com/prime/technology-and-startups/nazaras-acquisitions-will-keep-it-up-to-speed-on-all-things-gaming-next-becoming-indias-tencent-/primearticleshow/79393487.cms">news report.</a> Some of Nazara’s top acquisitions <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paper Boat Apps </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai-based indie studio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹83.5 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sports Unity </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Creator of multiplayer quiz called Qunami </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7.5 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sportskeeda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sports media platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹44 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bakbuck </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Local languages gaming platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Halaplay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fantasy gaming platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹40 crore </td></tr></tbody></table> In November 2019, Nazara technologies said that it plans to invest $20 million in startups next year. This announcement was after in the same year, Nazara had already acquired five companies. “Looking at the explosive growth in the interactive entertainment and sports ecosystem, Nazara has decided to up its aggression on investing in the emerging market ecosystem and support early stage startups accelerating the growth of these companies and the industry at large,” Nazara Technologies CEO, Manish Agarwal had said then. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/indias-parliamentary-committee-summons-facebook-twitter-officials-over-misuse-of-social-media-platforms/articleshow/80321277.cms">India's parliamentary committee summons Facebook, Twitter officials over misuse of social media platforms</a>

The Rakesh Jhunjhunwala-backed Nazara Technologies is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings

<ul><li>Billionaire investor <keyword id="6398943" type="UNKNOWN" weightage="60" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword> believes <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> should be banned. </li><li>"I think it's speculation of the highest order. I don't want to join every party in town. I think the hangover is much worse," <a href="https://www.cnbc.com/2021/02/23/investing-billionaire-jhunjhunwala-says-india-should-ban-bitcoin-.html">he told CNBC</a> on Tuesday.</li><li>He also thinks Indian regulators should ban the token and focus on an Indian digital currency.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Billionaire investor Rakesh Jhunjhunwala joined the chorus of bitcoin bulls on Tuesday, saying in an interview that regulators should crack down on the popular <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword>. "I think it's speculation of the highest order. I don't want to join every party in town. I think the hangover is much worse," <a href="https://www.cnbc.com/2021/02/23/investing-billionaire-jhunjhunwala-says-india-should-ban-bitcoin-.html">he told CNBC</a>. "I will never buy bitcoin in my life."Jhunjhunwala, sometimes referred to as India's Warren Buffet, also said that regulators in India should take a stand.The Indian government has yet to implement laws on cryptocurrencies, but in an upcoming session, members of the parliament are said to be <a href="https://www.coindesk.com/india-would-ban-private-cryptocurrencies-under-proposed-legislation">considering banning "private cryptocurrencies."</a> This will make India one of the few countries in the world to do so. There is also speculation that the Indian government plans to create its own <a href="https://www.cnbc.com/2021/01/30/the-indian-government-may-ban-cryptocurrencies-like-bitcoin.html">national cryptocurrency</a>. "I think regulators should step in and ban bitcoin," said Jhunjhunwala, who is also a partner at Rare Enterprises, a privately owned stock trading firm. "And they should focus on the digital rupee."Apart from using bitcoin as a hedge against inflation, many investors also see it as a a future method of transacting. But the billionaire says the volatility of the digital asset will make this difficult."Something that fluctuates 5% a day, 10% a day, cant be a currency," the billionaire said. "The power to issue currencies... should only be with the state." On Monday, US Treasury Secretary <a href="https://markets.businessinsider.com/currencies/news/janet-yellen-bitcoin-is-an-extremely-inefficient-way-to-transact-2021-2-1030109052">Janet Yellen also cast doubt</a> on the utility of bitcoin as a payment method."I don't think that bitcoin is widely used as a transaction mechanism," Yellen told the <a href="https://www.nytdealbookconference.com/dealbookdc2020/827493">DealBook DC Policy Project</a>. "It's an extremely inefficient way of conducting transactions and the amount of energy that's consumed in processing those transactions is staggering."Bitcoin staged an epic rally in February before slumping at the start of this week. The token <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-plunges-valuation-fears-after-record-shattering-rally-2021-2-1030108132">breached the $58,000-level</a> on Sunday, while it <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808">hit a $1 trillion market capitalization</a> for the first time last Friday.

Bitcoin is 'speculation of the highest order' and should be banned, says billionaire investor Rakesh Jhunjhunwala

<ul><li><keyword id="6357132" type="General" weightage="20" keywordseo="canara-bank" source="Orion">Canara Bank</keyword> has raised ₹2,500 crore through <keyword id="571090" type="General" weightage="20" keywordseo="qualified-institutions-placement" source="Orion">qualified institutions placement</keyword> (QIP), earlier this week.</li><li><keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>, BNP Paribas, <keyword id="48670" type="General" weightage="20" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>, and <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> have bought stakes in the company through QIP.</li><li>Analysts believe the fundraise will help the lender focus on gradual improvement in its returns on equities.</li></ul>State-run Canara Bank has raised ₹2,500 crore through qualified institutions placement (QIP) this week. The ₹1,000 crore profit-making bank’s fundraise will help the lender focus on gradual improvement in its returns on equities, say analysts. “We believe that merger-related concerns are largely behind and the bank should report a gradual improvement in its return on assets/return on equity,” said a report by Emkay Global. Syndicate Bank was merged into Canara Bank in April 2020. The merger was in line with the government plan to amalgamate 10 public lenders into four megabanks to strengthen their market position. Analysts at Emkay Global believe the stock will rally 19% in the next 12 months as it maintains a ‘buy’ rating on the lender’s stock. Marquee investors like Morgan Stanley, BNP Paribas, Life Insurance Corporation (LIC), Volrado Venture Partners have bought stakes in the company through QIP. QIP is a fundraising tool wherein accredited investors can invest in the company. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Key investors in QIP </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% of total issue size </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LIC </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15.91% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BNP Paribas </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12.55% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Societe Generale </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.97% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.37% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential Life Insurance </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.37% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.16% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Volrado Venture Partners </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.05% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Other investors (lower than 5% of issue) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">38.60% </td></tr></tbody></table> Ace investor Rakesh Jhunjhunwala also bought a 1.59% stake or 2.88 crore shares in the bank. <a href="https://www.financialexpress.com/market/canara-bank-stock-may-rally-19-analysts-say-after-rakesh-jhunjhunwala-picks-up-1-59-stake-in-psu-bank/2317129/">Reportedly</a>, Rakesh Jhunjhunwala now owns shares of at least three bank stocks, including Federal Bank and Karur Vysya Bank. Besides, the fact that the company is making profits comfortably with lower levels of non-performing assets (NPAs) may also have lured investors. The lender reported a nearly three-fold jump in its net profit to ₹1,177 crore in June quarter from ₹406 crore last year helped by a dip in the provision for bad loans. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Q1FY22 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Q4FY21 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Q3FY21 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total income (in ₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21,210.06 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21,522.60 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21,479.86 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Net profit (in ₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,177.47 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,010.87 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">696.06 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% of net NPA </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.46% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.82% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.64% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Provisions for NPA </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2334.88 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4427.53 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2657.64 </td></tr></tbody></table> “After the first round of capital raise in December 2020 (₹2000 crore at ₹109 per share), the bank raised ₹2500 crore this week via the second tranche of QIP at a better price of ₹149.3 per share. We believe that the capital raise will mainly shore up its capital ratios, which remain subpar compared to peers after the merger with Syndicate Bank,” said the report by Emkay Global. <div type="image" title="Canara bank chart 3" height="900" width="1200" msid="85623238" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-total-gas-stock-up-40-percent-in-15-days/slidelist/85617151.cms">Adani Total Gas is up 40 percent in 15 days</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zerodha-founder-shares-lessons-from-disappointing-listings-of-cartrade-aptus-chemplast-and-nuvoco-vistas-ipo/articleshow/85614310.cms">Cut the price or wait a bit ⁠— what the market is telling IPO aspirants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/union-bank-of-india-is-seeking-applications-for-close-to-350-managerial-positions-here-are-the-details/articleshow/85616516.cms">Union Bank of India is seeking applications for close to 350 managerial positions — Here are the details</a>

Canara Bank stock performance to rise as marquee investors Rakesh Jhunjhunwala, Morgan Stanley and LIC invest in it

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

<ul><li>Today is the third day to subscribe to footwear retailer <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">Metro</keyword> Brands.</li><li>The issue has received bidding for 50% of the shares up for sale.</li><li>The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore.</li></ul>The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Metro Brands has been subscribed 50% on the first two days of issue. The company’s shares will open for subscription today, December 14, for the last time. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NII) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.52 </td></tr></tbody></table> Metro Brand — which is one of the largest Indian footwear specialty retailers in India — has set the price band of its shares at ₹485 to ₹500. The lot size has been set at 30 shares, costing ₹15,000 at upper price issue. Retail investors can buy upto 390 shares, 13 lots, for ₹1.95 lakh. The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹34 on December 13. The company intends to raise ₹1,367 crore through this public issue, nearly ₹5 will be raised through fresh issue and the remaining ₹1,072 crore will be raised through offer for sale. The allotment status of Metro Brands’ IPO will be<a href="https://www.businessinsider.in/stock-market/news/metro-brands-ipo-opens-today-and-here-are-all-the-important-details-you-need-to-know/articleshow/88194908.cms"> announced on December 17</a> and the company is likely to list on the stock exchange on December 22. Metro Brands started in 1955 as a footwear specialty retailer in India. It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

Today is the last day to subscribe to Metro Brands’ IPO — issue subscribed 50%

Shares of <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> on Tuesday advanced nearly 9 per cent after ace investor <keyword id="6398943" type="PERSON" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword> bought approximately 1.3 crore shares of the company for around Rs 87 crore through open market transactions. The scrip, after a positive opening, further jumped 8.77 per cent to Rs 71.90 on the BSE. On the NSE, it zoomed 8.84 per cent to Rs 72. It was the top gainer on both Sensex and Nifty during early trade. It closed 3.4% higher on BSE. According to bulk deal data available with the BSE, Jhunjhunwala purchased 1,29,50,000 shares of the private lender amounting to 0.5 per cent stake. The shares were bought at an average price of Rs 67.1, taking the transaction to Rs 86.89 crore, the data showed. Shares of the lender, after plunging 15 per cent during the previous session on Monday, recovered most of its early losses and closed over 1 per cent lower after the company reported a consolidated net loss of Rs 629.1 crore for the September quarter due to a spurt in bad loans. SUM ANS ANS

You Searched For "Rakesh Jhunjhunwala stocks" and got 10 results

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Metro Brands’ IPO may open on a weak note today, GMP at 10-15% discount

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The Rakesh Jhunjhunwala-backed Nazara Technologies is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings

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Bitcoin is 'speculation of the highest order' and should be banned, says billionaire investor Rakesh Jhunjhunwala

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