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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>The sudden demise of founder <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> raised questions over the future of <keyword id="11911527" type="General" weightage="20" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>.</li><li>However, CEO Vinay Dube has emphasised that Akasa Air’s future and operations are secure.</li><li>It is India’s seventh airline along with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways.</li></ul>Akasa Air is well-capitalised to induct 72 aircraft over the next five years thanks to the visionary role played by Rakesh Jhunjhunwala, the newly launched airline’s CEO Vinay Dube said on Wednesday. He noted that the company’s financial platform was strong enough to allow Akasa to place a much larger aircraft order in the next 18 months. Akasa Air was the latest venture of stock market mogul Rakesh Jhunjhunwala, who passed away on Sunday morning. The airline took its maiden flight on <a href="https://www.businessinsider.in/india/news/akasa-air-takes-to-the-skies-flagged-off-by-civil-aviation-minister/articleshow/93420016.cms">August 7</a>, exactly a week before his death. “In simple terms, our growth is secure,” Dube said on Tuesday, taking delivery of Akasa Air’s third aircraft. The sudden demise of Akasa Air’s founder Jhunjhunwala raised questions over the future of the airline. However, Dube has repeatedly emphasised that Jhunjhunwala demise was not going to have an impact on the airline’s operations and future. “We are also thankful that Mr. Jhunjhunwala supported us in recruiting some of the best aviation talent in the country. He wanted us to have a top-notch leadership team that made all day-to-day decisions at the airline without having to fall back on him or any other investor. Anyone that saw him on our inaugural flight on August 7th knows how proud he was of each Akasa employee and partner,” Dube said. READ MORE: <a href="https://www.businessinsider.in/thelife/personalities/news/rakesh-jhunjhunwala-the-man-beyond-the-trader/articleshow/93592898.cms">Life and times of Rakesh Jhunjhunwala — the man behind the trader</a> He noted that Jhunjhunwala recognised India’s potential to be one of the fastest-growing aviation markets in the world. “Akasa Air will honour Mr. Jhunjhunwala’s legacy, values, and belief in us by striving to run an extraordinary airline,” he concluded. The airline received<a href="https://www.google.com/search?q=Akasa+air+business+insider+rakesh+aOC&amp;rlz=1C1CHBD_en__960__960&amp;ei=5rv8YoXxEPydseMPnNCA6AE&amp;ved=0ahUKEwiF_PnQzs35AhX8TmwGHRwoAB0Q4dUDCA4&amp;uact=5&amp;oq=Akasa+air+business+insider+rakesh+aOC&amp;gs_lcp=Cgdnd3Mtd2l6EAMyBQghEKABMgUIIRCgAToHCAAQRxCwAzoKCAAQRxCwAxDJAzoFCAAQogQ6BwghEKABEApKBAhBGABKBAhGGABQ9AJY1AdgngpoAXAAeACAAakCiAGqB5IBAzItNJgBAKABAcgBCMABAQ&amp;sclient=gws-wiz"> its Air Operator Certificate (AOC) </a>from the civil aviation regulator Directorate General of Civil Aviation (DGCA) in July this year. It is India’s seventh airline along with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/news/rakesh-jhunjhunwala-the-man-beyond-the-trader/articleshow/93592898.cms">Life and times of Rakesh Jhunjhunwala — the man behind the trader</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/news/after-netflix-indian-regional-platform-aha-pins-its-hope-on-advertising-to-bring-in-revenue-and-profitability/articleshow/93587302.cms">Aha takes the Netflix way to reach out to subscribers from small towns</a> <a href="https://www.businessinsider.in/stock-market/news/markets-to-continue-its-gaining-streak-ahead-of-us-fed-policy-outcome/articleshow/93606421.cms">Markets to continue its gaining streak ahead of US Fed policy outcome</a>

Akasa Air has enough capital to induct 72 aircraft thanks to Rakesh Jhunjhunwala’s visionary role, says CEO

<ul><li><keyword id="1199034" type="General" weightage="20" keywordseo="Utpal-Sheth" source="Orion">Utpal Sheth</keyword> teamed up with <keyword id="6398943" type="General" weightage="50" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> in the 1990s to build <keyword id="275788" type="General" weightage="50" keywordseo="rare-enterprises" source="Orion">Rare Enterprises</keyword>.</li><li>He has been in <keyword id="45125" type="General" weightage="100" keywordseo="jhunjhunwala" source="Orion">Jhunjhunwala</keyword>’s shadows for over 25 years, but the <keyword id="6504177" type="General" weightage="50" keywordseo="big-bull" source="Orion">Big Bull</keyword> did not refrain from complimenting him in public. </li><li>A former i-banker, Sheth was the perfect foil to Jhunjhunwala, with the Big Bull calling him his 1+1=11 partner.</li><li>In a tribute to Jhunjhunwala, Sheth has outlined some important investment lessons.</li></ul>Rakesh Jhunjhunwala passed away a year ago, on August 14, 2022, and the Indian financial markets may not see someone like him for quite some time. His successes have inspired many over the last decade, and all the while his partner in the shadows has been Utpal Sheth, Rare Enterprises’ senior partner and CEO. Jhunjhunwala and Sheth set out to build Rare Enterprises after an accidental meeting in the 1990s. Sheth was pivotal in Jhunjhunwala’s investment in Titan, which delivered a whopping 12,000% returns over time. Jhunjhunwala was not shy of voicing his opinion, and he once complimented Sheth saying their synergy makes 1+1=11. While we might not see a bullish investor like Jhunjhunwala anytime soon, we can do the next best thing – take investment advice from someone who has been in his shadow for over 25 years. <cmsannotation type="cmsannotation" annotationid="Investment lessons from Utpal Sheth" comment="subhead" text="Investment lessons from Utpal Sheth">Investment lessons from Utpal Sheth</cmsannotation> While investment successes can build confidence, it’s the mistakes that make for the best lessons. For instance, making a 20% return on your investment might feel good, but losing 50% on another will teach you the things you need to look out for while making an investment decision. “The quantity of a man’s pleasure from a ten dollar gain does not exactly match the quantity of his displeasure from a ten dollar loss,” <keyword id="293271" type="General" weightage="50" keywordseo="charlie-munger" source="Orion">Charlie Munger</keyword>, the right hand man of Warren Buffett, once said. <div type="Article" hostid="261" msid="93935633" title="Explained: What is India Volatility Index or VIX, and why is it important now?" mstype="2" mssubtype="0"></div> Here are words of wisdom from Utpal Sheth. <cmsannotation type="cmsannotation" annotationid="1. Survivorship bias can be misleading" comment="subhead" text="1. Survivorship bias can be misleading">1. Survivorship bias can be misleading</cmsannotation> Survivorship bias exists in almost everything if you try to evaluate the performance of a sample. Survivorship bias is the tendency to extrapolate the performance of the stocks which have given good returns to the entire portfolio, while ignoring stocks that have gone bad. Sheth underlines that correctly attributing mistakes is important. Not doing so is essentially ignoring the reasons for the failures, and continuing with the same mistakes and the performance does not improve. <cmsannotation type="cmsannotation" annotationid="2. Agility and experimentation are good tools to have" comment="subhead" text="2. Agility and experimentation are good tools to have">2. Agility and experimentation are good tools to have</cmsannotation> Referring to a letter written by Jeff Bezos to his shareholders in 1997, Sheth identified that there are two types of decisions – reversible and irreversible. Reversible decisions can be made fast and without perfection, since they can be changed. On the other hand, irreversible decisions require careful deliberation and can often lead to slowness. Sheth says if most decisions are looked at as being irreversible, it would lead to slowness, unthoughtful risk aversion, and failure to experiment sufficiently. As a result, it would lead to diminished invention. The bottomline – agility and experimentation are two important tools in an investor’s handbook. <cmsannotation type="cmsannotation" annotationid="3. Embrace mistakes and learn from them" comment="subhead" text="3. Embrace mistakes and learn from them">3. Embrace mistakes and learn from them</cmsannotation> “Making a mistake is not a crime, but repeating a mistake is a crime. Not learning from a mistake is the greatest crime,” Jhunjhunwala once said. And Sheth is a big believer in this maxim. Learning from a mistake involves experimentation, iteration and taking decisions rooted in conviction. “What matters is companies that don't continue to experiment or embrace failure eventually get in the position where the only thing they can do is make a Hail Mary bet at the end of their corporate existence,” said Jeff Bezos. <cmsannotation type="cmsannotation" annotationid="4. Investments should be in sync with the degree of conviction" comment="subhead" text="4. Investments should be in sync with the degree of conviction">4. Investments should be in sync with the degree of conviction</cmsannotation> Many investors often rue the fact that they either did not make exits or entries at the right time, or that they did not back their conviction with enough money. This mistake can happen on both the buy as well as the sell side. For instance, Rare Enterprises sold its Crisil investment to buy a property. Since then, the property has appreciated 2x, while Crisil has appreciated 20x. While timing the markets is impossible, backing yourself in an investment decision remains important. Again, this also offers an opportunity to learn from mistakes. <cmsannotation type="cmsannotation" annotationid="5. Probability of right investments and right exits is low" comment="subhead" text="5. Probability of right investments and right exits is low">5. Probability of right investments and right exits is low</cmsannotation> Building a portfolio takes a lot of time and effort, and Sheth explains this with an analogy of monkeys and gorillas. While monkeys are more in number, gorillas are rare. However, gorillas are outsized and dominant, and are not challenged by monkeys. They also have a longer lifespan, and in the right environment (jungle), they can outlast monkeys 2x. The probability of making good investments is low, just as finding a gorilla is rare. But once investors find a good investment, they need to iterate the remaining ones to strike the right balance of a stock portfolio. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistry-vs-tata-group-decoding-the-battle-of-prestige-between-indias-most-prominent-parsi-families/articleshow/94000771.cms">Cyrus Mistry vs Tata Group – decoding the battle of prestige between India’s most prominent Parsi families</a> <a href="https://www.businessinsider.in/stock-market/news/ipos-in-fy23-have-been-fewer-but-many-have-fared-better-than-the-previous-year/articleshow/93980513.cms">IPOs in FY23 have been fewer but many have fared better than the previous year</a> <a href="https://www.businessinsider.in/business/corporates/news/recession-in-the-us-may-cool-off-attrition-in-it-sector-along-with-revenues/articleshow/93942471.cms">Recession in the US may cool off attrition in IT sector along with revenues</a>

Investment lessons from Rakesh Jhunjhunwala’s 1+1=11 partner, Utpal Sheth

<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><keyword id="125145" type="General" weightage="20" keywordseo="nazara-technologies" source="Orion">Nazara Technologies</keyword> is an India-based gaming and sports media platform.</li><li>Its latest investment is in a US-based company called Bitkraft, with the aim to tap into the company’s network to expand Nazara’s global presence.</li><li>Earlier, Nazara partnered with Vodafone Idea to offer its portfolio of mobile games to the telco’s 230 million strong base of subscribers.</li></ul>Rakesh Jhunjhunwala-backed Nazara Technologies has invested $2.5 million in a US-based game fund, Bitkraft Ventures. The investment has been made by Nazara Tech’s Singapore arm and two-thirds of the amount will be deployed over a period of three years. Nazara Tech’s shares rose by nearly 3% on Tuesday before cooling down later. Despite a recent rally, the gaming company’s shares are down by nearly 29% in 2022 so far. <div type="image" title="Nazara Tech 01_01_22 to 05_04_22." msid="90659666" hostid="261" caption="&amp;lt;p&amp;gt;Nazara Technologies&amp;#39; share price in 2022&amp;lt;/p&amp;gt;"></div> Apart from this, Nazara also <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-partners-with-nazara-tech-to-foray-into-mobile-gaming/articleshow/90198674.cms">announced</a> a partnership with Vodafone Idea as it looks to push further into mobile gaming. At the time, Nazara’s founder and managing director, Nitish Mittersain said he sees gaming as not only the “future of entertainment”, but also the present. Now, the partnership with US-based Bitkraft allows Nazara to dip its toes into the gaming industry beyond India. Bitkraft is a US-based game fund that invests in the global e-sports ecosystem. “Over the course of the next few years, this investment will enable us to work towards realising our strategic vision of becoming the catalysts to empower the global gaming community and chart the next stage of growth in an increasingly connected and virtual world,” said Manish Agarwal, the chief executive officer of Nazara Technologies. <cmsannotation type="cmsannotation" annotationid="Complimenting its ‘Friends of Nazara’ network" comment="subhead" text="Complimenting its ‘Friends of Nazara’ network">Complimenting its ‘Friends of Nazara’ network</cmsannotation> Nazara has its own network called ‘Friends of Nazara’, which includes the likes of Kiddopia, Nodwin, Sportskeeda, World Cricket Championship 3, among others. Now, to compliment this, Nazara wants to tap into Bitkraft’s gaming network to further strengthen its Indian portfolio. “The partnership will help to increase the connectivity into the highly strategic Indian video games market. We have done multiple investments in the subcontinent and intend to do more in the future, in addition to supporting international investment to drive growth in India,” said Malte Barth, founding general partner at Bitkraft Ventures. According to a report by a research firm, Niko Partners, India is one of the fastest growing gaming markets in Asia, with a quarter of the gamers being Indians. In terms of revenue, the Indian gaming market is poised to grow three-fold to $1.5 billion by 2025, from $0.5 billion in 2021. In the same period, nearly 200 million new gamers are expected to join in, growing from the existing base of 340 million. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2025 projection </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$534 million </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1,490 million </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of gamers </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">340 million </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">529 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Niko Partners SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-partners-with-nazara-tech-to-foray-into-mobile-gaming/articleshow/90198674.cms">Vodafone Idea partners with Rakesh Jhunjhunwala-backed Nazara Tech to foray into mobile gaming</a> <a href="https://www.businessinsider.in/tech/news/elon-musk-is-now-asking-if-people-want-an-edit-button-in-twitter/articleshow/90656209.cms">Elon Musk is now asking if people want an edit button after acquiring a 9.2% stake in Twitter</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-stock-falls-steeply-after-2-7-crore-shares-of-the-company-were-sold-in-a-block-deal/articleshow/90657796.cms">SBI Cards’ stock falls steeply after 2.7 crore shares of the company were sold in a block deal</a>

Rakesh Jhunjhunwala-backed Nazara Tech invests $2.5 million in US-based game fund Bitkraft as it looks to expand its presence beyond India

<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><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

New Delhi, Mar 12 () Gaming <keyword id="10915216" type="UNKNOWN" weightage="20" keywordseo="firm-nazara-technologies">firm Nazara Technologies</keyword> on Friday said its initial public offer will open on March 17, with a price band of Rs 1,100-1,101 a share for the issue. The initial public offering (IPO) will conclude on March 19 and the bidding for anchor investors would open on March 16, <keyword id="125145" type="COMPANY" weightage="20" keywordseo="Nazara-Technologies">Nazara Technologies</keyword> said in a virtual press conference. The company, backed by <keyword id="10108243" type="UNKNOWN" weightage="20" keywordseo="ace-investor-rakesh-jhunjhunwala">ace investor Rakesh Jhunjhunwala</keyword>, is popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series. <keyword id="242260" type="COMPANY" weightage="20" keywordseo="Nazara">Nazara</keyword>'s public issue will see sale of 52,94,392 equity shares by the promoters and existing shareholders. Those selling shares in the IPO include Mitter Infotech LLP, a promoter of the company, IIFL Special Opportunities Fund, Good Game Investment Trust, IndexArb Securities and Azimuth Investments. The offer includes a reservation aggregating up to Rs 2 crore for purchase by the company's employees. At the upper end of the price band, the IPO is expected to fetch Rs 583 crore. Explaining the rationale behind the IPO, the company said that listing of equity shares will enhance its brand name and provide liquidity to the existing shareholders. The listing will also provide a public market for equity shares in India. The equity shares are proposed to be listed on BSE and NSE. ICICI Securities, Nomura Financial Advisory and Securities (India) Private Limited, Jefferies India Private Limited and IIFL Securities have been appointed as the merchant bankers to manage the company's initial public offer. In January, WestBridge Ventures II Investment Holdings, a fund managed by WestBridge Capital, exited from Nazara by selling shares worth over Rs 500 crore to Plutus Wealth Management LLP and its associates. Apart from the latest transaction, WestBridge had sold shares to IIFL Special Opportunities Fund and <keyword id="6398943" type="PERSON" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword>, who had invested Rs 327 crore and Rs 182 crore, respectively, in Nazara during 2017. The company has undertaken investments and acquisitions in various gaming categories, including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, among others to strengthen its position in the gaming and sports media space. Nazara owns IPs, including WCC and CarromClash in mobile games, Kiddopia in gamified early learning, NODWIN and Sportskeeda in esports and esports media, and Halaplay and Qunami in skill-based, fantasy and trivia games. The company had earlier filed preliminary papers with Sebi in February 2018 and had received approved by the market regulator to float the IPO but the firm did not launch its public issue. SP ANS ANS

Rakesh Jhunjhunwala-backed Nazara Technologies IPO set to open on March 17 — sets price band at ₹1,100-1,101 per share

<ul><li><keyword id="190588" type="COMPANY" weightage="20" keywordseo="kraken">Kraken</keyword> is one of the <keyword id="10830842" type="UNKNOWN" weightage="20" keywordseo="oldest-cryptocurrency-firms">oldest cryptocurrency firms</keyword> and has nearly 60 cryptocurrencies available for trading on its platform. </li><li>It seeks to more than double its valuation after trading in digital assets skyrocketed. </li><li>The company revealed that the trading volume in January this year alone was more than the entire volume of 2019. </li><li><a href="http://businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Kraken, one of the biggest cryptocurrency exchanges, has sought a valuation of $10 billion in its latest funding round. This will more than double its worth from its previous funding round, which was around $4 billion. According to a <a href="https://www.bloomberg.com/news/articles/2021-02-25/crypto-firm-kraken-said-to-seek-roughly-10-billion-valuation">Bloomberg News</a> report, Kraken is in talks with financial services company <keyword id="6405604" type="COMPANY" weightage="20" keywordseo="fidelity">Fidelity</keyword>, venture capital firm Tribe Capital and investment firm <keyword id="6375561" type="COMPANY" weightage="20" keywordseo="General-Atlantic">General Atlantic</keyword>. The report added that the valuation may cross $10 billion in this round, but other terms of the discussions are not known yet. San Francisco-based Kraken, founded in 2011, is one of the oldest cryptocurrency firms. It has 59 cryptocurrencies available for trading on its platform. The jump in Kraken’s valuation comes at a time when trading in digital assets – including cryptocurrencies – is skyrocketing. Kraken <a href="https://blog.kraken.com/post/7734/kraken-deploys-system-upgrades-after-surge-in-crypto-interest/">revealed</a> that $56 billion worth trading was done in January this year – more than the entirety of the volume traded in 2019. Cryptocurrency firms generate revenue from the transactions undertaken on their platform, in the form of transaction fees. As more retail investors plough their money into cryptocurrencies, more transactions are undertaken, leading to a growth in revenue of these firms. Kraken noted that it witnessed over a 1000% increase in sign-ups in the first week of February – when prices of <keyword id="6354947" type="LOCATION" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> were on a surge, making record highs and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-plunges-valuation-fears-after-record-shattering-rally-2021-2-1030108132">crossing $58,000</a>. While Kraken is one of the oldest cryptocurrency firms, it is still not the biggest. It comes in at the fifth position, according to cryptocurrency analytics aggregator CoinMarketCap. Here are the top cryptocurrency firms as on Feb 26, 2021: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Name </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Binance </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Huobi Global </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Coinbase Pro </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Bithumb </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Kraken </td></tr></tbody></table> Source: CoinMarketCap Kraken rival <keyword id="1972612" type="COMPANY" weightage="20" keywordseo="Coinbase">Coinbase</keyword> is valued at $100 billion While Kraken is seeking a $10 billion valuation, its much larger rival Coinbase is going for a direct listing on the Nasdaq stock exchange. A recent sale of its shares in the private market <a href="https://www.axios.com/coinbase-valued-100-billion-direct-listing-9b43e316-7ff7-4f6a-a1db-4dc2481a93ee.html">reportedly</a> valued the company at over $100 billion. Coinbase says it turned profitable last year as retail interest in cryptocurrencies increased. It reported net revenue of $1.1 billion in 2020 and a profit of $322 million, after reporting a loss of $30 million in 2019. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/bitcoin-is-speculation-of-the-highest-order-and-should-be-banned-says-billionaire-investor-rakesh-jhunjhunwala/articleshow/81177353.cms">Bitcoin is 'speculation of the highest order' and should be banned, says billionaire investor Rakesh Jhunjhunwala</a> <a href="https://www.businessinsider.in/tech/news/coinbase-warns-the-entire-crypto-market-could-be-destabilized-if-bitcoins-anonymous-creator-is-ever-revealed-or-sells-30-their-billion-stake/articleshow/81216382.cms">Coinbase says the entire crypto market could be destabilized if Bitcoin's anonymous creator is ever revealed or sells their $30 billion stake</a> <a href="https://www.businessinsider.in/stock-market/news/warren-buffetts-right-hand-man-blasted-robinhood-slammed-spacs-questioned-bitcoin-and-warned-against-speculating-at-the-daily-journal-annual-meeting-here-are-the-highlights-/articleshow/81198218.cms">Warren Buffett's right-hand man blasted Robinhood, slammed SPACs, dismissed bitcoin, and warned against speculating at the Daily Journal annual meeting. Here are the highlights.</a>

Crypto firm Kraken seeks to double its valuation to $10 billion as trading in digital assets skyrockets

<keyword id="874458" type="COMPANY" weightage="100" keywordseo="Xiaomi">Xiaomi</keyword> just made its first investment in India, leading a $25-million Rs170 crore) <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> round into Hungama Digital Media Entertainment, an aggregator and publisher of entertainment content on the internet. 
 Xiaomi, which will invest along with Hungama's existing investors Intel Capital, Bessemer Venture Partners and <keyword id="6398943" type="PERSON" weightage="100" keywordseo="Rakesh-Jhunjhunwala">Rakesh Jhunjhunwala</keyword>, will pick up a minority, but undisclosed, stake in the Mumbai-based company. 
 "Xiaomi is leading an investment round of $25 million in Hungama, with existing investors," said Xiaomi's head of international operations <keyword id="1336378" type="PERSON" weightage="100" keywordseo="Hugo-Barra">Hugo Barra</keyword>. "At the same time we're partnering for video on demand service in India and integrating it into our platform". 
 
The investment marks Xiaomi's first investment into a start-up outside its home market of China, and underlines the importance of the fast growing Indian smartphone market, which is well on its way to become a leading base of internet consumers, from the present base of around 400 users. 
 
Xiaomi will integrate Hungama's video on demand service with the Mi platform available on smartphones and televisions, the latter not yet available in India. The companies did not divulge the timeline of integration, but said that post the integration, the platform will have some free and some paid content that will be part of the monetisation strategy. 
 
China's largest smartphone maker is replicating its home model in India, where it has launched two of its leading smartphones in 2016, including the latest flagship Mi 5 last week. Though it trails top five players in the handset sales business, it is among the first amongst the deluge of Chinese players to have invested in a company in India. 
 
In China, Xiaomi has invested in 55 companies which form part of the Mi Ecosystem. Of these, 29 have been incubated but only 20 lave launched products. About 7 companies of this subset have clocked sales of RMB 100 million and two - which make power banks and and fitness bands - have surpassed the RMB 1 billion sales mark. 
 
Xiaomi aims to have a similar ecosystem here and feels that video on demand is one of the fastest growing services which will become a key driver for users to get on to the internet. 
 
Image credit: Indiatimes

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