This metal stock was taken out of the portfolio by Rakesh Jhunjhunwala, why did this stock land from the heart of Big Bull?

Highlights

Nalco shares were included in Rakesh Jhunjhunwala’s portfolio for three quarters.
On Monday, July 18, Nalco’s stock jumped up to five per cent.
The stock has fallen about 18 per cent in the last one year.

New Delhi. Veteran investor Rakesh Jhunjhunwala has reduced his stake in some stocks in the June quarter. Metal stock National Aluminum Company Limited (NALCO) has also now been taken out of its portfolio by Big Bull. After holding this stock for about three quarters, the veteran investor has sold his stake in the metal stock. Nalco shares have been under pressure since last one year. In the year 2022 itself, there has been a reduction of about 30 percent.

According to a Moneycontrol report, according to the shareholding pattern for the quarter April-June, 2022, Rakesh Jhunjhunwala’s name is no longer in the list of individual shareholders. This means that Rakesh Jhunjhunwala has either sold his entire stake in the company or his stake has come down to less than one percent. During the quarterly results, only those names are included in the list of individual shareholders of the listed company, who hold 1 per cent or more stake in the company concerned.

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The share was 1.36% in the March quarter
Nalco’s shareholding data revealed that Dalal Street’s Big Bull held 2,50,00,000 equity shares or 1.36 per cent stake in the company as on March 31, 2022. But Big Bull’s name is missing from the list of shareholders for the June 2022 quarter. This shows that Rakesh Jhunjhunwala has either sold the entire stake in this metal stock or has reduced his shareholding to less than one percent.

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Shares rise in Nalco today
Today i.e. on Monday 18th July, Nalco’s shares have seen a rise. In intraday, this stock jumped five percent to reach Rs 73.85. At the close of trading in the evening, the stock closed at Rs 73.10 with a gain of 4.06 per cent. The stock has gained 3.61 per cent in the last one month. At the same time, in the year 2022, this metal stock has fallen by 29.13 percent so far. The stock has fallen 33 per cent in the last six months. Similarly, investors have lost about 18 percent in this stock in the last one year.

Tags: business news, Rakesh Jhunjhunwala, stock market

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