Rakesh Jhunjhunwala-owned stock gains 20% in just 1 day; up 60% since April Rakesh Jhunjhunwala wearing glasses and smiling at the camera: Ion Exchange has also had a decent quarterly performance, reporting a consolidated net profit of Rs 70.48 crore at the end of the January-March quarter.

 

Rakesh Jhunjhunwala-owned stock gains 20% in just 1 day; up 60% since April

© Provided by The Financial Express Ion Exchange has also had a decent quarterly performance, reporting a consolidated net profit of Rs 70.48 crore at the end of the January-March quarter.

Ion Exchange Ltd share price has skyrocketed 37% so far in June, and 60% since April. Ace investor Rakesh Jhunjhunwala trimmed his stake in Ion Exchange in the previous quarter January-March 2021. Ion Exchange stock has rallied after the company reported that its fiscal fourth quarter net profit more than doubled and revenue soared.  Big bull Rakesh Jhunjhunwala had recently trimmed his stake in the company, from 5.29% to nearly 1%. So far in 2021, the share price of Ion Exchange has soared 123% to now trade at Rs 2,062 per share.

Earlier this year, Rakesh Jhunjhunwala and his firm Rare Investments sold 5.38 lakh equity shares of the company at Rs 1,205 per share. Big bull's entire shareholding in the stock at the end of December 2020 translated to 7.75 lakh equity shares. Rakesh Jhunjhunwala had first invested in Ion Exchange in 2007, picking up 3.19 lakh shares of the company in the October-December quarter. Ion Exchange shares were quoting a price of around Rs 230 apiece back in December of 2007. Since then the stock has multiplied over 8 times.

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The recent spike in Ion Exchange came after Frankin Templeton Mutual Fund purchased 1.20 lakh shares of the company at Rs 1,984 per share. This forced the stock to hit an upper circuit of 20% on June 9. Ion Exchange stock is trading above the 5, 20, 50, 100 and 200-day moving averages. Ion Exchange has also had a decent quarterly performance, reporting a consolidated net profit of Rs 70.48 crore at the end of the January-March quarter, up from Rs 28.86 crore in the same period last year. 

After having sold part of his stake in Ion Exchange, big bull Rakesh Jhunjhunwala continues to own 2.38 lakh equity shares of the company. Considering he has not sold his holdings any further, the value of Jhunjhunwala's holding in the company has grown by a massive Rs 27.16 crore since the beginning of the year.