Jhunjhunwala buys 1.39% in SAIL

Mumbai: Investor Rakesh Jhunjhunwala has picked up 1.39% stake, or 5.75 crore shares, in Steel Authority of India (SAIL), the shareholding data of the steel company for the quarter ended June showed.

Jhunjhunwala’s name did not appear in the March shareholding data for SAIL so it is possible that the well-known investor owned less than 1% in the company earlier or picked up this entire stake during the June quarter. The shareholding data only show the name of an institution or individual if the stake goes above 1%.

Shares of Steel Authority of India ended up 1.3% at Rs 126.15 on Thursday. The stock has gained 278% in the last one year, outperforming the benchmark Sensex.