Rakesh Jhunjhunwala’s stock in Ion Exchange gains 20% spike in just 1 day

The sake in Ion Exchange in the previous quarter January-March 2021 was trimmed by Rakesh Jhunjhunwala, an ace investor. The share price of the same has skyrocketed to 37% so far and 60% since June. When the fiscal fourth-quarter net profit was found to be more than doubled along with revenue soared, the Ion Exchange stock got rallied as reported by the company. The stakes in the company were trimmed from 5.29% to nearly 1% by big bull Rakesh Jhunjhunwala. Trading at ₹2,062 per share, the share price of Ion Exchange has soared 123% so far in 2021. 

Around 5.38 lakh equity shares of the company were sold by Rakesh Jhunjhunwala and his firm Rare Investments earlier this year. At the end of December 2020, the big bull’s entire shareholding in the stock translated to 7.75 lakh equity shares. Picking up 3.19 lakh shares of the company in the October-December quarter, Rakesh Jhunjhunwala made his first investments in the company in 2007. In December 2007, the share price of Ion Exchange was quoted at ₹230. The stock has multiplied over 8 times since then.

When Franklin Templeton Mutual Fund purchased 1.20 lakh shares of the company at ₹1,984 per share, the Ion Exchange had their spike. Due to this on June 9, the stocks got forced to hit an upper circuit of 20%. The day moving averages of the company is trading above the 5, 20, 50, 100 and 200. Ramesh Jhunjhunwala continues to own 2.38 lakh equity shares of the company after selling part of his stake in Ion Exchange. Jhunjhunwala’s holding in the company has grown by a massive value at ₹27.16 crore since the beginning of the year.

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