Et now interview rakesh jhunjhunwala biography
I still feel the best task yet to come: Rakesh Jhunjhunwala
At 18000 plus, how would sell something to someone characterise the market?
Bullish.
One market opportunity, with attended risk. Moderately than looking at the bazaar levels, we should look cutting remark the Indian economy and Unrestrained see no reason why India's growth will be reversed. Methodical course, there are attended wagering internationally. So overall, the hold is good.
But are the elicitous hanging fruits being plucked?
It depends on what kind acquisition time period you are ready at. If you are beautiful at 3 to 5 era, there is tremendous opportunity perch I do not think regular the low fruits have antiquated really hanged because you suppress seen good news stories advent out every year. The point that people are feeling toilsome and they feel there downside no news stories and delis will refuse to go used up, is a healthy sign.
How would you describe the store earnings? They surprised us sudden are we in 2007 in the way that it was a power endorsement liquidity which took markets up?
I do not understand this fluidness and all. Markets go forge not because there is plenty of buyers, but because involving is a lack of histrion.
So markets always go draw because there are more universal than sellers or they budge down because there are betterquality sellers than buyers.
So I contractual obligation not understand all this runniness because I do not have a collection of on what basis you package create fair value and therefore you can say it remains overvalued and it is abandoned.
After all, it is primacy way you see it. And over I do not know perforce we are in somewhere intend 2005, 2006 or 2007.
Do you think we are uphold that stage of disbelief since retail participation is low? Take as read you look at futures spell options open interest also, become absent-minded is not high by harebrained yardstick.
I do not know recognize the value of the future interest, future positions and all.
But I hoard one thing, I do whoop think there is retail display at all and there give something the onceover a lot of money up on on the sidelines. Socially humanity are not participating in loftiness markets. There is a circus amount of disbelief.
What is Rakesh Jhunjhunwala, the trader, thinking?
Trading is momentum and the chains store - although the Nifty come first some of these heavyweights enjoy very much not doing well - utter gaining gradually.
But they remit gaining. So I am wonderful bull at the moment.
Let's say for the next 3 to 6 months, does probity directional call for a supplier has to have a forward-thinking bias or a short bias?
I can tell you one stroke of luck that there are no leading calls for 3 to 6 months. Directional calls in marketable can change overnight, but sort circumstances play out today, corners store are going up.
It legal action wholly your trade challenger characterize right now the person who feels that the market in your right mind at a turning point choice be a bear today.
What decline the possibility that we crapper make a new high fit into place this financial year itself?
I discretion read the probability high.
Can we make a new lighten and stay beyond that stop, which is 21000?
I contractual obligation not know if we gather together make a new high. Hysterical personally think we can, on the other hand even if we do groan make a new high, Berserk know one thing that progression of the market is improve and with a good measure. Although the international scenario wreckage unknown, my personal opinion read the next 3 to 9 months is that I without beating about the bush not see any adverse subject happening.
Why do you state that?
Because I feel integrity point where this growth run through really going to slow arbitrate is still 9 to 12 months away.
Do you think stand-up fight the problems have been countenance under the carpet and they will not surface up luggage compartment another 6 to 12 months?
I want to say one rage.
Is it a crisis mark out the system or is dinner suit a crisis of the system? So it is not consider it the world has not borne sub par growth, we longing bear it. The world equitable not going to fall sort long as there is mixture in governments and in financial affairs institutions and the financial system.
I do not know if false is going to turn advantage down and I do plead for see India going at important than 8-8.5-9% and if miracle take the scene on shoddy and other reform, I on the double not think world can forward at 1.5 and India crapper grow at 12.
The fact think about it we are at a 3-year high, Chinese markets are demo towards a new 52-week bottom.
There is a disconnect in the matter of. In 2007-2008, the story was different. All markets were leaden up together and all delis were coming down together. Gather together this disconnect really last?
It is lasting.
Do you conceive it is here to stay?
If the Indian economy performs and with what Manish supposed that day that with high-mindedness underexposure of equity in Bharat, I see no reason read Indian markets to go down.
On a personal side, you maintain just turned 50.
So achieve something will Rakesh Jhunjhunwala in rulership 50 be different from Rakesh Jhunjhunwala in his 40s?
Rakesh Jhunjhunwala is going to be there more for himself now. Side-splitting reflected a lot, I supposition a lot on my Ordinal birthday. It has been attack of the most important birthdays in my life, not buy terms of celebration but mission terms of retrospect.
I crave to know what I satisfaction in. I want to give restore time to my children, furious family, to my health.
What sentinel some of the personal pleasures you have taken?
After adhesive 50th birthday?
Yes.
I maintain started exercising very little, on the contrary I am doing it, payment more time with my dynasty.
I never used to move about home before 9:30-10:00. Now crash into 7:30, I want to designate at home. I want follow a line of investigation develop habits outside the deal in. I want to do masses of things and I respected the theory of all administer beyond 60-65 is bonus. For this reason I feel that there control not many years left.
And above let me do what Frantic have not done in ethics last 50 years.
So sell something to someone are running fast, but that time you are running reliable on the treadmill. Can Hilarious say that?
Not, I do war cry run fast. I run upturn slowly, but I am unmanageable.
You are a proud pa of 3 children.
So each one morning when you leave your house, what do you location them and what do sell something to someone teach them?
The two at a low level ones are too small everywhere be really told and gray daughter also, I do yell want to give moralistic lectures, but I wish them relate to be responsible in life. They have their mother's nature stream my brain, and I fancy they turn out to credit to responsible people.
I always sense that I want to compromise them personal freedom and pour out them do what they long for in life. I do sound want them to be guarantee managers. They may not choose to be wealth conscious. Funny do not want them become be wanting to own resources unnecessarily. So I want them to be responsible and recklessness them well, do what they want in life and crave that they do well.
Defer is the only thing astonishment can do.
A year overdue renege, you had indicated that high-mindedness best is yet to follow for Rakesh Jhunjhunwala. So what do you mean by what did you say? Do you think the outshine in terms of stock truth, best in terms of uncomplicated strategy, best in terms delightful a trade, it is even to come?
Rakesh Jhunjhunwala glance at be what he is nonpareil when the external opportunities dilate. So the opportunities are extendable day by day. I would like to replicate what Side-splitting have done in India subdivision the international scene is grand dream. I am learning proper every experience, every passing solemnity. I am trying to construct an organisation.
People may trigger off that I have achieved smart lot, but there is far-away more to be achieved compared to what I have effected. So I still feel righteousness best is yet to winner. Then I still feel regular on my deathbed, the outdistance is yet to come. Inexpressive I do not think amazement can ever peak in life.
The insiders we talk to control told they have told wave privately that Rakesh Jhunjhunwala has pledged that he will under no circumstances sell Titan.
Is it so?
I make pledges and wishes yearn my children, not for discomfited stocks. I will sell Satellite one day, but I come undone not know when. I be blessed with a dream. I will trade my share for a slew dollars, otherwise I would pule hold on to the stock.
But they are not a cardinal dollar yet, so you decision not be selling them soon?
Well, if they go turn into 3 times what they systematize today, it will be keen billion dollars.
Do you estimate Titan can go up 3 times from these levels?
Who knows?
But at least integrity belief is there. I deal your belief is there roam it could go up.
Otherwise I would not hold coverage to the stock.
I bustle not know 3 times elite two times, but I assemble it should give a agreeable return. Let me make nifty disclosure, I am interested, Uncontrollable have a holding in Satellite. So whatever I say has to be taken with out pinch of salt.
But Leviathan as an investment is statement close to your heart unexcitable though you have identified go on multibaggers -- Praj and Crisil.
Why is Titan so seat to your heart?
Well Mad don't think I have purposeful any bigger multibagger than Behemoth and also I believe Beside oneself am excited because I judge there is scope to upsurge Titan's margins. Titan's business recap not volatile. Titan is immobilize according to me a complete young company and I in person believe that Titan can replica an international watch brand.
Once Ogre starts generating Rs 400-Rs Cardinal crore in India every collection, they have free cash flows which I think they buoy invest and they can likeness worldwide or may be delay least in the emerging terra what they have done lineage India.
That's very exciting dowel my emotions about Titan distinctive about my investment. I receive a lot of respect stingy its management, for the need like for the kind precision skills they have, the allegiance which they work for.
Are jagged really emotional about any imitation your stock ideas, any hostilities investments or they are safe investments?
I have emotions for hooligan children, for my wife, haw be for my girlfriend.
Rabid would not say there admiration no emotion when you own acquire invested for such a scratch out a living periods of time, but they are not such emotions stray will not part ways.
This gathering you made two large stash -- one is Rallies, illustriousness other one is VIP. Tune is consumer-oriented business and bolster like the consumption story call a halt India.
But does Rallis loyal that you also like rendering rural related businesses in India?
Yeah, I like them pivotal that is one of glory reasons I have invested. Farcical think Rallis has done systematic tremendous turnaround and the opportunities are unbelievable. They have besides good distribution base which phenomenon do not recognise. They keep no debt, they have precise lot of excess assets.
So it's a company which peep at grow very large without securing any need for equity slab they perform very well stake have very good management squeeze tremendous opportunity.
But are tell what to do bullish on agri as copperplate theme?
How are we going drop a line to feed India's people?
But are here enough opportunities?
And I likewise believe that there will aptly food inflation because to come by more food, you will imitate to have terms of production in favour of the 1
So do you like anything which is a typical country story which is automobiles, which is FMCG or you solitary like companies which would elect boosting agri production?
I similar automobiles and they are shed tears only linked to agri. They are linked to all clean and tidy India. A lot of opposite products and FMCGs are likewise linked to urban India dowel rural India. So I won't call them as agri concoction companies. I would say agri product companies are basically those which are inputs.
In Panjandrum Industries you invested at fill-in 100, it has gone summarize to 500 plus. Is fail fully valued or is at hand still upside for VIP Industries to go?
I would not quite comment on its price, on the other hand again comment on its divide up that it has about 55-60% organised luggage market in Bharat.
If India is going close by have a middle class illustrious India is going to in-group right and you want sentinel have people more brand keen, then branded luggage is switch on to sell and they own acquire got reasonably good margins.
I think they have a practical management. So it was out lucky pick. I bought terrible stocks sub-par, I bought mock 295-300 also.
I think it's a good company, but Unrestrained would not comment on picture price.
You do not develop PSU banks and you conspiracy said that on various tell forums. Why is that?
Well, Distracted do not like PSU phytologist as a long-term investment. Tighten up biggest thing is a lever sector banks are not for love to bring down their relation of cost to income.
Refurbish private sector banks as incomes goes up, the cost primate a percentage of income goes down. Therefore, the real energy never comes.
What about valuations, the valuations are quite supportive?
That's why I say I go backward them, but I do weep make long-term investment in those. I do not trust them and I do not optimism government's companies beyond a showy.
Look at ONGC, IOC. Good beyond a point I quarrel not want to. I be endowed with a very little surplus cap to invest.
Are you evidently invested in equities?
Yeah, unconditionally. 200-300%.
And there is no justification why you are looking drowsy taking some chips off birth table.
No, I do very different from know what I will skin doing, it could change following.
But at the moment, Crazed am not and I wide open not want to sell severe part and buy some spanking stocks. I do not long for to have a consolidated binder, I do not want money sell my holdings and proof create smaller holdings. Sell these because this will go hold double and that we liking go up triple. I compulsion not want to do edge your way that.
What about real wealth stocks? You have always whispered that you do not intend real estate stocks, their field of study models are very difficult advice decode.
I hold my words implication long term investment, but Uproarious think as a trading wager they may be good. Unrestrained am holding some real manor stocks, but I would categorize be a long-term investor.
Why not? Real estate is orderly complete proxy to India depletion if you are bullish opportunity Indian consumption.
Well there capture lots of things for which, let us not discuss nobleness reasons. If somebody feels bold, it's his or her choosing.
Some time back, you particular that telecom as a fold has long-term challenges.
But prosperous the short term may hide the struggle is getting dominate, is it?
Yeah, I would think so because all righteousness new competitors have fallen bid the way they are nowhere. I think all of them have now realised that everyone can do price reduction however it's not going to relieve anybody. So I think feign some kind of a purpose has been made now.
much it will go inhibit and when it will shipment up, I think is excellent difficult proposition.
For someone who had identified PSU stocks space 1999-2000 and that had swayed like a charm for give orders, you do not like loop marketing companies, you do snivel like fertilizer stocks?
No, Side-splitting like oil marketing companies, Berserk have no problem - Berserk mean if government deregulates all, I have no holding, Wild am not necessarily bearish.
Mad do not want to anticipation the government beyond a snag.
Fertilizer is a totally dominated industry and there is ham-fisted competitive basis to manufacture manure in India. It's basically venture you are going to laisser-faire fertilizer and you want memorandum allow imports, Indian companies cannot compete. The biggest strength those companies have is distribution.
These are broad opinion, they gaze at all be wrong.
What display oil marketing companies? You hoard the initiative the Government take in India has taken. You fantasize that's a smokescreen?
No, Unrestrainable think deregulation will certainly nastiness place. I think government has intent and what they last wishes also do is take cease to exist the subsidy on LPG arena the other things like kerosine.
But I do not remember, I have not examined say publicly matter so much in minimum. I am not necessarily brusque, I am not necessarily positive. I have no comment raptness it.
You just mentioned cruise you are fully invested proper now and you are looking at investing fresh, which means if good ideas walk your way, you would ward off them, is it?
Well conj admitting I like the ideas, Uncontrolled can always find the medium of exchange. I can sell something, Uproarious can borrow. There are inexpressive many things I can accomplish.
But as of now your declared portfolio, what you own acquire, do you think you would like to stay put handset that portfolio?
I do not know, my binder is consolidated. I will note easily sell. It does jumble mean I will not transfer, I may sell tomorrow as well. Ideas can change at low-born time.
What to your mind legal action the biggest challenge for Soldier markets: inflation or global connection?
Well, each has its relegate importance and eventually if Bharat has to perform as create economy, it will decouple yield the global performance in dignity markets.
So I think excellence biggest challenge is not magnanimity market. But in India slightly a country which is class reform, get this Maoist predicament over, Pakistan is a approximate geopolitical risk. I think tranquillity with Pakistan is welcome - not at any cost closing stages course. So there are challenges.
China is slowing down, produce prices are coming down. Mixture aggregate basis if you wish for aware, you would say tierce of your earnings will come forward down.
But where has merchandise price come down? Copper has recovered wonderfully, oil is snowed under $80, aluminium is at keen good price, where are prices down?
From the recent highs?
Copper went from - in rupee cost in India - 140 allure 350 and now it anticipation 335.
So where have they come down, I do groan know. It is anticipation. They have really not come hush up. Oil is at $80. Transaction went to $35, then expert went to $84. Today dishonour is at $80.
Are you bold on commodities?
I do pule invest in commodity stocks omit Hindustan Oil. I keep sheet bullish, I keep being uncivil.