Ion Exchange Ltd share cost has skyrocketed 37% so far in June, and 60% considering that April. Ace investor Rakesh Jhunjhunwala trimmed his stake in Ion Exchange in the prior quarter January-March 2021. Ion Exchange stock has rallied soon after the business reported that its fiscal fourth quarter net profit more than doubled and income soared. Big bull Rakesh Jhunjhunwala had not too long ago trimmed his stake in the business, from 5.29% to almost 1%. So far in 2021, the share cost 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 business at Rs 1,205 per share. Big bull’s whole shareholding in the stock at the finish of December 2020 translated to 7.75 lakh equity shares. Rakesh Jhunjhunwala had initial invested in Ion Exchange in 2007, selecting up 3.19 lakh shares of the business in the October-December quarter. Ion Exchange shares have been quoting a cost of about Rs 230 apiece back in December of 2007. Since then the stock has multiplied more than 8 instances.
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The current spike in Ion Exchange came soon after Frankin Templeton Mutual Fund bought 1.20 lakh shares of the business 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, one hundred and 200-day moving averages. Ion Exchange has also had a decent quarterly efficiency, reporting a consolidated net profit of Rs 70.48 crore at the finish of the January-March quarter, up from Rs 28.86 crore in the similar period last year.
After getting sold element of his stake in Ion Exchange, major bull Rakesh Jhunjhunwala continues to personal 2.38 lakh equity shares of the business. Considering he has not sold his holdings any additional, the worth of Jhunjhunwala’s holding in the business has grown by a enormous Rs 27.16 crore considering that the starting of the year.