07 Aug , 2021 By : Kanchan Joshi
Shares of Raghav Productivity Enhancers have continued to extend gains in the past few sessions as the stock has been hitting upper circuit and surging to new highs ever since the company informed in an exchange filing that Indian ace investor Rakesh Jhunjhunwala will invest nearly Rs31 crore in the lesser-known smallcap metals and mining company.
Raghav Productivity shares have surged nearly 90% in one month, trading at a high of Rs871 per share on the BSE. The stock has given multibagger returns in a year as it has rallied over 690% during the period and more than 260% this year (year-to-date) alone.
Raghav Productivity Enhancers, based in Jaipur, Rajasthan, is among the largest manufacturers of Ramming Mass in India. Ramming mass is used in the lining of induction furnaces in Steel Plants. It also manufactures high grade quartz powder used in the Glass, Ceramic, Artificial Marble, Semi-Conductor, Electrode, Solar, Paint and various other industries.
The company had said that it will issue up to 6,00,000 Unsecured Compulsory Convertible Debentures (CCD’s) for an amount of upto maximum Rs30.9 crore by way of a preferential allotment on Private Placement basis to Rakesh Jhunjhunwala. The CCDs will be converted into equity shares at the end of 18 months from the date of allotment.
Known as the 'Big Bull', who has recently been bullish on the metals space, Jhunjhunwala made a fresh buying in the PSU metal company Steel Authority of India (SAIL) during the June quarter by buying 1.39% stake in the company, the BSE shareholding data showed.
His portfolio and investments are closely watched by the stock market participants. He is a qualified Chartered Accountant, manages the asset firm Rare Enterprises and invests in both his own name and his wife's, Rekha Jhunjhunwala. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds 38 stocks with a net worth of over Rs20,270 crore, as per Trendlyne.
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