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Looking back at Jhunjhunwala's good, bad and silly stocks
There isn't any tell-tale sign of this ace investor turning 50. In a free-wheeling interview with CNBC-TV18's managing editor Udayan Mukherjee, Rakesh Jhunjhunwala admits that 'age' hasn't mellowed him down nor has it stopped him from being a ladies' man. This man with Midas touch non-chalantly says he finds Sushmita Sen hot.
Mukherjee: You bought VIP recently, what attracted you to that story?
Jhunjhunwala: It is a no-brainer in terms of growth. In travel, it dominates. I started buying it at Rs 65. My average cost would not be more than Rs 120 or maybe less. So, it is a no-brainer, according to me.
Mukherjee: What do you think of banks? You have never spoken about that, it is a big industry, you have spoken once or twice about State Bank to me in the past, are you bullish or bearish, because it seems like the bellwether in the system right now?
Jhunjhunwala: I was very bullish on State Bank, but now I am negative on the stock because I don't like a bank who cannot provide for its bad debts. They are under providing every quarter and they need time from RBI to make 70% provision. But one thing they may have upside and uprun now, but over a medium time period all of them will need capital, which is one thing, which will dilute returns.
Mukherjee: You were speaking about government policy, I remember you telling me about IOC some one-and-a-half years back, were you holding it from then, did it work out finally?
Jhunjhunwala: I was holding some shares but i have sold it. I did not make much money, and I made money after this decontrol. But this was inevitable, it has to happen.
Mukherjee: But you are out of it now?
Jhunjhunwala: I am out of it.
Mukherjee: You made your money and you left, you don't think there is huge upside which has opened up after what the government did?
Jhunjhunwala: Essentially, the oil marketing companies were being paid entirely by the government. Only the payments were delayed, there was uncertainty and there was liquidity problem. But that is what will be solved, it's not that the profit will go up. But because of the fact that it was an imperfect market, the value of their marketing networks are not being recognised. So now that will be recognised.
Watch the complete show Rakesh@50: Unplugged on Monday 10 pm.
