Rakesh Jhunjhunwala Buys Stake In State-Run Steel Maker SAIL

Ace investor Rakesh Jhunjhunwala has bought stake in state-run steel maker Steel Authority of India Limited (SAIL), shareholding pattern released by the company to stock exchanges showed. Rakesh Jhunjhunwala had 5.75 crore shares in SAIL equaling to 1.39 per cent stake in the company, according to SAIL's June shareholding pattern.

Shares in SAIL rose as much as 1.8 per cent to hit an intraday high of Rs 127.40 after the shareholding pattern was released.

Mr Jhunjhunwala also known as the 'Big Bull' has cut his stake in jewellery and watch retailer - Titan to 3.72 per cent from 3.97 per cent.

SAIL shares have so far this year jumped 72 per cent massively outperforming the Sensex which has advanced 11 per cent.

As of 12:06 pm, SAIL shares were trading 1.77 per cent higher at Rs 126.75.