Amitabh Bachchan’s investment in penny stocks makes markets curious

Amitabh Bachchan has made markets curious. Big B is certainly believed to be trading in stocks in this bearish stage and the buzz on Dalal Road is definitely that the superstar provides been buying shares at lower levels to raise his holding in low-profile firms in which he has over one per cent stake.

Amitabh-Bachchan_43

These stocks are not market favourites and it is still not known as to why Bachchan is investing in these unknown companies. However, following the news of Bachchan buying at discounted prices, substantially on Wednesday the shares of the companies gained. Operators made a killing seeing that these stocks arrived to the limelight.

Bachchan is reportedly increasing his holding in penny-stock companies like the Yash Birla-controlled Birla Pacific Medspa. Various other low-profile companies, which he provides been buying are Fineotex Chemical substance, Mand B Neuland and Switchgears Laboratories. While he provides been buying shares of the companies within the last few quarters, it could not be immediately ascertained as to how much additional shares he has acquired in the current quarter. All the shares are in the name of Amitabh Harivansh Rai Bachchan. An email sent to Bachchan remained unanswered. Calls made to his office did not elicit emotion also.

According to stock market data, Bachchan by March provides 1,675,000 shares in Birla Pacific Medspa, which take into account 1.49 per cent stake in the ongoing firm. Between 2011 and March 2012 September, his stake provides risen by 0.06 % in the firm.

According to sources, Bachchan in addition has increased his keeping in Fineotex Chemical lately. As of March, Bachchan had 3.97 per cent holding in the company with 445,482 shares. Between December 2011 and March 2012, he had risen his holding by 0.07 per cent when the price was lower by 15 %. The promoter of the ongoing company is Surendra Tibrewala and Bachchan may be the single most significant individual shareholder.

There were some bulk deals in these businesses in today’s quarter but it continues to be not clear whether some broker had bought shares on Bachchan’s behalf. After June the shareholding data can only just be updated.

The other two companies where Bachchan invested are Indorebased Mand B Switchgears, which manufactures distribution, power, furnace transformers, and Hyderabad-based pharmaceuticals company Neuland Laboratories.

By March, Bachchan’s keeping in Mand B Switchgears was 2.3 % with 5,50,000 shares and he has 1.71 % keeping in Neuland Labs with 92,530 shares.

Birla Pacific Medspa closed with an increase of 2.85 % at Rs.5.05. Fineotex Chemical substance was up seven % to close at Rs.39. Mand B Switchgears gained 3.44 % to close at Rs.132.15 and Neuland Lab gained 3.29 per cent to close at Rs.80.05.

Stock analysts declined to comment but were surprised at Bachchan’s choice of stocks. “He should not be investing in penny stocks and these unknown firms. He should not be wasting his money. A person of his stature should invest in blue-chip stocks. A regular trader can experiment with penny stocks. There are several other investment possibilities which Bachchan should explore,” said a share analyst on condition of anonymity

Read more at:www.wealthmania.in

About the Author

Leave A Response