Mumbai: For the Bitcoin investors in India, the ground is shrinking beneath their feet. Or so it seems.
As the government prepares to bring in a bill that will likely ban the use of all private cryptocurrencies, Bitcoin is looking increasingly likely to enter its second bear market in as many months, underpinning the difficulties in owning the digital asset.
Price of Bitcoin has crashed over 17 per cent from their all-time high of $58,332 in the past 24 hours amid negative comments from Tesla owner Elon Musk and US Treasury Secretary Janet Yellen. Technically, an asset is said to be in a bear market if it falls more than 20 per cent from recent high.
Ace investor Rakesh Jhunjhunwala in conversation with ET NOW Managing Editor Nikunj Dalmia. Rakesh Jhunjhunwala (File photo) | Photo Credit: BCCL
Mumbai: It s a Times Network blockbuster that you cannot miss. Billionaire investor Rakesh Jhunjhunwala is back on ET NOW, in an exclusive interview after Markets are at an all-time high.
How does RJ see the Indian market and its apparent disconnect with the real economy? Is the risk-reward favourable for long term investors? Can investors shake off the continuing surge in the number of Coronavirus cases & its impact on society? Which sectors will prosper and rise after the pandemic? What advice does the veteran investor have for millennials entering the stock market?
Synopsis
ET Bureau
Ace investor Rakesh Jhunjhunwala.
NEW DELHI: Ten stocks from Big Bull Rakesh Jhunjhunwala’s portfolio climbed 10-40 per cent in the post-Budget rally that helped Sensex reclaim the 50,000-mark and Nifty top the 15,000 mark. With this, the total value of the stocks he holds has topped Rs 16,700 crore, up 82 per cent from the lows of March 2020.
NCC, the ace investor’s engineering and construction bet, has delivered 41 per cent return since the Budget. Jhunjhunwala owned 12.84 per cent stake in this firm at the end of December quarter. Phillip Capital said a 191 per cent increase in allocation by the government towards the Jal Shakti Mission over the revised estimates for FY21, a 40 per cent increase in allocation for Smart Cities and AMRUT (over revised estimates), in addition to an increase in allocation for metro and road projects were all positives for NCC.