(Bloomberg) Shares of Singer India Ltd. have jumped about 40% in two days after the investment firm founded by late billionaire Rakesh Jhunjhunwala purchased a stake in the tiny appliance maker.
Jhunjhunwala’s Rare Investments acquired 8% of Singer India as Retail Holdings NV pared its holding, exchange data showed Tuesday. With the stock surge, the New Delhi-based manufacturer of sewing machines, washers and other products is now valued at more than $50 million.
Known as India’s Warren Buffett, Jhunjhunwala was famous for building a fortune through value investing. The self-made trader bought stakes in a wide swathe of businesses and garnered a cult-like following among retail traders before his death Sunday at the age of 62.
Billionaire Jhunjhunwala’s Stock Bets in Focus After Death
Rare didn’t respond to an emailed request Tuesday for further information. Jhunjhunwala’s biggest holdings include jewelery retailer Titan Co., Star Health & Allied Insurance Co. and automaker Tata Motors Ltd.