'I AM A STRONG BELIEVER IN CASH FLOWS'

THE BIG BULL OF the Indian markets, Rakesh Jhunjhunwala, has had a mixed year. Even as the billionaire investor battled significant health issues including a debilitating bout of Covid-19, the performance of his stock portfolio has been nothing short of stellar.

- Udayan Mukherjee

And while he scoffs at new-age trading favorites such as Bitcoin and Zomato, it hasn’t stopped him from a daring foray into the skies with his upcoming budget airline, Akasa Air. In a freewheeling chat with BT’s Global Business Editor Udayan Mukherjee, Jhunjhunwala explains why he remains the staunchest bull on Dalal Street. Edited excerpts:

UM: With 60,000 done and dusted on the Sensex, do you think there are even greater summits ahead for us in the months to come before this bull market tires out?

RJ: Well, my personal opinion is that 60,000 is just a figure. ‘Dil hai ki manta nahi, bazaar hai ki rukta nahi [The heart never agrees and the market never stops]’. We are seeing the largest ever bull run in India. India is changing and very few people are recognizing this change. I believe the market is reading the future better than we are. Despite all the skepticism, the Nifty has moved from 7,500 to nearly 18,000, so corrections will come and go. It’s all part of the journey. The day I came to the market, the Sensex was 159.99, today it is 60,000.

So, I think tens of thousands will be added, many zeros will be added—but it is going to take time.

UM: You have seen so many bull runs in the past and the biggest one that I remember is 2003-08—the one that just kept on going and the index multiplied several times. Could we be in for that kind of a run or do you see this one being somewhat different?