The March quarter's stock market volatility prompted caution among prominent investors, resulting in portfolio value declines for five out of the top six, with only Dolly Khanna registering growth during this period.
New Delhi: Amidst the significant stock market downturn in the March quarter, most top investors exercised caution and avoided making large bets. The equity portfolio of the late Rakesh Jhunjhunwala's family was the most affected during this time. By the end of March 2025, the Jhunjhunwala family's portfolio value stood at ₹57,594 crore, significantly lower than the ₹68,285 crore recorded in December 2024.
Similarly, the investments of Mukul Agrawal, Ashish Kacholia, Vijay Kedia, and Anil Goel also suffered losses. Only Dolly Khanna's portfolio successfully registered growth in the March quarter amidst this decline.
Jhunjhunwala Family Shareholding Update
March 2025 shareholding data reveals that the Rakesh Jhunjhunwala family holds more than 1% stake in 26 listed companies. Notably, the family increased its holdings in Titan, Canara Bank, Federal Bank, and Sundrop Brands.
Titan: The family's stake value reached ₹14,028 crore, with the purchase of 80,000 new shares, increasing their holding to 5.15%.
Canara Bank and Federal Bank: Increased holdings by 3.75 million and 1.5 million shares respectively. Minus moves: The family reduced its holdings in Bazaar Style Retail by 1.9 lakh shares and completely exited Sun Pharma Advanced Research.
Mukul Agrawal
A review of Mukul Agrawal's 48-stock portfolio reveals that he reduced his investments in the March quarter. He completely exited or reduced his holdings in six companies—Ethos, Dredging Corporation, Quick Heal Technologies, Sarada Energy and Minerals, Allcargo Logistics, and CEAT Ltd.—to below 1%. Additionally, he reduced his holdings in BSE by 2 lakh shares and in Pearl Global by 3 lakh shares.
Mukul Agrawal made new investments in Onesource Speciality Pharma and Jagsonpal Pharma, and also purchased shares of Zota Healthcare and Surya Roshni, thereby rebalancing his portfolio.
Anil Goel
Anil Goel's investment moves in March highlight his interest in the sugar industry. He increased his holdings in 15 out of his 23 stocks, while completely selling off L.G. Balakrishnan. He slightly reduced holdings in TCPL Packaging and Nahar Group, but made new investments in Triveni, Dalmia Sugar, Avadh, and Uttam Sugar.
He purchased 1.15 million shares of Sarla Performance Fibers, increasing his stake by 1.38%. DCM Nouvelle, from the textile sector, became a new addition to his holdings. Overall, Anil Goel is making small but strategic changes, strengthening his portfolio.
Ashish Kacholia
In March 2025, Ashish Kacholia made significant changes to his investment portfolio. He significantly reduced his stake in Awfis, and also lowered his holdings in Ami Organics and Balu Forge.
On the other hand, he saw good returns in Zaggle Prepaid Ocean Services and increased his holding to 1,00,000 shares. Furthermore, he strengthened his portfolio by purchasing shares of Aeroflex Industries and Jyoti Structures.
He maintained his holdings in some of his favored stocks such as Shaily Engineering, Safari Industries, and NIIT Learning Systems, thereby maintaining a balance in his investments.
Vijay Kedia: Strategic Adjustments in a Stable Portfolio
In March 2025, Vijay Kedia avoided major changes to his 13-stock portfolio, making adjustments only in some key holdings. He did not add any new stocks, but significantly reduced some holdings.
Tejas Networks: Reduced holdings by 5 lakh shares, decreasing his stake from 1.31% to 1.02%.
Precision Camshafts: Reduced holdings by approximately 9.95 lakh shares, decreasing his stake from 3.15% to 2.10%.
Global Vectra Helicorp: Reduced holdings by 30,000 shares, decreasing his stake from 5.07% to 4.86%.
Vijay Kedia's largest holdings, including Atul Auto, Neuland Labs, Elecon Engineering, and Sudarshan Chemical, remained stable.
Dolly Khanna
In the March 2025 quarter, Dolly Khanna made several significant changes to her investment portfolio. She held a total of 15 stocks, among which she significantly increased her holdings in SOM Distillerie, Prakash Industries, and Mangalore Chemicals. Her investments, particularly in the manufacturing and liquor sectors, increased, leading to a rise in her holdings to 9 stocks.
Additionally, she made smaller purchases in stocks such as 20 Microns, Prakash Pipes, and Stove Kraft. Polyplex Corp is a new addition to her investments. However, a change in her outlook towards the metals and energy sectors is evident; she completely sold off Selan Exploration and Indian Metals & Ferro Alloys. She also slightly reduced her holdings in Rajshree Group stocks.
