Rakesh Jhunjhunwala bets big on ‘Dark Horse’ Geometric Ltd
MUMBAI: A stone’s throw from the Mumbai headquarters of India’s largest software exporter Tata Consultancy ServicesBSE -2.23 % is the office of the CEO of Geometric LtdBSE -1.65 %, on which maverick investor Rakesh Jhunjhunwala is betting big, for reasons clear only to him.
With revenues of about 800 crore, profits of about 60 crore and market capitalisation 640 crore, IT services company Geometric, promoted by the Godrej Group, is only fraction of TCSBSE -2.23 % in size. But Jhunjhunwala probably considers it the dark horse among the IT midcaps, which analysts say will lead the next bull run among technology stocks.
From September last year, he raised his stake in Geometric, which provides engineering services to clients such as ABB, DaimlerChrysler and Toshiba, at least thrice - from about 7% to about 20%, worth 125 crore at Thursday’s closing price.
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