Rakesh Jhunjhunwala predicts pan-India casino legalization
One of the leading names in the Indian stock market industry is undoubtedly Rakesh Jhunjhunwala. The ace investor and businessman is currently the largest individual investor in the domestic equities market. The Economic Times referred to him as the 'Pied Piper of Indian bourses'.
Jhunjhunwala said that gambling and casinos would soon be legalized all over the country while speaking at the TiECON Summit at NCPA Grounds, Mumbai, on 7th February. He stated his love for gambling and forecasted that there is little time left before India legalizes casino operations within the country, as with Goa.
Jhunjhunwala also spoke about investments, his bread and butter, and advised non-professional investors like the salaried class, to invest through safe and secure means of mutual funds and advised them to keep aside not more than 10 percent for personal investment.
Jhunjhunwala has been quite bullish when it comes to gambling and gaming sectors, believing in its burgeoning market. He, along with his wife Rekha, have substantial investment in Delta Corp Ltd, the parent company of the famous Deltin Royale in Goa, among others, and the owner of the online gaming site Adda52. The couple owns around 7.3% stake in Delta Corp and are among the board of directors in the company too.
Jhunjhunwala had also invested INR 180 Crores in the Mumbai-based Nazara Technologies, showing his complete belief in the growth of the gaming sector in coming years. The Mumbai-based company also made some headlines following the investment, like buying a major stake in another multimedia company called Nextwave and its expansion into Africa.
He also offered his valuable insight into the start-up scenario in this country. He said that he generally avoids investing in start-ups as he thinks that “though many of them talk about innovation, there is little uniqueness in them and many of them are like ‘me-too’ companies.”
Lastly, he playfully equated long term investing to a wife and short-term share trading to a mistress and recommended investors to keep both happy. IT Industry expert and former Chairman of Infosys Mohandas Pai also supported casinos and recommended the Singapore model for Goa, speaking at a function in Goa recently.
In opposing news, recently, Goa’s Tourism Minister, Manohar Ajgaonkar replied in negative to a question posed to him in the Assembly regarding the possibility of new casinos in the state. However, the overall industry is seeing an increase in terms of revenue generated and the trend doesn’t look like it will stop for a few biased politicians’ opinions. Keep reading GutshotMagazine.com for more industry updates and news and for general gaming news from around the world.
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