Back in 2007 when most investors were wary of buying Tata Steel shares on worries about the acquisition of Corus Steel, Radhakishan Damani put his bets on the stock. This was despite the fact that the stock was down nearly 20 per cent. Damani’s bets proved right when the stock turned, hitting a new high within a few weeks.
Then known as Mr White & White, Damani, the founder and promoter of Avenue Supermarkets, was known to be an ace investor in the stock market, much like Rakesh Jhunjhunwala. He began his career as a trader in ball bearings, with no intention of entering the stock market. Following his father’s death, he was forced to close down that business and join his brother in the stock broking business, which was inherited from their father.
After being a speculator at the stock market initially, he started playing for the long term. He successfully became one of India’s finest value investors in the equity market. After reaching great heights, Damani decided to enter the retail industry and built D-Mart. “He keeps a very low profile but he is the man with the Midas touch. Even Rakesh Jhujhunwala used to ask Damani as to when he would list D-Mart because Jhujhunwala knows that Damani’s investments are good bets,” said a market source.