Dolly Khanna portfolio stock hits upper circuit for second straight session
- Dolly Khanna portfolio: Such rise in the commodity stock is giving sigh of relief to Dalal Street observers as the Indian stock market has been under selloff heat for last three sessions
Despite weakness in stock market today, Dolly Khanna portfolio stock Ajanta Soya share price has hit 5 per cent upper circuit. This is Dolly Khanna share's second back-to-back upper circuit as it has hit 5 per cent upper circuit on yesterday as well. In fact, in last 4 out of 5 sessions, Ajanta Soya shares have hit 5 per cent upper circuit delivering around 22 per cent return to its shareholders.
Such rise in the commodity stock may give sigh of relief to Dalal Street observers as the Indian stock market has been under selloff heat for last four sessions. In last 5 sessions, this Dolly Khanna share price has generated alpha return to its shareholders, as NSE Nifty has crashed around 3.25 per cent whereas BSE Sensex has nosedived around 3.30 per cent in this period.
According to stock market experts, this sharp upside movement in Ajanta Soya shares can be attributed to three major reasons — first and foremost rising soya prices in the international market, reduction in export duty on soya oil by Government of India (GoI) and rise in demand for soya oil in China.
Speaking on the reasons fueling Dolly Khanna share's price rally; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Soya prices in the international markets have gone up leading to higher realisation of the company. Apart from this, Chinese government has announced to import soya oil from other than US as there is sharp upside movement in demand for soya oil. At the same time, the GoI has announced reduction in soya oil export duty that will also benefit Ajanta Soya balance sheet in coming quarters. That's why bulls are looking at this stock min the falling market and the stock is hitting back-to-back upper circuit."
However, Avinash Gorakshkar of Profitmart Securities maintained that the stock is a commodity stock and hence it should not be kept for long-term. One should exit the stock after booking its short to medium target being kept in mind.
Dolly Khanna shareholding in Ajanta Soya
As per shareholding pattern of Ajanta Soya for December 2021 quarter, Dolly Khanna holds 1,78,500 shares, which is 1.11 per cent of the total issued paid-up capital of the company. Chennai-based investor had added this commodity stock in her portfolio in November 2021 buying 1.40 lakh company shares paying ₹147.72 apiece. This means Dolly Khanna raised her shareholding in the company in rest of the period in Q3FY22.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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