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Rakesh Jhunjhunwala portfolio: On account of strong Q3FY22 results, Metro Brands share price has shot up near 17 per cent in early morning session today. Metro Brands share price today opened with an upside gap of near ₹37 per shares and went on to hit lifetime high of 609.45 per share levels, around 18 per cent higher from its previous close of ₹507.95 per share mark. However, stock market experts are expecting further rise in this Rakesh Jhunjhunwala portfolio stock.
According to stock market experts, this sharp upside in Metro Brands shares is due to the strong first earnings post listing Metro Brands shares. They said that footwear brand has reported more than 53 per cent rise in its Year-on-Year (YoY) net profit. Company's margins from its peers are very healthy and hence the stock may go up to ₹700 to ₹720 in next 2-3 months.
Speaking on Metro Brands share price target; Sumeet Bagadia, Executive Director at Choice Broking said, "Metro Brands shares have given fresh breakout hitting lifetime high. Those who have this stock in their portfolio are advised to hold the counter further for 2-3 months target of ₹700. It has very strong support at ₹540 levels."
On why this Rakesh Jhunjhunwala stock is skyrocketing; Ravi Singhal, Vice Chairman at GCL Securities said, "This rise in Metro Brands share price can be attributed to strong quarterly earning announced by the company last Saturday. In its Q3FY22 results, the footwear brand has reported rise in its net profit by more than 53 per cent on YoY basis whereas its margins are much better than its peers. In fact, its margins are far better than Bata. So, the stock is expected to go further northward and hence those who missed to get this share during share allocation last month can buy the counter at around ₹570 levels for ₹720 target maintaining stop loss at ₹540 apiece levels."
Metro Brands shares were listed on BSE and NSE on 22nd December 2021. The stock had a weak debut as it opened at ₹436 per share on BSE and at ₹437 per share on NSE against its price band of ₹485 to ₹500 per equity share.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
