NALCO surges 7% after Jhunjhunwala stake disclosed
1 min read 12 Oct 2021, 04:01 PM ISTAt closing, the stock settled at ₹101.25, up 5.09% from its previous close
PremiumMUMBAI : Shares of National Aluminum Co. Ltd jumped nearly 7% after its shareholding pattern data for September quarter disclosed ace investor Rakesh Jhunjhunwala stake.
At closing, the stock settled at ₹101.25, up 5.09% from its previous close. In intraday it hit a high of ₹103 a share and gained as much as 6.9%. So far this year the scrip has surged over 137%.
According to September quarter data, Rakesh Jhunjhunwala has 1.36% stake or 25 million shares in the firm.
However, at what price Jhunjhunwala bought stake and date of the purchase has not been given.
Brokerage firm JP Morgan has upgraded the company to neutral from underweight and increased its target price to ₹104 from ₹46 a share.
JP Morgan expects the sharp earnings per share upgrades for the aluminum stocks amid rising aluminum price. The brokerage firm says it sees aluminum price increase by 35% in CY2022 and almost 18% for CY23.
