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Business News/ Markets / Stock Markets/  Rakesh Jhunjhunwala portfolio: Experts give buy call on this banking stock
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Rakesh Jhunjhunwala portfolio: Experts give buy call on this banking stock

This Rakesh Jhunjhunwala stocks is looking positive on chart and seems available at discounted price as it has been on the down side for last six months, say experts

Rakesh Jhunjhunwala portfolio: One can buy this counter at current market price for the immediate short-term target of ₹48 maintaining stop loss at ₹39, say experts. (Reuters)Premium
Rakesh Jhunjhunwala portfolio: One can buy this counter at current market price for the immediate short-term target of 48 maintaining stop loss at 39, say experts. (Reuters)

Rakesh Jhunjhunwala portfolio: Karur Vysya Bank is one of the Rakesh Jhunjhunwala stocks that have been on the downside for the last six months. This banking stock has dipped near 11 per cent in the last one month while in the last six months; it has crashed near 26.50 per cent. So, one should keep in mind that Big Bull is not immune to losses and Rakesh Jhunjhunwala holding companies also give down side movement. However, if we go by stock market experts' views, Karur Vysya Bank share is currently available at discounted price and its Q1 FY2021-22 results are in sync with the market expectations. So, one can buy this counter at current levels as Karur Vysya Bank share price may go up to 62 in 12 months — around 43 per cent upside from its current price of 43.25 per stock levels.

Highlighting the fundamentals that may support Karur Vysya Bank share price rally; Anand Dama, Research Analyst at Emkay Global Securities said, "Karur Vysya Bank reported a marginal beat on PAT at 1.1 bn (est. 1 bn) in Q1FY22, led by higher margins, lower opex and contained provisions. Karur Vysya Bank’s asset quality performance was better among peers, with just a 12 bps qoq rise in GNPA to 8 per cent and restructured pool at 10 bn (2.1 per cent of loans). Overall credit growth remained subdued at 8 per cent yoy due to de-bulking in corporate, but retail continued to fare well with 12 per cent yoy growth. Management retained its guidance of 12 per cent growth in FY22 on the back of a revival in economic activity, which, along with lower NPA formation, should support margins."

Suggesting stock market investors to buy this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, "The stock is looking positive on chart and seems available at discounted price as it has been on the down side for last six months. One can buy this counter at current market price for the immediate short-term target of 48 maintaining stop loss at 39."

Asked about his view on this Rakesh Jhunjhunwala holding company's stock, Anad Dama of Emkay Global Securities said, "One can buy the counter for 12 month target of 62."

Rakesh Jhunjhunwala share holding in Karur Vysya Bank

As per Karur Vysya Bank shareholding pattern for April to June 2021, Rakesh Jhunjhunwala holds 3,59,83,516 shares of the private lender, which is around 4.5 per cent of the net company shares.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 30 Aug 2021, 09:09 AM IST
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