Rakesh Jhunjhunwala portfolio: As per the shareholding pattern of this steel manufacturer company for recently ended June quarter, Rakesh Jhunjhunwala holdings in the company is 1.39 per cent of the net company shares
Rakesh Jhunjhunwala portfolio: Big Bull of the Indian stock market is known for investing in finance, tech, retail and pharma sector stocks. But, on 15th July 2021, the 'Warren Buffett of India' dropped surprise at Dalal Street when Steel Authority of India (SAIL) — a state-owned steel manufacturer company — announced in its shareholding pattern for April to July 2021 that Rakesh Jhunjhunwala has bought 5.75 crore SAIL shares. This news was enough for the retail and institutional investors to understand the direction in which the smart money would flow in upcoming trade sessions. Rakesh Jhunjhunwala holdings in SAIL led to heavy buying in the large-cap stock, which is reflective in the SAIL share price rise by around 2.5 per cent (from ₹124.15 to ₹127.25 at NSE) in single trade session on July 16th. According to the stock market experts, Rakesh Jhunjhunwala SAIL holdings and positive outlook for metal stocks would further fuel SAIL shares. They advised investors to buy SAIL at current market price for the target up to ₹200 in medium-term time-horizon.
Speaking on the reason for rise in this Rakesh Jhunjhunwala portfolio stock Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Steel and iron ore prices in the international market is at record high and companies dealing in these metals are expected to continue getting benefit of this scenario in short-term to medium-term time-horizon. SAIL is mainly in steel manufacturing and hence they are also expected to get benefit of this price rise in steel. So, in the upcoming times, the company is expected to deliver strong quarterly numbers leading to rise in SAIL stock price." He said that SAIL is expected to outperform the benchmark return in short-term to medium-term and advised investors to have this stock in one's portfolio.
On his suggestion to the stock market investors in regard to SAIL shares Ravi Singhal, Vice Chairman at GCL Securities said, "Due to steel price almost doubling in the international market in last one year, SAIL has been able to generate more revenue that is reflecting in its reduced debt in the last one year. My advice to investors is to buy SAIL at current market price for the targets of ₹180 and ₹200 in medium-term time-horizon maintaining stop loss at ₹111."
Rakesh Jhunjhunwala net worth in SAIL
As per the shareholding pattern of this steel manufacturer company for recently ended June quarter, Rakesh Jhunjhunwala holdings in the company is 1.39 per cent of the net company shares. In April to June 2021 quarter, Big Bull bought 5.75 crore shares of the company, which is currently worth ₹731,68,75,000 or ₹731.68 crore (as per the close price of SAIL stocks at NSE on 16th July 2021).