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Rakesh Jhunjhunwala portfolio: In the wake of aluminium prices hitting all-time high in the global merchandise, stock market experts have become highly bullish on National Aluminium Company or NALCO shares. They said that National Aluminium Company Limited is expected to get margin benefit as the company deals in aluminium metal and rising aluminium prices would fuel its margins. They went on to add that Rakesh Jhunjhunwala stock is in bull trend and it may go up to ₹160 apiece levels in short term.
According to stock market experts, multibagger Rakesh Jhunjhunwala-backed company is expected to given higher numbers in upcoming quarters because this company deals in aluminium. They said that metal prices, especially copper, zinc and aluminium have been continuously rising in the global markets. On Wednesday, aluminium price in international market appreciated to its life-time high that means NALCO's income will go northward as its margins will shot up after the aluminium price rise. Secondary market experts are predicting fresh breakout in this multibagger stock at ₹130 as well.
Speaking on the reason for being bullish on this multibagger Rakesh Jhunjhunwala portfolio stock; Saurabh Jain, Assistant Vice President - Research at SMC Global Securities said, "NALCO will get benefit of rising aluminium price in international market as this surge in metal price will increase its margins. As it is going to have long-term impact on the company, the PSU company is expected to give better quarterly numbers due to this aluminium price margin benefit. If someone is looking to buy some aluminium stocks then NALCO shares can be a good bet to look at."
Expecting fresh breakout in this multibagger stock; Anuj Gupta, Vice President at IIFL Securities said, "NALCO share price chart signals higher top higher bottom formation that means the stock is in bull trend. It has minor hurdle at ₹130 and it may give breakout at this level due to the uptrend. After breakout, it may go up to ₹160 apiece levels. One can buy this counter at current levels for short term target of ₹160. However, one must maintain stop loss at ₹104 while taking position in this multibagger stock."
Rakesh Jhunjhunwala shareholding in NALCO
According to NALCO shareholding pattern for October to December 2021, Rakesh Jhunjhunwala holds 2.50 crore NALCO shares, which is around 1.40 per cent of the total issue paid-up capital of the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
