Rakesh Jhunjhunwala portfolio stock dips 10%. Should you buy and hold?2 min read . Updated: 28 Nov 2021, 10:09 AM IST
- Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 7.50 per cent stake in Delta Corp
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Rakesh Jhunjhunwala portfolio: In stock market crash on Friday, a good number of quality stocks nosedived despite having strong fundamentals and technical. Delta Corp shares are one of those quality stocks that dipped around 10 per cent on Friday selloff caused by new Covid variant. Delta Corp shares are one of the Rakesh Jhunjhunwala stocks and it is expected to give sharp upside movement above ₹250 per share levels. It is in casino business and in upcoming Christmas festival and new year celebrations across nation; it is expected to rake-in big moolah. So, the stock is a quality stock and one should look at this dip as an opportunity to buy the quality counter, say experts.
Advising stock market investors to buy Delta Corp shares; Sumeet Bagadia, Executive Director at Choice Broking said, "On chart pattern, Delta Corp shares look positive above its previous breakout at ₹250 and one should buy this stock at current levels for short-term target of ₹280 to ₹300 levels. However, one must maintain strict stop loss at below ₹250 while taking this short-term position in this Rakesh Jhunjhunwala portfolio stock."
Highlighting the fundamentals that may push Delta Corp share price upside; Ravi Singhal, Vice Chairman at GCL Securities said, "After the new corona variant concern, market has witnessed heavy selloff and hence some quality stocks are expected to come down and become available at discounted price. Delta Corp shares are one of them. In fact, once the market gets stablised, which is very much expected as new Covid strain is in overseas not in India, then there can be sharp upside bounce in these quality stocks. Since, Christmas and New Year is fast approaching and Delta Corp has casino business in Goa and Kathmandu, we are expecting huge jump in its business volume. So, one should look at this dip in Delta Corp share price as an opportunity to buy and hold rather getting panic by this selloff."
Amid stock market crash on Friday, Delta Corp share price crashed more than 10 per cent as it dipped from ₹294.35 (close price on Thursday on NSE) to ₹264.60 (close price on Friday on NSE) per share levels on the weekend trade session.
Rakesh Jhunjhunwala holding in Delta Corp
According to Delta Corp shareholding pattern for July to September 2021 quarter, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 7.50 per cent stake in the company. Rakesh Jhunjhunwala holds 1.15 crore Delta Corp shares or 4.31 per cent stake in the company whereas his wife Rekha Jhunjhunwala holds 85 lakh company shares which is 3.19 per cent of the total issued 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.
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