BackRakesh Jhunjhunwala portfolio stock hits record high despite weakness in markets
Rakesh Jhunjhunwala portfolio stock may continue its rally in short term, believe stock market experts
PremiumEscorts Kubota has hit new life-time high during Monday deals. Despite weakness in Indian stock market, Escorts Kubota share price today opened upside and went on to climb to a new record high, logging more than 8 per cent intraday rise on Monday session. It is one of the portfolio stocks of late Rakesh Jhunjhunwala.
According to stock market experts, this rise in Escorts Kubota shares is because of the speculations about rise in overseas business of the company. They said that the stock has strong support at around ₹2,040 apiece levels and it may test 2,200 apiece levels in short term, they said.
Speaking on outlook of this Rakesh Jhunjhunwala stock, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Escorts Kubota is now a multi national company and market is expecting upside bounce in the stock expecting rise in its export business. As the dollar index has been on rise and is expected to remain strong in short term, export business of the company is expected to get some extra benefit due to rise in price of dollar in international merchandise as export business deals are executed in dollar terms."
Expecting further upside in this Rakesh Jhunjhunwala portfolio stock, Mudit Goel, Senior Research Analyst at SMC Global Securities said, "The stock is looking positive on chart pattern and it may go up to ₹2,200 per share levels in short term. I would advice shareholders of the stock to maintain trailing stop loss at ₹2,040 levels as the stock has strong support placed at this levels. Fresh buyers can also buy the scrip at current levels maintaining stop loss at ₹2,040 apiece levels."
Rakesh Jhunjhunwala share holding in Escorts Kubota
Big Bull Rakesh Jhunjhunwala had added this auto stock in his portfolio during April to June 2022 quarter. As per Escorts Kubota share holding pattern for April to June 2022 quarter, Rakesh Jhunjhunwala held 18,30,388 company shares or 1.39 per cent stake in 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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