BackRakesh Jhunjhunwala portfolio stock gives breakout. Should you buy or hold?
Rakesh Jhunjhunwala portfolio: Delta Corp shares have given 7 days consolidation breakout, say stock market experts
PremiumRakesh Jhunjhunwala portfolio: Gaming and hospitality stock Delta Corp has given 7 days consolidation breakout at ₹260 per share level on closing basis. The stock is poised to give further upside move up to ₹380 per share level in long-term, believe stock market experts. They advise positional investors to add this Rakesh Jhunjhunwala portfolio stock whereas those who already have this stock in their portfolio can further hold the counter for better returns.
Delta Corp share price outlook
Expecting sharp upside movement in Delta Corp share price; Sumeet Bagadia, Executive Director at Choice Broking said, "Delta Corp shares have given 7-day consolidation breakout at ₹260 levels on Wednesday session on closing basis. This signals sharp positive momentum for the counter in upcoming trade sessions. Positional investors can buy Delta Corp shares in ₹265 to ₹270 range for near term target of ₹285 to ₹300. However, one must maintain stop loss at ₹245 levels."
Highlighting the fundamentals in regard to Delta Corp shares; Manoj Dalmia, Founder & Director at Proficient Equities Limited said, "In Q2FY22, Delta Corp has reported net profit growth of 58.50 per cent on year-on-year basis. However, FPIs and FIIs have offloaded their holding in the counter in July to September 2021 quarter."
Delta Corp share price target for long term
From technical perspective, Dalmia went on to add that the stock has tested these levels on multiple number of times and can go either ways, depending upon the market sentiment. He recommended that aggressive investors can buy delta Corp shares at current levels for immediate short-term target of ₹306 levels.
However, for defensive positional buyers, he advised them to buy the counter around ₹240 to ₹250 levels for long-term target of ₹380 levels by maintaining strict stop loss at ₹234 per share level for this long-term position.
Ravi Singh, Head of Research & Vice President at ShareIndia also said that defensive investors can buy Delta Corp shares at around ₹250 level for long-term time horizon.
Rakesh Jhunjhunwala holding in Delta Corp
As per Delta Corp shareholding pattern for July to September 2021 quarter, 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 Delta Corp shares, which is 3.19 per cent of total issued paid up capital of the company. Jhunjhunwalas together hold 7.50 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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