Rakesh Jhunjhunwala portfolio: Delta Corp has given fresh breakout at ₹290 per share levels and it may soon go up to ₹340 levels, say stock market experts
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Rakesh Jhunjhunwala portfolio: After the announcement of Delta Corp results for Q2FY22 on Monday, Delta Corp share price today shot up around 13 per cent in early morning session hitting fresh 52-week high of ₹307.45 per share levels. Delta Corp share price today opened with an upside gap of ₹2.10 apiece and went on to hit its new 52-week high — logging intraday gain ₹35.15 per share.
According to market experts, this Rakesh Jhunjhunwala portfolio stock has given fresh breakout at ₹290 levels and it may go up to ₹340 per share mark in short-term. They advised investors to buy Delta Corp shares as the company has reported encouraging Delta Corp results for Q2FY22 period succeeding in narrowing down its loss.
Delta Corp on Monday reported a consolidated net loss of ₹22 crore for the July to September 2021 quarter (Q2FY22). The Rakesh Jhunjhunwala holding company's second quarter loss is narrower when compared with ₹55 crore in the year-ago period (Q2FY21) and ₹29 crore in the previous June quarter (Q1FY22).
Expecting further gain in Delta Corp share price; Sumeet Bagadia, Executive Director at Choice Broking said, "Delta Corp has given fresh breakout at ₹290 per share levels and it may soon go up to ₹340 apiece mark. One can buy the counter at current levels maintaining strict stop loss at ₹270. In next few trade sessions Delta Corp shares may go up to ₹325 to ₹340 per share levels."
Echoing with Sumeet Bagadia's views; Ravi Singhal, Vice Chairman at GCL Securities said, "This sharp rise was expected after the strong quarterly results where its loss has narrowed down. The stock looks highly bullish for next 6-9 months and one can buy and hold the counter for next 6 to 9 months target of ₹400."
Rakesh Jhunjhunwala holding in Delta Corp
Rakesh Jhunjhuwala and his wife Rekha Jhunjhunwala have investments in Delta Corp. As per the shareholding pattern of this hospitality and gaming company for April to June 2021 period, Rakesh Jhunjhunwala holds 1.15 crore Delta Corp shares, which is around 4.31 per cent stake while his wife Rekha Jhunjhunwala holds 85 lakh Delta Corp shares, which is near 3.19 per cent of total issued paid up capital of the company. The company is yet to announce its shareholding pattern for September 2021 quarter.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.