Rekha Jhunjhunwala-owned infra stock hits 52-week high. Do you own?
2 min read . Updated: 28 Nov 2022, 11:24 AM IST
Premium- Rekha Jhunjhunwala portfolio stock climbed to one-year high in early morning deals on Monday
Rekha Jhunjhunwala portfolio: Nagarjuna Construction Company or NCC is one of those Rekha Jhunjhunwala stocks that has slowly but steadily surged to the tune of more than 30 per cent in last six months. The stock was hit badly post-spread of Covid-19 pandemic but ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala kept their faith in this infrastructure stock. Continuing its uptrend, NCC share price today climbed to a new 52-week high of ₹84 apiece levels on NSE. In early morning deals on Monday, NCC shares opened upside and surged over 3 per cent hitting above mentioned 52-week high.
According to stock market experts, NCC has a strong order book and it has achieved normalcy after the sell off caused by Covid-19 pandemic. They said that market is buzzing with speculations that in upcoming budget, NCC is expected to get fresh orders as budget 2023 is expected to remain focused on infrastructure.. So, the company is expected to give strong quarterly numbers in next one year and those who have this stock may expected per-budget rally in the scrip as well. They advised NCC shareholders to hold the stock with stop loss at ₹75 for pre-budget target of ₹110.
NCC share price outlook
Speaking on the reasons for rise in this Rekha Jhunjhunwala portfolio stock, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "NCC shares are getting benefit of expected focus on infrastructure in upcoming budget 2023. The company is expected to get whopping orders from the central government in the Union Budget 2023. Apart from this, company has achieved pre-Covid normalcy and its order book is quite strong today. The company is expected to give strong quarterly numbers in next one year and hence those who have this stock in their portfolio are advised to hold the scrip for at least one more year."
Expecting pre-budget rally in this Rekha Jhunjhunwala stock, Anuj Gupta, Vice President — Research at IIFL Securities said, "NCC shares at at one year high today after giving breakout at ₹76 apiece levels. Once the stock closes above ₹88, we can expect this infra stock to hit ₹98 apiece levels in quick span. However, the stock is expected remain beneficiary of the pre-budget rally and hence one can expected this stock to go up to ₹110 apiece levels ahead of Union Budget 2023."
Anuj Gupta of IIFL Securities said that one can buy the stock at current levels keeping stop loss at ₹75 and keep on accumulating on every big dip in the counter.
Rekha Jhunjhunwala shareholding in NCC
According to NCC shareholding pattern for July to September 2022 quarter, Rekha Jhunjhunwala holds 7,93,33,266 company shares or 12.64 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. We advise investors to check with certified experts before taking any investment decisions.
