This Rakesh Jhunjhunwala portfolio stock gives breakout. Experts give buy call
- As per Federal Bank shareholding pattern for recently ended June 2021 quarter, Jhunjhunwala's holding has jumped from 2.40 per cent to 2.78 per cent
Rakesh Jhunjhunwala portfolio is closely followed by the retail and other stock market investors. It seems that they have taken the recent rejig in Big Bull's portfolio as Rakesh Jhunjhunwala company stocks are showcasing sharp movement these days. Federal Bank share is a glaring example of it.
Recently, Rakesh Jhunjhunwala raised his stake in the private lender stock by adding 25 lakh more Federal Bank shares in its portfolio during April to June 2021 quarter. As a result, the stock on Monday has given breakout breaching its last three days high. According to stock market experts, Federal Bank share price has remained sideways for long and now there can be some sharp uprise in the counter in short to medium term.
Speaking on Federal Bank share price target for short-term Sumeet Bagadia, Executive Director at Choice Broking said, "Federal Bank has remained sideways for long but on Monday, the private lender banking stock has given fresh breakout and has broken its last three days high as well. One can buy this Rakesh Jhunjhunwala stock for the immediate target of up to ₹94. However, one must maintain stop loss at ₹82."
Speaking on the fundamentals that will fuel Federal Bank share price; Krishnan ASV and Deepak Shinde, Institutional Research Analyst at HDFC Securities said, "On the back of a strong liability franchise and a granular loan book, Federal Bank continues to focus on new avenues of growth to boost its profitability. The credit card business (launched for employees and ETB customers) is likely to resume on boarding new customers within 6 to 8 weeks of integrating with the alternative switch partner. A couple of Federal Bank-partnered neo-banks (Jupiter and epifi) have gone live and are expected to scale up. Its other partner BharatPe (around 4mn merchants on boarded in tie-up with Federal Bank) offers its large customer and merchant base for cross-selling, which would improve profitability, going ahead."
Rakesh Jhunjhunwala share holdings in Federal Bank
The ace Indian investor bought 25 lakh additional shares of the private bank during April to June 2021 quarter. As per Federal Bank shareholding pattern for recently ended June 2021 quarter, Jhunjhunwala's holding has jumped from 2.40 per cent to 2.78 per cent. In March 2021 quarter, Rakesh Jhunjhunwala net shares in Federal Bank were 4,72,21,060 which now stands at 5,47,21,060.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High