Vijay Kedia portfolio: Tata stock climbs to record high. Buy, sell or hold?
- Tejas Networks shares are rising as its board has given approval to the draft for amalgamation of Saankhya Labs and its subsidiary Saankhya Strategic Electronics, say experts
Vijay Kedia portfolio: Despite high volatility in the market and Dalal Street ending in red zone on seven previous sessions, Tata group stock Tejas Networks has managed to climb to its life-time high in early morning deals. Tejas Networks share price today opened with an upside gap and went on to climb to its new record high of ₹697.20 on NSE within few minutes of stock market's opening bell today.
According to stock market experts, Tejas Networks shares are rising today as its board of directors has given approval to the draft for amalgamation of Saankhya Labs Private Limited and its subsidiary Saankhya Strategic Electronics Private Limited. They said that this is working as short term trigger for the telecom hardware company's stock. However, they maintained that the stock is a good portfolio stock to buy as it is expected to give strong upside movement in long term due to 5G rollout in India. They went on to add that Tejas Networks shares may go up to ₹840 apiece levels in next 8-9 months and advised 'buy on dips' strategy to the positional investors.
On reasons that is fueling Tejas Networks share price, Ravi Singhal, CEO at GCL Securities said, "The board of directors of Tejas Networks has approved draft scheme for amalgamation of Saankhya Labs and its subsidiary company Saankhya Strategic Electronics, which is working as short term positive sentiment towards this telecom stock. However, in long term time horizon, the stock can be an ideal inclusion in one's stock portfolio as it would be one of the major beneficiary companies after 5G rollout in India."
Expecting further upside in Tejas Networks shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "The stock seems in uptrend on chart pattern. It has immediate support placed at ₹620 whereas its strong support lies at ₹570 apiece levels. On upper side, this Tata group stock is facing hurdle at ₹710 and ₹760 per share levels. So, one can maintain buy on dips strategy in this stock, if he or she has a long term time horizon. For short term traders, they can buy at current levels maintaining strict stop loss at ₹620 for short term target of ₹710 apiece."
Advising positional investors to hold the stock for long term, Ravi Singhal of GCL Securities said, "Tejas Networks shares are expected to go up to ₹840 in next 8-9 months and we advise positional investors to maintain buy on dips till the stock is above ₹600 per share levels for ₹840 per share target by June 2023."
Vijay Kedia shareholding in Tejas Networks
This Tata group stock is one of the Vijay Kedia portfolio stocks. Ace investor Vijay Kedia has invested in this stock through his broking firm Kedia Securities Private Limited. As per the shareholding pattern for April to June 2022 quarter of the company, Vijay Kedia's company Kedia Securities Private Limited holds 39 lakh shares or 2.57 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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