₹100 stock gives breakout. Experts give buy tag
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Rakesh Jhunjhunwala portfolio stock Federal Bank has given fresh breakout at ₹102 levels yesterday. This breakout was on the closing basis and hence stock market experts have gone highly bullish on Federal Bank shares as the south Indian bank has recently beaten the market estimates while announcing its Q3FY22 earning. Market experts said that Federal Bank shares are positive short to medium term and advised investors to add this stock in one’s portfolio for up to ₹144 per share medium term target.
Speaking on this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, “Federal Bank shares have given fresh breakout at ₹102 on closing basis and it may go up to ₹115 to ₹120 levels in immediate short term. One can initiate momentum buy in the counter maintaining stop loss at ₹94 for ₹115 to ₹120 target.”
Advising investors to hold the counter for little more period; Ravi Singhal, Vice Chairman at GCL said, “Federal Bank shares are strong from both technical and fundamental perspective. In its recently announced Q3 earnings, it beat the market estimates after reporting PAT of ₹5.20 billion. In fact, market is expecting improvement in its Return on Equity (RoE) and Return on Asset (RoA) after the announcement of Federal Bank Q3FY22 results. After oscillating around ₹100 for near one fortnight, finally the stock has managed to give breakout at ₹102 on closing basis and we are expecting it to hit ₹120 to ₹125 in next 2 to 3 months whereas it may go up to ₹144 in next 6 months.”
Rakesh Jhunjhunwala shareholding in Federal Bank
According to shareholding pattern of Federal Bank for Q3FY22, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have investments in this south Indian bank. Rakesh Jhunjhunwala holds 5,47,21,060 Federal Bank shares or 2.64 per cent stake whereas Rekha Jhunjhunwala holds 2,10,00,000 shares, which is 1.01 per cent of the total issued paid-up capital of the bank.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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