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Asit Manohar

Rakesh Jhunjhunwala portfolio: Experts recommend buy on this below ₹100 stock

Rakesh Jhunjhunwala portfolio: Federal Bank has reported healthy operating profit in Q4FY22 results and its strong collection mechanism has helped strong recovery and upgradation of ₹347 crore. (MINT_PRINT)

According to stock market experts, Federal Bank has reported healthy operating profit in Q4FY22 results and its strong collection mechanism has helped strong recovery and upgradation of 347 crore. They said that currently Federal Bank share price is trading in the range of 83 to 90 and once it gives breakout above 90 on a closing basis, it would become highly bullish.

Highlighting upon the strong fundamentals of Federal Bank, Jitendra Upadhyaya, Equity Research Analyst at Bonanza Portfolio said, "Federal Bank has reported healthy operating profit in Q4FY22. Higher opex from continued investment in business and sustained high liquidity ratio, which provide an additional buffer cushion to any adverse effect of sudden spike in slippage. On asset quality front, the gross non-performing assets improved to 2.80 per cent of the gross advances as of March 31, 2022, from 3.41 per cent a year ago. Besides this, strong collection mechanism helped Federal Bank strong recovery and upgradation of 347 crore."

On Federal Bank share price forecast, Sumeet Bagadia, Executive Director at Choice Broking said, "This banking stock is looking strong on chart pattern. It is currently trading in 83 to 90 range. But, once it gives breakout above 90 on closing basis, it would become highly bullish and may go up to 98 to 100 in short term.

Rakesh Jhunjhunwala shareholding in Federal Bank

As per Federal Bank shareholding pattern for Q4FY22, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have shareholding in this south India bank. Rakesh Jhunjhunwala and Rekha Jhunjhunwala jointly own 2,10,00,000 Federal Bank shares or 1.01 per cent stake whereas Rakesh Jhunjhunwala holds 5,47,21,060 or 2.64 per cent stake in individual capacity. So, Jhunjhunwala couple holds 7,57,21,060 Federal Bank shares or 3.65 per cent stake.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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