Rakesh Jhunjhunwala portfolio: Steel Authority of India Limited or SAIL was one of the new companies in which Big Bull Rakesh Jhunjhunwala bought fresh stake in April to June 2021 quarter. The 'Warren Buffett of India' further raised his stake in the metal PSU company in July to September 2021 quarter despite sideways movement shown by SAIL shares. Compared to pre-Covid closing high of ₹51 made on NSE in January 2020, SAIL share price today has risen at ₹111.15, logging near 125 per cent rise in this period. However, stock market experts are still bullish on the stock and expect up to ₹150 levels in medium to long-term.
Advising investors to add SAIL shares in one's stock portfolio; Sumeet Bagadia, Executive Director at Choice Broking said, "SAIL share price looks promising on chart pattern as consolidation and correction in the counter seems phased-out. Now, the stock looks ready for upside move and one can buy this counter for immediate short-term target of ₹120 to ₹125 maintaining stop loss at ₹103 levels."
Echoing with Sumeet Bagadia's views; Ravi Singh, Head of Research & Vice President at ShareIndia said, "The share price of SAIL is currently trading around 112 levels on NSE. It has delivered multibagger return to its shareholders from its pre-Covid highs seen in January 2020. On the daily chart, according to the formation, whenever the counter is in consolidated mode, stock may indicate towards higher levels and breakout of the trading range which the stock has witnessed in the past weeks. On the technical front, the 14-period RSI has stellar rally from the lower levels of 100 and continuous bouncing back indicates intact bullish strength in the counter."
On his suggestion to stock market investors in regard to this Rakesh Jhunjhunwala portfolio stock, Ravi Singh of ShareIndia said, " I recommend short to medium term investors to enter the stock at current level for the targets of around ₹140 to ₹150 levels and any correction towards ₹100 can be utilised to average the stock keeping stop loss below ₹95 levels. We expect SAIL will give around 34 per cent returns from current levels in long term horizon of 1 year."
Rakesh Jhunjhunwala holding in SAIL
As per SAIL shareholding pattern for July to September 2021 quarter, Rakesh Jhunjhunwala holds 7.25 crore shares or 1.76 per cent stake in PSU metal company. Big Bull raised his stake in the company in July to September 2021 quarter as Rakesh Jhunjhunwala shareholding in SAIL in April to June 2021 quarter was at 5.75 crore shares, which was 1.39 per cent of the total issued paid up capital of the company. So, in Q2FY22, Rakesh Jhunjhunwala raised his shareholding in the company, which reflects his strong conviction in regard to SAIL shares.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
