Market experts recommend betting on this cheap stock included in Rakesh Jhunjhunwala’s portfolio
Rakesh Jhunjhunwala
Rakesh Jhunjhunwala portfolio: The eyes of the small investors of the stock market are always on the big investors like Rakesh Jhunjhunwala, Ashil Kacholia and Dolly Khanna. This is because these veteran investors are known to choose multibagger stocks. By buying the stocks included in their portfolio, small investors easily create a bumper earning path for themselves. One such cheap stock is currently included in the portfolio of Big Bull Rakesh Jhunjhunwala. That is Federal Bank stock. The current market price of this share is Rs 83.55.
Falls 22 percent from its 52 week high
Federal Bank’s stock has been under constant pressure for some time now. After reaching its 52-week high of Rs 107.55 in the first week of April 2022, the stock has been breaking down. The stock fell more than 7 percent after the market sell-off last week. The stock was priced at Rs 83.55 per share when the market closed on Friday. This price is more than 22 percent lower than its 52 week high of Rs 107.55. However, market experts believe that a fall in this stock is an opportunity for investors. A big breakout can be seen in this stock in the coming time.
The price of Rs 100 may touch soon
Market experts say that the fundamentals of Federal Bank look very strong. The operating profit of the bank in the fourth quarter of FY 2022 has been quite good. If we look at the asset quality of the bank, then its gross NPA has come down to 2.80 percent. Which was at 3.41 percent in the same period last year. Apart from this, there has been an increase of Rs 347 crore in the loan recovery of the bank. Currently this stock is moving in the range of Rs 83-90. If it gives a breakout above Rs 90 on closing basis, then it will see an uptrend. In the short term, this stock can go up to Rs 98-100 for us.
Rakesh Jhunjhunwala’s stake in Federal Bank
If we look at the shareholding pattern of Federal Bank for the fourth quarter of FY 2022, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have stake in this bank. Rakesh Jhunjhunwala and Rekha Jhunjhunwala jointly hold 2,10,00,000 shares or 1.01 percent stake in Federal Bank. At the same time, Rakesh Jhunjhunwala holds 5,47,21,060 or 2.64 per cent stake in the individual capacity. In this way, they have 7,57,21,060 shares of Federal Bank or 3.65 percent stake.
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