Rakesh Jhunjhunwala’s latest stock pick could rise by 63 per cent: Rakesh Jhunjhunwala has a stake in the state-owned company, shares could rise by 63 per cent
- Jhunjhunwala adds Cell to its portfolio in the June quarter
- Analysts say the stock could rise as much as 63 percent
- As the demand and price of steel rises, investors can get silver
Senior investor Rakesh Jhunjhunwala, popularly known as Big Bull, added the stock of state-owned company SAIL to his stock portfolio in the June quarter. Following the company’s strong performance in the June quarter, several brokerage firms have advised investors to buy shares. Analysts say it could rise to 63 percent in the near future.
Shares of SAIL closed at Rs 134 on Friday. Analysts say it could fetch up to Rs 218, which is 63 per cent higher than the current price. Jhunjhunwala had bought 1.39 per cent stake in the company in the June quarter, at Rs 769 crore as of Friday’s closing price. Thus, it is the sixth largest stock included in Jhunjhunwala’s stock portfolio.
In 2021, the Tata group’s smallcap share grew by 150 per cent to Rs 2.5 lakh per lakh.
How high the stock can go
According to Centrum Broking, steel prices are expected to rise in FY22. This is because its domestic demand is increasing and prices are also rising internationally. He said that the stock of the cell will perform well in the coming period. Centrum has set a target price of Rs 218 per share. Motilal Oswal has set a target price of Rs 175, IDBI Capital Rs 168 and Philips Capital Rs 167.
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