Baba Ramdev-backed FMCG stock hits record high on 2nd day in a row. Buy or sell?

Market


Stock market today: Baba Ramdev-backed Patanjali Foods shares have hit a new life-time high on second day in a row. After climbing to a new record high on Tuesday, Patanjali Foods share price today opened upside and went on to hit a new life-time high of 1471.50 on BSE. While climbing to the new highs, this FMCG stock went on to hit upper circuit on second straight ay in a row as well.

According to stock market experts, Patanjali group has presented a clear five year business plan and announced four new IPOs in next five year that has gone down well among the Dalal Street bulls. They said that Patanjali Foods share price in uptrend and it may go up to 1900 apiece levels in short term. They advised fresh investors and shareholders of the stock to maintain stop loss at 1200 and hold the stock for short term target of 1900 apiece.

Speaking on reasons for rally in Patanjali Foods shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Recently, Patanjali group has shared its next five year business plan and announced to launch four new IPOs that has gone down well among market bulls. As the market sentiment is currently positive, it is also helping Patanjali Foods to attract fresh buyers.”

On Baba Ramdev-backed Patanjali Foods stock price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, “On chart pattern, Patanjali Foods shares are displaying strong technical structure and volume in the scrip is quite substantial. We are expecting Patanjali Foods shares to first hit 1700 and then 1900 apiece levels in short term. Those who have this stock in their portfolio are advised to hold the scrip maintaini9ng trailing stop loss at 1200 whereas fresh investors can also buy the stock in dips maintaining stop loss at 1200 apiece levels.”

 

Baba Ramdev-backed Patanjali Foods recently hit 50,000 crore market cap and currently is has further went northward at 52,851.25 crore. It today hit new 52-week high of 1,471.50 per share on BSE whereas its 52-week low is 706 apiece.

Patanjali IPO details

Recently, in a press conference in New Delhi, Yoga Guru Baba Ramdev announced four new IPOs of the group in next years. He even named those Patanjali IPOs as Patanjali Wellness, Patanjali Atyurved, Patanjali Medicine and Patanjali Lifestyle.

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

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