Rakesh Jhunjhunwala raises stake in another Tata group stock. Should you buy?

Market


Rakesh Jhunjhunwala portfolio: After raising stake in Tata group flagship companies Tata Motors, Tata Communications and Titan Company, the ‘Warren Buffett of India’ has raised stake in another Tata group stock — Indian Hotels. Big Bull has raised his stake in the hospitality company from 2.10 per cent to 2.16 per cent in recently ended December 2021 quarter. 

After this revelation by the company in its shareholding pattern for October to December 2021 quarter, stock market analysts have become highly bullish on this Tata group stock as the company has reported rise in occupancy despite outbreak of Omicron virus and it has reported reduction in its debt as well.

Rakesh Jhunjhunwala holding in Indian Hotels

According to Indian Hotels shareholding pattern for October to December 2021 quarter, Big Bull and his wife Rekha Jhunjhunwala have raised their stake in the company during Q34FY22. In Q3FY22, Rakesh Jhunjhunwala holds 1,42,79,200 shares or 1.08 per cent stake in the company whereas his wife Rekha Jhunjhunwala holds 1,42,87,765 Indian Hotels shares or 1.08 per cent stake in the company. However, in September 2021 quarter, Rakesh Jhunjhunwala was holding 1,25,00,000 shares or 1.05 per cent stake whereas Rekha Jhunjhunwala was holding 1,25,10,000 shares or 1.05 per cent stake in the company.

Therefore, during October to December 2021 period, Big Bull and his wife together raised their stake in the company from 2.10 per cent to 2.16 per cent buying 17,56,965 Indian Hotels shares in recently ended December 2021 quarter.

Indian Hotels share price outlook

Like, Rakesh Jhunjhunwala, stock market experts are also bullish on this Tata group stock. They said that the company has recently reported rise in its occupancy despite outbreak of Omicron virus in India and it has reported reduction in its debt as well. So, those positional investors who are looking for value picks available at discounted price can look at this Rakesh Jhunjhunwala portfolio stock.

Highlighting the fundamentals that may fuel this stock in upcoming sessions; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “The company has reported rise in occupancy despite rising cases of Omicron virus in India and it has managed to contain its debt as well. So, the company is expected to give strong numbers from upcoming quarters when normalcy gets restored in next fiscal. Since, the stock has not participated in the recent rally so strongly, those positional investors looking value picks available at discounted price may look at this stock.”

Giving ‘buy’ tag to this Rakesh Jhunjhunwala stock; Sumeet Bagadia, Executive Director at Choice Broking said, “The stock looks bullish on chart pattern. One can buy and hold the counter at current market price for near term target of 230 maintaining strict stop loss at 185 apiece levels.”

Indian Hotels share price today is oscillating around 207 apiece levels.

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

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