Rekha Jhunjhunwala keeps faith in this dividend paying stock. Should you buy?

Market


Rekha Jhunjhunwala portfolio stock Metro Brands is in focus today as the stock is one of those shares that are trading ex-dividend today. The dividend paying stock that has given interim dividend of 1.50 per share in March 2022 and final dividend of 0.75 apiece in August 2022 is trading ex-dividend for the payment of interim dividend of 2.50 per share to its eligible shareholders. Market observers are expected to keep a close eye on this Rekha Jhunjhunwala stock as ace investor has remained steady in this footwear stock during October to December 2022 quarter.

As per the shareholding data of the company for Q3FY23, Rekha Jhunjhunwala holds 14.40 per cent stake in the company, which she used to hold in July to September 2022 shareholding data of Metro Brands.

According to stock market experts, Metro Brands shares can be a good portfolio stock for medium to long term investors as the company has good command in niche lady footwear products. They said that stock has the potential to move upside in medium to long term but in short term, the stock may face some sell off heat as it has already ascended to the tune of 40 per cent in last six months.

Speaking on Metro Brands share price out look, Ravi Singhal, CEO at GCL Broking said, “Metro Brands average selling price for footwear was around six to seven per cent higher, which the company accepted in its earnings call. The consolidated revenue of Metro Brands grew to the tune of 24 per cent on year-on-year (YoY) basis to around 600 crore. The footwear company added new stores as well taking total number of its retail store to 720. So, fundamentals of the stock are favourable for medium to long term investors.”

Expecting profit booking in Metro Brands shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Metro Brands share price has rallied to the tune of 40 per cent in last six months and hence some profit booking is expected in the counter. So, those who have this stock in their portfolio are advised to hold the stock with strict stop loss at 770 apiece levels. One should buy the stock only when it closes above 850 per share levels.”

Click here for latest stock market news

Giving ‘portfolio stock’ tag to Metro Brands shares, Ravi Singhal of GCL Broking said, “Medium to long term investors can buy this footwear stock as Metro Brands share price is expected to hit 1,000 apiece levels in next six months whereas it may go up to 1,200 per share levels by Diwali 2023. So, those who want to enter this stock may buy around 750 apiece levels maintaining stop loss at 720 levels. Those who have this stock in their portfolio should add more on big dips and hold with stop loss placed at 720 apiece.”

In recently ended December 2022 quarter, Metro Brands’ average footwear selling price went up by around six to seven per cent YoY whereas it opened around 48 new retail stores during October to December 2022 quarter. As on 31st December 2022, total number of retail stores of Metro Brands stood at 720.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments