DB Realty shares fall 5% to lower circuit level 102 on BSE in Monday’s trading session. multibagger stock It has been consistently touching lower circuit levels in the last few trading sessions. However, it is still up over 109% in 2022 (Year-to-date or YTD).
“DB Realty stock is trading under heavy speculation though in moderation. Fundamentals are weak and outlook is negative. On technical setup, the stock may touch 80 levels with this momentum and high volatility. Investors remain cautious. “Fresh position in this stock at current levels,” said Ravi Singh, VP and Research Head, Share India Securities.
Stocks were buzzing last month amid the Mumbai-based realty firm’s fundraising plan and the announcement of Jhunjhunwala’s participation in the company’s warrant issue.
Earlier this month, DB Realty had approved raising funds by issuing 50 million warrants convertible into an equal number of equity shares. The company will issue warrants on preferential basis to non-promoter investors including Rekha Jhunjhunwala, wife of renowned investor Rakesh Jhunjhunwala, to whom 1,00,00,000 warrants will be issued through Rare Investments.
Sumeet Bagdia of Choice Broking advises investors to avoid long positions as the realty stock continues to move lower, touching lower circuit levels.
Multibagger stock has gained over 38% in one month while it has gained over 400% in the last six months. from trading over 18 per share in February 2021, the realty stock has skyrocketed over 340% in a one-year period.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,