Rakesh Jhunjhunwala Portfolio After slipping into overbought territory, Metro Brands shares finally managed to close above its down trend line on Friday. According to stock market experts, Rakesh Jhunjhunwala’s holding company has announced the date of declaration of interim dividend and hence there is heavy buying in the stock. He added that the footwear company has reported positive numbers in Q3FY22 and the outlook for the footwear company’s business in FY23 looks positive. Secondary market experts further said that the share price of Metro Brands is available at a much discounted price as compared to its peers like Bata and Relaxo. Hence, in view of the positive outlook, he advises positional investors to buy the stock for medium to long term.
Advising investors to buy this share of Rakesh Jhunjhunwala; Avinash Gorakshakar, Head of Research, Profitmart Securities, said, “Metro Brands has reported positive Q3 FY22 numbers. In view of the easing of the Covid-19 crisis, the outlook for the footwear business looks positive. Hence, Metro Brands needs better numbers. It is expected to report in the coming quarters, especially in FY 22-23. Also, the company’s valuation is more attractive than its peers like Bata and Relaxo. Hence, it is looking to move from the Rakesh Jhunjhunwala-backed company to the secondary market. It is expected to attract investors who want to invest in footwear stocks.”
On how Metro Brands business is expected to grow in the coming quarters, Avinash Gorakshakar, Profitmart Securities said, “During the COVID-19 pandemic, Metro Brands has managed to foray into the online business segment. Its offline business model is already in place. is strong and eases once.In the Covid-19 pandemic, we can expect a sharp increase in its business volume as it will be able to gain business from both online and offline platforms. Hence, FY 2013 is the best for the company. This is going to be a good financial year for India and hence should be kept as a portfolio stock by Metro Brands for medium to long term.”
Rakesh Jhunjhunwala’s portfolio stock expects a sharp jump; Anuj Gupta, Vice President, IIFL Securities, said, “After dipping into the oversold zone, shares of Metro Brands have managed to overcome this zone and the stock closed above its down trend line on Friday. Short-term investor Rakesh Jhunjhunwala Stock at current level for Maintaining a stop loss at target 610 515 each level. after maintaining 610 level, it can go up 6802 and 800 level in the medium to long term.”
Metro Brands shares dividend
The Rakesh Jhunjhunwala-backed company has informed the Indian exchanges about the date of the board meeting to consider the interim dividend declaration. Informing the exchanges about the decision, the footwear company said, “As per Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform you that the meeting of the Board of Directors of Metro Brands Limited will be held on Monday. March 07, 2022 To consider, inter alia, declaration of an interim dividend for the financial year 2021-22. The record date for determining the eligibility of shareholders for payment of the above interim dividend shall be March 19, 2022, Interim dividend by the Board of Directors subject to its approval.”
Rakesh Jhunjhunwala’s stake in Metro Brands
As per information given by Rakesh Jhunjhunwala to BSE post-listing of shares of Metro Brands, Big Bull holds 3,93,33,600 shares of Metro Brands, which is about 14.50 per cent of the total issued paid-up capital of the footwear company .
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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