Rekha Jhunjhunwala portfolio: Federal Bank shares are one of those Rekha Jhunjhunwala stocks that has delivered starggering returns to its shareholders after bottoming out during Covid-19 sell off. In post-Covid rebound, this banking share has risen from around ₹37.50 to ₹150 apiece levels in last three years, delviering a whopping 1500 per cent rise in this time. However, it seems that there is still some steam left in the stock.
Federal Bank share price today opened upside and went on to hit intraday high of ₹151.50 apiece levels on NSE, which turned out its new life-time high as well. Interestingly, this is for the second day in a row as this Rekha Jhunjhunwala portfolio stock had hit new life-time high on Wedneday session as well.
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According to stock market experts, Federal Bank shares are still at attractive valuations and growth theme in this south Indian bank is expected to continue attracting stock market bulls during every dip in this Rekha Jhunjhunwala stock.
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On why Federal Bank shares are skyrocketing in post-Covid rebound, Saurabh Jain, Vice President — Research at SMC Global Securities said, “Federal Bank shares are available at attractive valuations and growth theme after the Q1 results 2023 has worked in favour of this south Indian bank. It had delivered positive quarterly results as well. So, those who have this stock in their portfolio can hold teh scrip and wait for upcoming Q2 results for the financial year 2023-24.”
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Federal Bank share price target
Expecting further upside in Federal Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “The stock is looking positive n chart pattern and the bull trend may continue in this banking scrip in near term. Those who have this stock may continue to hold the scrip for near term target of ₹175 apiece. New investors may also buy this scrip at current levels. However, stop loss at ₹145 apiece levels is strictly recommended for both fresh investors and existing shareholders of the Rekha Jhunjhunwala-backed bank.”
Rekha Jhunjhunwala shareholding
According to shareholding pattern of Federal Bank for April to June 2023 quarter, Rekha Jhunjhunwala holds 7,27,13,440 Federal Bank shares, which is 3.12 per cent of total paid up capital of this south Indian bank.
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.
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Updated: 28 Sep 2023, 01:51 PM IST