PremiumRakesh Jhunjhunwala portfolio in 2021 witnessed heavy overhaul when the 'Warren Buffett of India' decided to change his share holdings in 12 stocks. However, the 'Big Bull' continued with his conviction in other 25 stocks and Federal Bank shares were one of them. This positive conviction is now paying dividends to the marquee investor as the banking stock has delivered around 27 per cent return in the last 6 months while it delivered more than 66 per cent return in the last one year. According to experts, Federal Bank share price has given a breakout at ₹82 and it may go up to ₹112 in next 3 to 4 months.
Highlighting the strong fundamentals that may fuel Federal Bank share price rally, Partha Mazumder, Research Analyst at Ashika Stock Broking Ltd said, "Despite FY21 being a challenging year, Federal Bank finished on a strong note and reported lower hiccups on asset quality and maintained high provision coverage. Granularity in loan book has stood the test of time and the bank is better placed to tide over 2nd wave. Thus, we hold our positive view on Federal Bank with target of ₹98 and stop loss of ₹80 in short-term time-horizon."
Speaking on the technical chart pattern of this Rakesh Jhunjhunwala portfoliw stock Kapil Goenka, Director, C. M. Goenka Stock Brokers said, "Looking into the chart pattern of Federal Bank stock, the stock seems giving a breakout at 82 levels and now immediate target will be ₹96-98 and mid-view target is 112 in 3 to 4 months time-horizon."
Kapil Goenka added: "Federal Bank board recently approved ₹916 crore fund raise from International Finance Corporation (IFC). The Bank further decided to raise up to ₹4,000 crore by issuing equity shares or other instruments through various modes and ₹8,000 crore by issuance of debt securities in Indian or foreign currency. These fund raise are expected to put positive impact on the stock from fundamental perspective."
Rakesh Jhunjhunwala net worth in Federal Bank
As per the shareholding pattern of Federal Bank for March 2021 quarter, Rakesh Jhunjhunwala holds 4,72,21,060 shares of Federal Bank which is to the tune of 2.40 per cent of the net company shares. In December 2020 quarter too, the marquee investor used to hold same 2.40 per cent stake in Federal Bank.
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