Premium| Listen to this article |
Rakesh Jhunjhunwala portfolio: Steel Authority of India Limited or SAIL share price has been under selloff pressure these. The PSU metal stock has come down from ₹122.35 to ₹102.90 levels in last one month, logging near 15 per cent slide in this period. It is one of the Rakesh Jhunjhunwala stocks in which Big Bull raised stake in Q2FY22 quarter. According to stock market experts, the stock has given fresh breakout and is in highly bullish zone and can go up to ₹172 in medium to long term time horizon.
Highlighting the reasons for being highly bullish on SAIL share price; Manoj Dalmia, Founder & Director at Proficient Equities Limited said, "In last four quarters, the PSU company has registered growth in total revenue and operating margins despite pandemic hitting the entire global economy in this period. Market is expecting sharp upside bounce in the stock and that could be the major reason for FIIs and FPIs are raising their stake in the company. Trade volume of the stock has also gone up leading to fresh breakout in the stock at ₹100 on closing basis."
Advising investors to buy SAIL shares for short term; Sumeet Bagadia, Executive Director at Choice Broking said, "This Rakesh Jhunjhunwala portfolio stock looks positive on chart pattern and one can buy this counter at current levels for immediate short term target of ₹115 apiece. One can hold the counter for short term target of ₹125 as well."
Asking positional investors to buy SAIL shares for medium to long term, Manoj Dalmia of Proficient Equities Limited said, "Aggressive investors are advised to buy SAIL shares at current levels and keep on accumulating if it falls below ₹100 whereas ₹92 to ₹95 per share levels is a safe buying zone keeping stop loss at ₹89. In medium to long term, SAIL share price may go up to ₹147 and ₹172 apiece levels."
Rakesh Jhunjhunwala holding in SAIL
According to shareholding pattern of SAIL for July to September 2021 quarter, Rakesh Jhunjhunwala holds 7.25 crore SAIL shares or 1.76 per cent stake in the company. Big Bull had bought 5.75 crore SAIL shares or 1.39 per cent stake in April to June 2021 quarter adding the PSU metal stock in his portfolio. So, in Q2FY22, the 'Warren Buffett of India' raised his stake in this stock that also reflects his strong conviction in regard to SAIL shares.
Disclaimer: The views and recommendations made 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!!