Rakesh Jhunjhunwala portfolio stock gives breakout. Experts remain bullish
Premium- Rakesh Jhunjhunwala portfolio: Delta Corp shares on Monday hit a new 52-week high of ₹318.85 apiece levels on NSE
Rakesh Jhunjhunwala portfolio: Giving bullish flag breakout on monthly chart with substantial volume, Delta Corp shares on Monday hit a new 52-week high of ₹318.85 apiece levels on NSE. While ascending to its new 52-week high, this hospitality stock hit upper circuit as well. As per Delta Corp share price history, this breakout in Rakesh Jhunjhunwala stock has come after consolidation in ₹240 to ₹310 range and now Dalal Street is busy speculating whether Delta Corp share price will ascend to a new peak breaching its current all-time high of ₹401.60, which it had made in January 2018.
Speaking on Delta Corp share price outlook; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers said, "Since October 2021, Delta Corp share has been consolidating in a broad range of ₹240 to ₹310 apiece levels. In recent session; the stock confirmed a breakout from that range and that too with humongous volumes. During the process it has managed to clear many other resistances along with breakout in RSI indicator. Even for a short term; the theoretical target comes around ₹340 mark and for medium term; the stock is poised to move towards ₹400 mark due to the bullish flag breakout on the monthly chart. Thus traders holding the stock should continue to hold the same for mentioned target."
On important levels in regard to Delta Corp shares; Sumeet Bagadia, Executive Director at Choice Broking said, "This Rakesh Jhunjhunwala stock has immediate support at ₹270 levels and it is currently one of the bullish stocks in Indian markets. It is currently facing immediate hurdle at ₹340 and ₹360 levels and one can expect sharp upside move once the stock sustains above ₹310 levels on closing basis."
Highlighting the fundamentals that may support Delta Corp share price rally; Anuj Gupta, Vice President at IIFL Securities said, "Delta Corp deals in hospitality segment and it is the only listed company that has casino business. So, in the wake of unlock theme, these business segments are expected witness sharp upside move and rise in business volume. So, the stock looks promising from long-term perspective provided there is no 4th wave of Covid-19."
Rakesh Jhunjhunwala shareholding in Delta Corp
According to Delta Corp shareholding pattern for October to December 2021 quarter, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have shareholding in this hospitality company. Rakesh Jhunjhunwala holding in the company is 1.15 crore Delta Corp shares, which is 4.31 per cent of total issued paid-up capital of the company. Rekha Jhunjhunwala holds 85 lakh Delta Corp shares which is 3.18 per cent of total issued paid-up capital of the company. So, Jhunjhunwala couple holds 2 crore Delta Corp shares or 7.49 per cent stake in the company.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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