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Rakesh Jhunjhunwala portfolio: Despite 13 per cent slump in Tata Motors share price in year-to-date time, Big Bull Rakesh Jhunjhunwala kept his shareholding steady in this Tata group company. It seems that his conviction is going to pay dividends now. According to stock market analysts, Nifty Auto Index has recently given breakout above 11,000 levels and it has sustained above 11,100 as well. They said that unlock theme and ease in semiconductor issue may fuel this Rakesh Jhunjhunwala stock and other auto stocks in upcoming sessions as the sector has remained 'non-participant' in last year's market rally.
Speaking on Tata Motors share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, "Nifty Auto Index has given breakout at 11,000 levels and it has sustained 11,100 levels that augurs well for auto stocks in short to medium term. Tata Motors shares have strong support at ₹410 and any dip from current levels of ₹430 should be seen as buying opportunity. It is facing immediate hurdle at ₹450 whereas ₹470 to ₹480 is major hurdle for this Rakesh Jhunjhunwala portfolio stock."
On fundamentals that may fuel Tata Motors share price rally in near term, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Auto shares have almost remained non participant in recent market rally but in the wake of unlock theme and ease in semiconductor issue, Tata Motors is expected to gain momentum. However, much will depend upon the rate of unlock as there is nothing wrong with the fundamentals of the company and being a Tata group stock, it is one of the quality auto stocks that one can accumulate at an attractive valuations."
Rakesh Jhunjhunwala holding in Tata Motors
As per Tata Motors shareholding pattern for January to March 2022 quarter, Rakesh Jhunjhunwala holds 3,92,50,000 shares, which is around 1.18 per cent of total paid-up capital of the company. Rakesh Jhunjhunwala had kept his holding unchanged in this Tata group auto company as he was holding same 3,92,50,000 Tata Motors shares in October to December 2021 shareholding pattern of Tata Motors.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.