The Indian indices opened in green on Thursday. The Sensex was up 585.21 points or 0.99% and opened at 59402.50, and the Nifty was up 161.40 points or 0.92% at 17696.20.
With the rising markets, here are two Rakesh Jhunjhunwala stocks that have reached their 52-week high and analysts see a further upside of up to 30%:
Federal Bank Limited
The shares of the private lender Fedeak Bank opened at Rs 110 and gained 1.5% to reach its new 52-week high of Rs 112.45 on Thursday. In the past month the stock has gained more than 12% and so far this year it has gained 28% YTD.
The ace investor holds 7,57,21,060 shares or a 3.6% stake in the company with an investment value of Rs 844.3 Crores.
The bank’s net interest income stood at Rs 1,605 crore in the first quarter of FY23, up 13% over Rs 1,418 crore in the same quarter last year.
The private lender reported a 63.5 per cent increase in net profit to Rs 600.66 crore in the April-June quarter of FY23, from Rs 367.29 crore which it earned in the same period a year ago. This is the highest ever quarterly profit reported by the bank.
HDFC Securities has a ‘Buy’ call on Federal Bank with a target price of Rs 132 which represents an upside of 19% from the current levels.
Federal Bank Limited is an Indian private sector bank that provides retail and corporate banking, para banking activities such as debit cards, third-party product distribution, etc., and treasury and foreign exchange business.
Karur Vysya Bank Limited
The second Rakesh Jhunjhunwala stock that reached its 52-week high today is Karur Vysya Bank. The shares of the Bank opened at Rs 62 and gained 2.3% to reach its new 52-week high of Rs 64.45 on Thursday. In the past month the stock has gained more than 33% and so far this year it has gained 37% YTD.
The ace investor holds 3,59,83,516 shares or a 4.5% stake in the company with an investment value of Rs 228.3 Crores.
In Q1FY23, the bank reported a growth of 17 per cent in its net interest income which stood at Rs 746 crore up from Rs 638 crore which it earned in the same period a year ago.
The net profit of the bank stood at Rs 229 crore in the June quarter up from Rs 109 crore which it earned in Q1FY22.
ICICI Securities has a ‘Buy’ call on Karur Vysya Bank with a target price of Rs 80 which represents an upside of 30% from the current levels.
Karur Vysya Bank is a Scheduled Commercial Bank that has completed more than 100 years of operation and is one of the leading banks in India. It provides services such as personal, corporate, and agricultural banking and services to NRIs and MSMEs.
Indian Hotels Company Limited
The shares of Indian Hotels Company opened at Rs 270 and scaled by 3% to reach its new 52-week high of Rs 278.90 on Thursday. In the past month, the stock has gained more than 13% and so far in 2022, it has added 50% YTD.
Rakesh Jhunjhunwala holds 30,016,965 or a 2.1% stake in the company with an investment value of Rs 832.1 Crores.
The company’s revenue surged by 249.45 percent to Rs 1,293 crore during the first quarter of FY23, compared to Rs 370 crore in the year-ago period.
The company reported a profit of Rs 170 Crores in Q1FY23 as against a loss of Rs 277 Crores which it incurred in the same period a year ago.
ICICI Direct has a ‘Buy’ call with a target price of Rs 330, representing an upside of 20% from the current levels.
The Indian Hotels Company Limited, part of the Tata group, is an Indian hospitality company that manages a portfolio of hotels, resorts, jungle safaris, palaces, spas, and in-flight catering services.
Written by – Anoushka Roy
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