The markets rebounded and ended their six-day falling streak on Monday as banking, financial, power and auto stocks gained. On Tuesday, we saw that the benchmark indices continued to increase. Analysts said that the recent selling pressure seems to have halted and that a close above the 15,900-16,000 level (Nifty 50) could send signs of a rebound ahead.
The markets may turn and this might be the right time to consider making an investment. Here are a few Rakesh Jhunjhunwala stocks whose share prices have dropped by more than 60% from their respective 52-week highs.
Nazara Technologies Ltd
- 52-week high: ₹3,356.00
- CMP: ₹ 1242.85
- Drop from 52-week high: 62.97%
The Warren Buffett of India holds a whopping 10.1% stake in the company. This translates to 32,94,310 shares worth ₹ 402.7 Crores.
Currently, the gaming industry pays 28% tax on the gross gaming revenue or platform fee earned by them. Earlier these platforms would pay 18%. Many gaming platforms have written to the Finance Minister to request that Rule 31A of the CGST Rules 2017 – which applies to lottery, betting, gambling, and horse racing – will not apply to games of skill.
Prabhudas Lilladher has maintained a ‘Buy’ rating on the stock of Nazara Technologies with a target price of ₹ 1,747 apiece. As compared to the current share price, this translates to an upside of 40.46%. The brokerage has arrived at a DCF based fair value of ₹2100 apiece, implying a nearly 70% upside from the current level.
Indiabulls Housing Finance Ltd
- 52-week high:₹ 313.70
- CMP: ₹ 118.8
- Drop from 52-week high: 62.13%
The ace investor holds a 1.3% stake in the company. This implies that he has 60,00,000 worth ₹ 71.0 Crores.
On May 14th 2022, the company approached the NCLT to submit a plea related to Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP). The realty firm owes over ₹798 crores to Indiabulls Housing Finance.
Further, people are facing the ripple effects of the geopolitical crisis and the pandemic. Inflation, in general, has increased. Further, the cost of construction of buildings has also increased.
As a result, buying houses is not as affordable as it used to be. Hence, the number of people who are buying houses has declined and so has the number of people applying for housing loans.
Indiabulls Real Estate Ltd
- 52-week high: ₹ 195.90
- CMP: ₹ 73.9
- Drop from 52-week high: 62.28%
The investor with a Midas touch holds a 1.1% stake in the company. The share price of the company started falling soon after the listing of its QIP shares. In April this year, nearly 86 million equity shares of ₹2 each allotted to qualified institutional buyers (QIBs) pursuant to qualified institutional placement (QIP) were listed.
Further, the RBI increased the repo rate and the cost of real went up. These factors might have led to a slip in the share price of the company as per analysts.
Wockhardt Ltd
- 52-week high: ₹ 741.98
- CMP: ₹ 243.5
- Drop from 52-week high: 67.18%
The big bull currently holds a 2.1% stake in the company. In other words, he holds 30,00,005 shares that are worth about ₹ 73 Crores today. Earlier, Rakesh Jhunjhunwala had a higher stake in the company, however, he trimmed his stake during the March quarter.
Wockhardt is a global pharmaceutical and biotechnology company that provides affordable, high-quality medicines.
Disclaimer
The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
