Business

Shares of Rakesh Jhunjhunwala-invested private bank jump

Highlights:

  • The shares of this private bank have jumped 26 per cent in the last one month.
  • The share price is currently up 181% from its 2020 crash low
  • Rakesh Jhunjhunwala holds 5.47 crore shares and 2.78 per cent stake in the bank.

Ahmedabad: This week the Sensex touched an all-time high of 62,211, but then it saw a sharp fall of 1,200 points. The fall in the market has stopped the talk of the Sensex reaching 65,000 by Diwali, but despite the heavy selling this week, the bank’s stock has seen a good improvement. One of which is Federal Bank.

Federal Bank shares were up 6.84 per cent when the Sensex closed 101 points lower on Friday. The stock gained Rs 6.60 in a single day. When the market opened today, the stock was trading at Rs 97. However, the bank released its September quarter results within working hours. The stock, which was better than expected, saw a continuous improvement from 1.20 pm. It hit a high of Rs 105 today and closed at Rs 103.15 at market close.

Federal Bank shares have seen steady gains throughout the week. Talking about the weekly movement, the stock was at Rs 94.90 on the first day of the week. It had also fallen to Rs 91.50 on October 20. However, after reaching the weekly low, it saw a steady improvement and today the stock also touched the level of Rs 105.

26 percent jump in 30 days

Federal Bank shares have been showing strong gains for some time now. Talking about the movement seen in it in a month, this stock has gained 26.02%. The stock has crossed the Rs 105 level from its monthly low of Rs 80.90. It has grown by 43.16 per cent in six months. Whereas year after year so far it has reached 51.58 percent.

Federal Bank shares fell to Rs 37.35 in May when the market crashed in 2020. In comparison, the stock has improved 181 per cent in one-and-a-half years. Rakesh Jhunjhunwala also has investments in Federal Bank. According to an estimate, he holds 5.47 crore shares of the bank and holds 2.78 per cent stake.

How far can this share price reach?

According to brokerage firm Emkay Global, shares of Federal Bank can reach Rs 110. Apart from this, some other brokerage firms also recently gave buy rating to the stock with a target price of Rs 100-110.

Note: The above information is for information only. Its purpose is not to advise you to buy or sell any shares. Be sure to consult your financial advisor before making any investment.

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