Jhunjhunwala, at the end of the June 2021 quarter, added 75 lakh shares of Federal Bank to his portfolio. The big bull holds about 5,47,21,060 shares or a 2.64 per cent stake in Federal Bank, according to July 2021 shareholding pattern.
The stock is currently trading in the range of about Rs 70 to Rs 95 for the last six months. Moreover, the Rakesh Jhunjhunwala portfolio stock hasn’t given much return to investors.
However, in the recent past, Federal Bank has shown some performance, and that may be the reason why several investors and brokerage firms are giving the stock a buy tag with a decent target.
In the second quarter of the financial year 2022, the Federal Bank’s net profit jumped to 50% to Rs 460 crore. Moreover, in the quarter ending September 2021, the company’s net interest income grew by 7% to Rs 1,479.42 crore from Rs 1,379.85 crore in the year-ago quarter. Also Read: Maharashtra: Imported scotch to get cheaper as state cuts excise duty by 50%
ICICI Securities has maintained a buy call on Federal Bank with a target price of Rs 125. On the other hand, HDFC Securities recently set the target price at Rs 124 per equity share. Also Read: Coal firm gives Rs 16 crore to employee for daughter’s treatment injection, wins hearts