Jhunjhunwala increases stake in Edelweiss, stock rises over 7%
Did you Know? Stock score of Edelweiss Financial Services Ltd moved up by 1 in 3 months on a 10-point scale. View Latest Stock Report »
New Delhi: Ace investor Rakesh Jhunjhunwala increased his stake in, lifting the shares of the financial services firm over 7 per cent during the afternoon trade on Friday.According to the regulatory filing by the company on BSE , the big bull held 1,51,25,000 equity shares or 1.61 per cent stake in the company, as of June 30, 2021. His stake in the company is worth over Rs 125 crore.At the end of March 2021 quarter, Jhunjhunwala had 1,11,25,000 equity shares or 1.19 per cent stake in the company, the data showed.Shares of Edelweiss Financial Services surged over 7 per cent to Rs 84.50 on Friday. It settled at Rs 78.65 on Thursday.According to the data provided by Trendlyne , Jhunjhunwala’s stake kept his stake unchanged in the company at 1.2 per cent for the four previous quarters. In the March 2020 quarter, the Dalal Street veteran held 1 per cent stake in the company.Edelweiss Financial Services has been a decent performer in the last one year. The counter has gained over more than 15 per cent during the period. It has surged over 22 per cent in the year 2021 so far. Life Insurance Corporation of India kept its stake unchanged. The insurance behemoth has 2,42,82,094 equity shares or 2.59 per cent stake in the company.
Rakesh Jhunjhunwala portfolio: Big Bull raises stake in this financial company
Rakesh Jhunjhunwwala portfolio: As the July month is full of company results, Rakesh Jhunjhunwala holdings will be one of the most closely watched by retail investors and market observers. This is because it would give them an idea about in which direction the smart money is moving. Recently, we came across Dolly Khanna raising stake in her two portfolio stocks while she trimmed her stake in one portfolio share. Similarly, Rakesh Jhunjhunwala is also expected to overhaul his share holdings so that he could raise his net worth further in coming July to September 2021 quarter. In the first of its kind, the ‘Warren Buffett of India’ has raised his stake in his portfolio stock Edelweiss Financial Services Ltd. In April to June 2021 quarter, Big Bull of the Indian stock market raised his stake in the financial company stock from 1.19 per cent to 1.61 per cent.
Rakesh Jhunjhunwala holding in Edelweiss Financial Services
According to the Edelweiss Financial Services shareholding pattern for April to June 2021 quarter, Rakesh Jhunjhunwala share holding in the financial company is 1,51,25,000 that is to the tune of 1.61 per cent of net company shares. Interestingly, if we look at Rakesh Jhunjhunwala holding in January to March 2021 quarter, the market magnet used to held 1,11,25,000 shares of the company, which was to the tune of 1.19 per cent of the net company shares. In January to March 2021 quarter, Rakesh Jhunjhunwala had kept his share holding unchanged in the company as he used to held same 1.19 per cent company shares in October to December 2020 quarter.
Comparing Rakesh Jhunjhunwala holding in Edelweiss Financial Services with June 2020 quarter, the Big Bull has raised his stake in the company by around 0,4 per cent as he used to held around 1.40 per cent company stocks in the shareholding pattern of the company for June 2020 quarter. In June 2020 quarter, Rakesh Jhunjhunwwala had raised his stake in the company from around 1 per cent to 1.19 per cent. He remained invested with that 1.19 per cent stake till March 2021 quarter. So, those who follow Rakesh Jhunjhunwala portfolio should have got a cue that ‘buy, hold and forget’ strategy is one of the key mantras that smart investors follow even when the market is passing through huge crisis like Covid.
Rakesh Jhunjhunwala impact
It seems that the newsbreak of Rakesh Jhunjhunwala raising stake in Edelweiss Financial Services has gone down well among the stock market investors as the financial stock surged 10 per cent and hit upper circuit on Friday. Edelweiss share price today closed at ₹86.85 per stock mark at NSE.
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Sobha share price: Buy Sobha, target price Rs 574: Edelweiss
Did you Know? Stock score of Sobha Ltd moved down by 3 in a month on a 10-point scale. View Latest Stock Report »
Edelweiss has buy call on Sobha with a target price of Rs 574. The current market price of Sobha is Rs 522.05. Time period given by analyst is one year whenprice can reach defined target.Sobha Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 4655.98 Crore) operating in Real Estate sector.For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 588.90 Crore, down -15.42 % from last quarter Total Income of Rs 696.30 Crore and down -36.51 % from last year same quarter Total Income of Rs 927.60 Crore. Company reported net profit after tax of Rs 17.90 Crore in latest quarter.Revival in housing demand, Sobha’s focus on cash flows and geographical expansion should hold it in good stead. Cash flow improvement is a key stock catalyst. The brokerage maintains ‘BUY/SN’ with SOTP-based target price of INR574/share. It derives the TP by applying 10% discount to its NAV of INR589/share for the residential business plus value of the contractual business.Promoters held 52 per cent stake in the company as of March 31, 2021, while FIIs held 18.1 per cent, DIIs 12.4 per cent and public and others 17.5 per cent.