Federal Bank shares are one of the Rakesh Jhunjhunwala stocks that have been trading sideways for the last one month. However, stock market experts are highly bullish on this Rakesh Jhunjhunwala portfolio stock as the counter has given breakout after sustaining above ₹85. They said that strong fundamentals are indicating strong Federal Bank share price rally in upcoming trade sessions.
Speaking on the fundamentals of Federal Bank; Asutosh Mishra, Head of Research — Institutional Equity at Ashika Stock Broking said, “Federal Bank continues to demonstrate strong growth on the loan book, healthy performance on the operating front along with healthy PCR (Put Call Ratio). We have incorporated elevated provision requirement along with steady growth in the balance sheet of Federal Bank and recommend buy rating on the banking stock.”
Sharing major levels of Federal Bank share price; Sumeet Bagadia, Executive Director at Choice Broking said, “Federal Bank stocks have given breakout after sustaining above ₹85. One can now buy Federal Bank shares at current market price (Monday close price of ₹87.60 at NSE) as the stock may go up to ₹100. However, one must maintain the stop loss at ₹85 while taking buy position in the private lender stock.”
Rakesh Jhunjhunwala net worth in Federal Bank
Rakesh Jhunjhunwala holds 4,72,21,060 Federal Bank shares, which is 2.40 per cent of the net company shares. According to the shareholding pattern of Federal Bank available with the BSE, the ‘Warren Buffett of India’ held 2.40 per cent of the company shares in December 2020 and March 2021 quarter. However, in September 2020 quarter, the market magnet held 2.7 per cent of the Federal Bank shares.