14 May , 2022 By : Kanchan Joshi
Rakesh Jhunjhunwala portfolio: Federal Bank shares have been under sell-off pressure after climbing to its 52-week high of Rs107.55 apiece on NSE in first week of April 2022. Logging more than 7 per cent weekly loss last week, this Rakesh Jhunjhunwala stock made a close of Rs83.55 per share, which is more than 22 per cent below its 52-week high of Rs107.55 levels. However, stock market experts are seeing this slide in south Indian banking stock as an opportunity to buy.
According to stock market experts, Federal Bank has reported healthy operating profit in Q4FY22 results and its strong collection mechanism has helped strong recovery and upgradation of Rs347 crore. They said that currently Federal Bank share price is trading in the range of Rs83 to Rs90 and once it gives breakout above Rs90 on a closing basis, it would become highly bullish.
Highlighting upon the strong fundamentals of Federal Bank, Jitendra Upadhyaya, Equity Research Analyst at Bonanza Portfolio said, "Federal Bank has reported healthy operating profit in Q4FY22. Higher opex from continued investment in business and sustained high liquidity ratio, which provide an additional buffer cushion to any adverse effect of sudden spike in slippage. On asset quality front, the gross non-performing assets improved to 2.80 per cent of the gross advances as of March 31, 2022, from 3.41 per cent a year ago. Besides this, strong collection mechanism helped Federal Bank strong recovery and upgradation of Rs347 crore."
On Federal Bank share price forecast, Sumeet Bagadia, Executive Director at Choice Broking said, "This banking stock is looking strong on chart pattern. It is currently trading in Rs83 to Rs90 range. But, once it gives breakout above Rs90 on closing basis, it would become highly bullish and may go up to Rs98 to Rs100 in short term.
Rakesh Jhunjhunwala shareholding in Federal Bank
As per Federal Bank shareholding pattern for Q4FY22, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have shareholding in this south India bank. Rakesh Jhunjhunwala and Rekha Jhunjhunwala jointly own 2,10,00,000 Federal Bank shares or 1.01 per cent stake whereas Rakesh Jhunjhunwala holds 5,47,21,060 or 2.64 per cent stake in individual capacity. So, Jhunjhunwala couple holds 7,57,21,060 Federal Bank shares or 3.65 per cent stake.