Rakesh Jhunjhunwala raises stake in this stock, share gives breakout

Kochi-headquartered private sector bank has shared its shareholding pattern for recently ended September 2021 quarter with the BSE where it has reported that Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have jointly bought 1.01 per cent additional share in the bank. Now, they together hold 3.65 per cent stake in Federal Bank.

Federal Bank shareholding pattern for Q2FY22

As per the Federal Bank shareholding pattern available with the BSE for July to September 2021 quarter, Rakesh Jhunjhunwala and Rekha Jhunjhunwala jointly hold 2.10 crore shares, which is 1.01 per cent of the total issued paid-up capital of the south Indian bank. Apart from this, Rakesh Jhunjhunwala holds 5,47,21,060 shares or 2.64 per cent stake in the south Indian bank in individual capacity. So, Jhunjhunwalas together hold 3.65 per cent stake in Federal Bank now.

As per the shareholding pattern of Federal Bank for June 2021 quarter, Rakesh Jhunjhunwala held 5,47,21,060 shares or 2.64 per cent stake in Federal Bank whereas Rekha Jhunjhunwala’s name was missing from the list of individual shareholders. This means, Rekha Jhunjhunwala and Rakesh Jhunjhunwala jointly bought 1.01 per cent stake or 2.10 crore Federal Bank shares in Q2FY22.

Federal Bank share price outlook

According to stock market experts, this Rakesh Jhunjhunwala stock has given fresh breakout today and Federal Bank share price may go up to ₹110 in immediate short-term.

Advising stock market investors to buy Federal Bank shares; Sumeet Bagadia, Executive Director at Choice Broking said, “Federal Bank shares have given fresh breakout today and in short-term it may go up to ₹110 per share levels. One can buy Federal Bank shares at current market price maintaining strict stop loss at ₹93 levels.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.