Rakesh Jhunjhunwala Stock Hits All-Time High on Wednesday; More Steam Left?

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Rakesh Jhunjhunwala Stock Hits All-Time High on Wednesday; More Steam Left?

By Malvika Gurung

Investing.com -- Shares of South Asia's largest hospitality enterprise Indian Hotels (NS: IHTL ) Company have surged to hit an all-time high of Rs 268.95 apiece on Wednesday, a session after hitting its latest high of Rs 265.5/share on Monday. 

The multi-bagger stock has been on a rise after giving a recent breakout at levels of Rs 230/share, forming a higher ‘high formation’ on the chart pattern, indicating the stock to surge even further.

Ace investor Rakesh Jhunjhunwala owns 1,57,29,200 equity shares or a 1.11% in Indian Hotels Co, while his wife Rekha Jhunjhunwala holds 1.42 crore or a 1.01% stake in the company, as of March 31, 2022.

Stock market experts peg the hospitality stock to rally more, as its fundamentals and technicals suggest a strong upside in the scrip in the upcoming sessions, cited a syndicated news feed.

Analysts attribute the stock surge to the ongoing unlock theme, as Covid-19 restrictions are easing across the country, with wedding season coming up, and hotels starting to see an increase in bookings - all of these factors faring well for the hospitality stock.

“The market expects strong quarterly earnings from the gargantuan in the upcoming quarters. This is why Indian Hotel share price has been climbing to new highs despite weak Q4 results,” stated Avinash Gorakshkar at Profitmart Securities.

He added that the ongoing IPL 2022 has also worked in favour of the hotel business as a good number of sports enthusiasts from various countries come to India to watch IPL matches, cited a Mint report.

The stock has jumped 45% on a YTD basis and in a year it has rallied almost 150%.

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  • Ajit Pardeshi @Ajit Pardeshi
    He owns a 2% stake. Why do you called it his stock? MFs own 20+ and so do FII. Do you call it MF or FII stock?
    Like 9
    • Rana Banerjee @Rana Banerjee
      correct
      Like 0
    • Rana Banerjee @Rana Banerjee
      correct
      Like 0
    • Sahil Chawla @Sahil Chawla
      Clickbait
      Like 1

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