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Jhunjhunwala stock rises after 5 days on Q4 earnings

Jhunjhunwala stock rises after 5 days on Q4 earnings

Federal Bank stock touched an intraday high of Rs 94.85, rising 4.58% on May 9 against the previous close of Rs 90.70.

Big Bull Rakesh Jhunjhunwala held 5,47,21,060 shares or 2.64 per cent stake in Federal Bank in individual capacity at the end of March quarter. Big Bull Rakesh Jhunjhunwala held 5,47,21,060 shares or 2.64 per cent stake in Federal Bank in individual capacity at the end of March quarter.

Shares of Federal Bank closed over 3 per cent higher in the previous session after the lender reported a 13.2 per cent rise in its standalone net profit to Rs 541 crore in the March 2022 quarter. The bank had posted a net profit of Rs 478 crore in the same quarter of previous fiscal. The banking stock has gained after five days of consecutive fall.

Big Bull Rakesh Jhunjhunwala held 5,47,21,060 shares or 2.64 per cent stake in Federal Bank in individual capacity at the end of March quarter. Jhunjhunwala held 2,10,00,000 shares or 1.01 per cent stake jointly with his wife Rekha Jhunjhunwala. Jhunjhunwala couple together held 3.65 per cent stake in the private sector lender.

The stock stands higher than 200-day moving averages but lower than 5-day, 20-day, 50-day and 100-day moving averages. Federal Bank stock closed 3.42 per cent higher at Rs 93.80 on BSE.

Also read: This multibagger Rakesh Jhunjhunwala stock is on a roll; here’s why

The large-cap stock touched an intraday high of Rs 94.85, rising 4.58 per cent on May 9 against the previous close of Rs 90.70. The stock has gained 20.8 per cent in one year and risen 13 per cent since the beginning of this year.   

However, in a month, the stock has fallen 6.43 per cent.   

Total 11.06 lakh shares changed hands amounting to Rs 10.23 crore on BSE. Market cap of the bank rose to Rs 19,716 crore on BSE.   

Also read: This Rakesh Jhunjhunwala-backed stock rises over 2% on nod to interim dividend

The stock hit 52-week high of Rs 107.65 on October 25, 2021 and 52 weeks low of Rs 77.20 on May 7, 2021. Total income in Q4 increased to Rs 3,948.24 crore against Rs 3,843.87 crore in the same period of the preceding fiscal.

For the entire FY22, the net profit (standalone) surged by 18.8 per cent to Rs 1,889.82 crore, compared to Rs 1,590.30 crore in FY21. Total income in FY22 rose slightly to Rs 15,749.85 crore from Rs 15,716.61 crore.

HDFC Securities has given a buy call on the lender with a target price of Rs 126 against CMP of Rs 90.8. The duration of the call is one year.

Also read: This stock owned by Rakesh Jhunjhunwala rises 15% as Nomura sees 115% upside

Anand Rathi too has given a buy call on Federal Bank with a target of Rs 115 against the current market price of Federal Bank Ltd. Time period for the call is one year.