Rekha Jhunjhunwala Portfolio Stock Jubilant Ingrevia Hits Record High; More Upside Ahead?

Jubilant Ingrevia Ltd.'s shares experienced a weaker opening on Wednesday at Rs. 533.30 per share on the BSE, but in the afternoon trade, they reached a new 52-week high of Rs. 581.75 per share. The shares of Jubilant Ingrevia were trading 5.69% higher at Rs 567 on April 24 at 12:31 PM. However, Aditya Gaggar, Director of Progressive Shares, believes there is still potential for the stock price to rise and advises buying the shares with a target price of Rs. 641-Rs. 742 over a period of 6-9 months.

Jubilant Ingrevia Share Price Target

"The stock has given a breakout from a Symmetrical Triangle Formation. Leading oscillator RSI replicates price behavior. Price breakout was confirmed with a surge in Volume. On the daily chart, the stock is set to give a breakout from a continuation pattern known as Bullish Flag and Pole Formation. We recommend a BUY on the company at the current market price of Rs540 or decline upto Rs 520 with the closing stop loss of Rs420 for a target of Rs641-Rs742 with a horizon of 6-9 months," said Aditya Gaggar, Director of Progressive Shares in a report.

Jubilant Ingrevia News

The company has issued Commercial Papers (CPs) of Rs. 100 Crore on April 16, 2024. The tenure of the instrument is 30 days whereas Tuesday, April 16, 2024 has been fixed as the date of allotment and Thursday, May 16, 2024 has been fixed as the date of maturity. The issue comes with a coupon or interest rate of 7.45 % per annum. Thursday, May 16, 2024 has been fixed as payment of the principal amount and the securities will be listed on the National Stock Exchange of India Limited (NSE).

Rekha Jhunjhunwala Stake In Jubilant Ingrevia

As per the shareholding pattern of Jubilant Ingrevia available on the BSE for the quarter ended March 2024 or Q4FY24, Rekha Jhunjhunwala, wife of late ace investor Rakesh Jhujhunwala, held 49,39,500 shares of the company in her portfolio which is 3.10% of the total paid-up equity share capital of Jubilant Ingrevia.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.