Despite weak third quarter results, experts give buy advice on this stock of Rakesh Jhunjhunwala

Rakesh Jhunjhunwala suggests new buy in this portfolio stock; Anuj Gupta, Vice President, IIFL Securities said, “PSU Metal stock has been in a retracement since hitting its 52-week high in May 2021, but has strong support 90 levels. Positional investors can start fresh buying around 100 for the medium term target of from 135 Maintaining a tight stop loss at 140 88 per share level.”

Calling SAIL shares as a day trading stock; Sumeet Bagadiya, Executive Director, Choice Broking said, “High risk traders can buy momentum in the counter at the current market price for an immediate short-term target. maintain stop loss at 110 97.”

Anuj Gupta, IIFL Securities, on the upside on SAIL share price despite weak Q3 numbers, said, “Despite SAIL management’s claims that it delivered one of its best physical performance during the October to December 2021 quarter, it reflected Its Q3 FY2021-22 results. The unprecedented rise in the prices of imported coking coal pushed up its input cost. However, the company registered a year-on-year (YoY) growth of nearly 12 per cent in its net profit. on an on-going basis while its revenue from operations grew by about 27 per cent over the same period.”

Anuj Gupta said that once the coking coal price in the international market comes down, SAIL will be able to report strong quarterly numbers and hence take the current decline as an opportunity to either accumulate mid to long term or take fresh positions. should be taken as

Rakesh Jhunjhunwala’s stake in SAIL

As per the Steel Authority of India’s shareholding pattern for the October to December 2021 quarter, Rakesh Jhunjhunwala holds 4.50 crore shares in SAIL, which is 1.09 per cent of the total issue paid-up capital of the PSU company.

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