Mumbai Shares of National Aluminum Company Ltd jumped nearly 7% after the September quarter shareholding pattern data was disclosed by ace investor Rakesh Jhunjhunwala.
At closing, stock . settled on ₹101.25, up 5.09% from its previous close. In intraday it reached a high of ₹103 per share and gained up to 6.9%. Its stock has climbed more than 137 per cent so far this year.
According to the September quarter data, Rakesh Jhunjhunwala holds 1.36 per cent or 25 million shares in the firm.
However, at what price Jhunjhunwala bought the stake and did not specify the date of purchase.
Brokerage firm JP Morgan has upgraded the company from underweight to neutral and raised its target price to Rs. ₹from 104 ₹46 a share.
JPMorgan expects a sharp rise in earnings per share for aluminum shares amid rising aluminum prices. The brokerage firm says that it has seen a 35% increase in aluminum prices in CY2022 and around 18% for CY23.
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