Rakesh Jhunjhunwala stock rises 18% after 1st earnings post listing

According to stock market experts, this sharp jump in the shares of Metro Brands is due to the first strong earnings after the listing of the shares of Metro Brands. He said the footwear brand has registered a growth of over 53 per cent in its year-on-year (YoY) net profit. The company has very good margins over its competitors and hence the stock may go up from 700 720 in the next 2-3 months.

Speaking on Metro Brands’ share price target; Sumeet Bagdia, Executive Director, Choice Broking said, “Metro Brands shares have given fresh breakouts which have hit lifetime highs. Those who have this stock in their portfolio are advised to target 2-3 months. Keep the counter forward for . 700. It has very strong support 540 levels.”

Why is this stock of Rakesh Jhunjhunwala touching the sky? Ravi Singhal, Vice Chairman, GCL Securities, said, “This rise in the share price of Metro Brands can be attributed to the strong quarterly earnings announced by the company last Saturday. In its Q3FY22 results, the footwear brand has increased its net profit. It has registered a growth of more than this. 53 percent on year-on-year basis while its margin is much better than its peers. In fact, its margin is far better than that of Bata. Hence, the stock’s north direction is going to increase. and hence those who missed out on getting this share during share allotment can buy over the counter around the month 570 levels for Maintaining a stop loss at the 720 target 540 each level.”

The shares of Metro Brands were listed on BSE and NSE on 22 December 2021. The stock had a weak opening as it opened 436 per share on BSE and at 437 per share against its price band on NSE from 485 500 per equity share.

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