Rakesh Jhunjhunwala portfolio: After hitting new life-time high on Monday, Indian Hotels Company Limited (IHCL) share price has climbed to new peak today. Extending its rally on yet another session, Indian Hotel share price today opened upside with near ₹2 per share gap and went on to hit fresh life-time high of ₹268.95, surpassing its previous all-time high of ₹265.50 per share levels. As per the stock market experts, this multibagger stock is expected to continue its rally as both fundamentals and technicals signal strong upside in the scrip in upcoming sessions.
According to stock market experts, this Rakesh Jhunjhunwala stock has been bullish after giving breakout at ₹230 per share levels and Indian Hotel shares are currently forming ‘higher high formation’ on chart pattern, which means the stock may further continue to move upside. They said that in the wake of unlock theme, hotel stocks are expected to outperform key benchmark return and any dip in the stock should be seen as an opportunity to buy.
Speaking on the reason for Indian Hotel share price rally, Avinash Gorakshkar, Head of Research at Profitmart securities said, “IHCL share price has been surging continuously due to the unlock theme. Hotel stocks have remained non participant in recent market rally in 2021. However, after ease in Covid-19 restrictions across nation, upcoming wedding season and healthy booking status of leading Indian hotels in India, market is expecting strong quarterly numbers in upcoming quarters. That’s why Indian Hotel share price has been climbing new highs despite weak Q4 results.” Gorakshkar said that current IPL 2022 has also worked in favour of hotel business as a good number of sports enthusiasts from various countries come to India to watch IPL matches.
On what Indian Hotel share chart signals, Sumeet Bagadia, Executive Director at Choice Broking said, “This hospitality stock has recently given breakout at ₹230 apiece levels and it has formed higher high formation on chart that signals further upside in the counter. Indian Hotel shares have strong support at ₹230 to ₹240 levels whereas it is facing immediate resistance at ₹280. On breaching this immediate hurdle, the stock may go up to ₹300 apiece levels in near term.”
Indian Hotel share price history
Indian Hotel shares are one of the multibagger socks in 2021. In last one year, it has surged from around ₹105 to ₹265 levels, logging near 150 per cent jump in this period. In YTD time, this Rakesh Jhunjhunwala portfolio, stock has risen from ₹near 184 to ₹265 apiece levels, clocking around 45 per cent rise in 2022.
Rakesh Jhunjhunwala shareholding in Indian Hotels Company
Big Bull and his wife Rekha Jhunjhunwala have investments in this Tata group hotel. As per the shareholding pattern of IHCL for Q4FY22, Rakesh Jhunjhunwala holds 1,57,29,200 IHCL shares or 1.11 per cent stake in the company whereas his wife Rekha Jhunjhunwala holds 1,42,87,765 IHCL shares or 1.01 per cent stake in the company.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.