Jhunjhunwala Portfolio: Rakesh Jhunjhunwala, a veteran investor called India’s Warren Buffett, has reduced his stake in the healthcare company Fortis. At the end of June 2021 quarter, he had 3.25 crore shares of the company i.e. 4.31 percent stake, which has now come down to 4.23 percent. Jhunjhunwala has sold 6 lakh shares of Fortis.
Fortis has gained about 72 per cent this year but its shares have not been performing very well for some time and it has lost 1.12 per cent in the last five trading days while Sensex and Nifty are reaching new highs. However, in the last one year, it has gained 72.15 percent to reach a price of Rs 268.5.
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This is the opinion of experts
- Today, on October 18, the BSE reached a new high with a jump of about 0.74 per cent in intra-day, but the shares of Fortis remained a sell-off. Its prices had reached a record high of Rs 304 on August 30. After this, it has come down by about 21 percent. Analysts believe that the correction in the price is happening due to the reduction of stake in Fortis Healthcare by big investors.
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- According to AR Ramachandran, co-founder and trainer of Tips2Trades, technically the level of Rs 277 is acting as resistance and only if it closes on the price above it, it can see a rise. According to Ramachandran, Fortis Healthcare is getting critical support at the level of Rs 255-260.
- According to Akhilesh Jat, pharma analyst at CapitalVia Global Research, Fortis’s non-Covid business has grown, but it will take another 12-15 months to reach the level before Corona.
(Article: Surbhi Jain)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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