Rakesh Jhunjhunwala, the big bull of the stock market, keeps on increasing his stake in the companies by sensing the moves of the market. They know when to increase their stake in which company and from which stocks to get rid of. They place only quality stocks in their portfolio and one of them is Multiple Commodity Exchange (MCX), in which Jhunjhunwala has increased his stake.
After increasing the stake in MCX, Rakesh Jhunjhunwala’s total stake in the company has increased to 4.9% from 3.92% in December 2020. Market experts say that MCX has a monopoly in commodity trading, as well as its revenue is stable. Because of this Rakesh Jhunjhunwala has increased his stake in MCX.
Future and bright
Market experts said that there is a possibility of a good monsoon this year, which is expected to accelerate the trading of agricultural commodities. This is great news for MCX in terms of revenue generation in the future. Due to this, experts gave MCX stocks a Buy rating and advised to buy keeping in mind the target price of Rs 1600 per share.
Let us tell you that according to the data of MCX, Rakesh Jhunjhunwala bought 5 lakh equity shares of MCX between January 2021 and March, taking his total number of shares in the company to 2.5 million. It is 4.90% of the total share of the company. Avinash Gorakshar, head of research, Profitmart Securities, said the company’s outlook is positive and a good monsoon is expected to boost its revenue.
At the same time, SMC’s Mudit Goyal advised investors to buy its stocks and the intermediate target price of MCX shares was Rs 1560. Also said that the shares of the company can reach the price of Rs 1600. He suggested a stop loss of 1455 for its stocks.
Increased stake in Fortis Healthcare
Big Bull increased its stake in Fortis Healthcare Limited in January this year. According to the data available on the BSE, Rakesh Jhunjhunwala increased his stake in Fortis Healthcare by 1.66% in January 2021, taking his total stake in the company to 4.31% now. Stocks of the company have jumped 30% this year since Jhunjhunwala increased stake in Fortins Healthcare.
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