After hitting the upper circuit on consecutive sessions from January 28th, 2022 to February 14th, 2022 on a capital increase announcement, the multibagger company DB Realty has once again become an upper circuit stock these days, according to Rakesh Jhunjhunwala’s portfolio. It has hit the upper circuit for the fourth session in a row today, registering a roughly 25% gain in the last week. The share price of DB Realty, which has been one of the circuit stocks in recent sessions, is once again gaining on news of obtaining outside investment.
According to stock market experts, the market is humming with reports that a business backed by Rakesh Jhunjhunwala will seek foreign investment through a stake sale by Viacom18 worth 30,000 crore. According to them, the current increase in this multibagger stock is due to this fund offering, which may provide the company with the cash to complete and execute its business ambitions. They predicted a big rebound in the stock in the short run and recommended shareholders keep holding the stock for a short-term objective of 140. Positional investors were also recommended to add this stock with a short-term goal of 140.
Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the cause of the increase in this Rakesh Jhunjhunwala portfolio stock: “There is buzz in the market that DB Realty is going to attract some foreign funds via stake sale by Viacom18. The deal is rumoured to be around ₹30,000 crore, and hence this multibagger stock is skyrocketing.“
Profitmart Securities’ Avinash Gorakshkar encouraged shareholders of this Rakesh Jhunjhunwala-backed company to continue holding the counter and monitor the company’s reaction to the news buzz. If the report is genuine, he believes the counter will surge even higher.
Anuj Gupta, Vice President at IIFL Securities, advised new investors to include this multibagger stock in their portfolio: “This Rakesh Jhunjhunwala portfolio stock is in a recovery phase after its recent slide, especially in the second fortnight of February 2022. We are expecting a sharp bounce back in the counter and advise fresh investors to add this stock to their portfolio for a short-term target of 140 while maintaining a stop loss at 87 per piece levels.“
Rakesh Jhunjhunwala has an interest in DB Realty through his wife, Rekha Jhunjhunwala, who owns 2.06% of the company, according to the DB Realty shareholding pattern for October to December 2021.