Rakesh Jhunjhunwala stocks: The portfolio of billionaire investor Rakesh Jhunjhunwala was rejigged during September 2022 quarter as the shareholding pattern of public sector Canara Bank shows about 87,50,000 equity shares (0.5% stake) are being sold. The ace investor passed away on August 14, 2022, due to cardiac arrest.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The total holding of Rakesh Jhunjhunwala has gone down to 1.48 stakes (2,68,47,400 shares), in the September quarter as per the shareholding pattern of the company as against 1.96 stakes (3,55,97,400 shares) in the June quarter of 2022.

Rakesh Jhunjhunwala, who was also known as the Big Bull of the Indian stock market, entered in the PSU bank stock in September 2021 quarter by picking about 1.6 per cent stakes in the bank. He, however, added another 0.4 per cent stakes in March 2022 quarter, as per the holding pattern.

Rakesh Jhunjhunwala and Associates publicly held 32 stocks with a net worth of over Rs 33,903.8 crore as of October 18, 2022, according to the stock analysis website trendlyne.com. The celebrity investor had favoured stocks in the finance, tech, retail, and pharma sectors.

Canara Bank Q2 Results Date & Preview

Earlier on Monday, Canara Bank in a filing said, “The Board Meeting of the Bank is scheduled to be held on Thursday, the 20th of October 2022 at its Head Office, Bengaluru, to consider and approve the Unaudited (Reviewed) Standalone and Consolidated Financial Results of the Bank for the Second Quarter / Half Year ended 30.09.2022.”

Domestic Brokerage Motilal Oswal expects business growth to remain steady and asset quality as well as slippages to be moderate in Q2. It also expects the margin to expand to around 2.8 per cent, while treasury performance to remain modest. It sees the credit costs of the PSU bank may stay elevated.

Canara Share Price History

On Tuesday, shares of Canara Bank jumped over 5 per cent to Rs 250.20 per share on the BSE. In an extended rally, the stock surged more than 10 per cent in the last two sessions. The scrip in the last one year has gained over 31 per cent, and around 22 per cent year-to-date.

It touched a 52-week high of Rs 272.8 per share on February 3, 2022, and Rs 171.7 per share a 52-week low on June 20, 2022.

Technical View

The stock saw noteworthy delivery volumes at the lower trading range of the trading band at Rs 210-220 in July 2022 and August 2022. It revisited these levels in the September series but witnessed a sharp recovery, domestic brokerage ICICI Securities said.

The brokerage believes these levels for the stock will act as major supports in coming sessions, adding that the volumes have again started increasing in the recent period near Rs 220 levels, indicating fresh momentum for the stock.