Rakesh Jhunjhunwala stocks: This Big Bull-backed hospital share jumped 17% in 5 sessions – check what’s driving the scrip

This Rakesh Jhunjhunwala-backed mid-cap hospital chain stock has jumped over 17 per cent in the last five sessions.  Fortis Healthcare on Wednesday touched a new record high to Rs 274.8 per share after surging by around 4 per cent on the BSE intraday trade.

This surge in the stock price is on the back of strong profit numbers in the first quarter of the financial year 2021-22. Fortis Healthcare reported a consolidated net profit of Rs 430.61 crore, aided by an exceptional gain from the remeasurement of the stake held in the SRL-DDRC joint venture.

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The company had posted a consolidated net loss of Rs 187.88 crore in the same quarter last fiscal, the hospital chain said in a regulatory filing.

While its consolidated revenue from operations stood at Rs 1,410.31 crore in June-end quarter of this fiscal as against Rs 605.95 crore in the same period a year ago

The counter on Tuesday ended over 1 per cent higher to Rs 274.8 per share on the BSE, as compared to a 0.29 per cent decline in the S&P BSE Sensex.

Fortis Healthcare is the fourth favourite stock of ace investor Rakesh Jhunjhunwala, who is also termed as the Big Bull of Indian stock market, after in Titan, Tata Motors, and Crisil in terms of investment in the company.

Rakesh Jhunjhunwala held 32,550,000 shares, which comprises 4.3 per cent, a shareholding pattern of the June quarter available on the BSE shows.

Since 2016, the celebrity investor has been gradually increasing the holding in the hospital chain, however, he had slashed his stake in September and December quarter in 2020 amid promoters’ issue, once it resolved Rakesh Jhunjhunwala increased his stake in March 2021 quarter.

Rakesh Jhunjhunwala and Associates publicly holds 38 stocks from finance to tech and retail to pharma sectors. The celebrity investor also manages the asset firm Rare Enterprises.