SAIL share price surges as ACE INVESTOR Rakesh Jhunjhunwala’s name appears in June-quarter shareholding pattern

As Rakesh Jhunjhunwala’s name appears in the shareholders' list of SAIL (Steel Authority of India Limited), the state-owned steel company shares surge over 2 per cent immediately after bourses filing.

Rakesh Jhunjhunwala, who is also termed as the Big Bull of the stock market has a portfolio of over 40 scrips in his bucket, from banking to hospital and auto to pharma.

According to the shareholding pattern as of June 2021, Rakesh Jhunjhunwala owns 5,75,00,000 equity shares, comprises of 1.4 per cent stake in the company, While Mutual Funds held 5.59 per cent FPIs held over 5 per cent stake, and Insurance companies near 10 per cent stake in SAIL as of June 2021.

The promoters of government-owned have 65 per cent holding in the company, while 35 per cent stake of the company is with public shareholders, as the shareholding pattern shows.

The scrip was trading mute at the day’s low level, however, soared immediately after the shareholding pattern as of June 2021 was filed to exchanges. The stock at around 12:25 pm was trading over 1.5 per cent to Rs 126.45 per share on the BSE versus a 0.65 per cent rise in the BSE Sensex.

Choice Broking Executive Director and market analyst Sumeet Bagadia points out the shares of SAIL to surge going forward, being bullish in the stock, expects it would touch Rs 150 per share target on a short-term basis, while Rs 200 target in next 6-12 months period. The market analyst suggests to Hold this stock and can also look as fresh buying for good returns going forward. 

The stock on May 5, 2021, had touched its 52-week high of Rs 151 per share, while had hit a 52-week low exact a year earlier on July 16, 2020 at Rs 32 a share.