Private lender Federal Bank's share price has surged around 60% in one year and analysts at domestic brokerage house and research firm HDFC Securities see more upside in this Rakesh Jhunjhunwala portfolio stock. The brokerage said volumes have confirmed the breakout on the daily charts and the stock has been finding support on its 50 days EMA. Domestic brokerage Angel Broking also has a ‘Buy’ stance on the stock with target price of ₹110 per share as it sees around 27% upside. Explaining the rationale, Angel Broking said that Federal bank is one of India’s largest old generation private sector banks with total assets of Rs. According to the shareholding pattern of Federal Bank for March 2021 quarter, ace investor Rakesh Jhunjhunwala’s stake in the bank stood at 2.40% or 4,72,21,060 shares as of March quarter.

Source: Mint July 09, 2021 03:22 UTC