Rakesh Jhunjhunwala’s multibagger stock: This Rs 69 share has gained 150% this year; should you buy?

Ace investor Rakesh Jhunjhunwala’s portfolio has a multibagger share priced below Rs 70, which has more than doubled this year.

Rakesh Jhunjhunwala
Analysts also say that interest from big investors such as Rakesh Jhunjhunwala has increased in Anant Raj shares as the company performed well even during Covid period. (Image: REUTERS)

By Harshita Tyagi

Ace investor Rakesh Jhunjhunwala’s portfolio has a multibagger share priced below Rs 70, which has more than doubled this year. Anant Raj Ltd share price has gained around 150 per cent so far this year 2021. The realty stock has surged from Rs 27 at the beginning of the year to Rs 69.7 per share now. Further, analysts expect Anant Raj share price to hit triple-digit figures in the medium to long term. Anant Raj stock has attracted FPIs and FIIs of late, and the company has posted good quarterly financial figures in the last three quarters despite the Covid-19 pandemic stress.

Anant Raj Ltd is a real estate development and construction company. It also develops and constructs information and technology parks, hospitality projects, special economic zones, office complexes, shopping malls and residential projects in the state of Delhi, Haryana, Rajasthan and the National Capital Region.

Anant Raj stock talk: ‘Buy’, share price eyes Rs 155

Anant Raj stock faces a strong hurdle at Rs 80, said Manoj Dalmia, Founder & Director at Proficient Equities Limited in a note. However, once it manages to break the Rs 80 hurdle, Anant Raj share price could soon hit Rs 100, and scale further up to Rs 155 levels in the long term, Dalmia added.

Anant Raj share is in strong bullish momentum where it is holding its 200-DMA, and moving in an upsloping channel. It is bouncing back from the lower end of the channel, and may head towards Rs 88, said Santosh Meena, Head of Research, Swastika Investmart Ltd. “Therefore, we can expect the target of 88 in the near term while over the next year it has the potential to move in triple-digit,” Meena added.

Short term investors can buy Anant Raj shares at current levels and book profit around Rs 80, with a strict stop loss at Rs 60 per share, said Sumeet Bagadia, Executive Director, Choice Broking. Analysts also say that interest from big investors such as Rakesh Jhunjhunwala has increased in Anant Raj shares as the company performed well even during Covid period.

Bullish on real estate stocks

Analysts expect real estate stocks with strong fundamentals to perform well and deliver good returns going ahead. “We have a very bullish view on the Indian realty sector as it is showing strong growth momentum on the back of low-interest rates, supportive government policies, consolidation in the industry due to RERA, and growth in the technology space. Technically, the Nifty Realty index is witnessing a breakout of 10 years of consolidation for a fresh bull run,” Santosh Meena said.

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