Experts give ‘buy’ tag to this construction co stock in Rakesh Jhunjhunwala portfolio -

Experts give ‘buy’ tag to this construction co stock in Rakesh Jhunjhunwala portfolio

A smart investor rarely changes its long-term investment strategy. Rakesh Jhunjhunwala has done the same by keeping his share holding in Nagarjuna Construction Company (NCC) Limited at the same December 2020 quarter in the March ended quarter. The Big Bull and his wife Rekha Jhunjhunwala holds 12.84 per cent NCC shares out of which, Rakesh Jhunjhunwala holds 10.94 per cent of the company shares while his wife Rekha Jhunjhunwala holds 1.90 per cent company shares. Suggesting Indian investors to take lesson from the Rakesh jhunjhunwala conviction in NCC shares and take advantage of the discounted Covid-hit markets, experts have suggested investors to buy NCC shares. They said that company is one of the quality shares that one can think of buying for both short-term and long-term perspective.

Speaking on the fundamentals of NCC stocks Avinash Gorakshkar, Head of Research at Profitmart Securities said, “When the market is at discounted level, one has the opportunity to buy quality stocks at attractive valuations. NCC is one such share that a stock market investor can think of buying in this Covid-hit market. Company’s order book is attractive and its December quarter numbers were in sync with the market expectations. However, due to the rise in Covid-19 fresh cases, construction work has got hit and in coming times company may have to face shortage of construction workers due to migration of workers to their native place in the wake of lockdown imposed in certain parts of India.” However, Gorakshkar said that such sentiments are temporary and once the Covid-19 comes under control, market will certainly rebound and in that case NCC share price will showcase sharp northward trend. He advised investors to buy NCC stocks for both short-term to long-term time-horizons.

Unveiling strategy for stock market investors in regard to NCC shares Ravi Singhal, Vice-Chairman at GCL Securities Limited said, “NCC shares can be bought at 71 to 72 levels for the immediate short-term target of 82 and 91. However, one can hold the counter for next three months target of 121 as it is poised to showcase sharp upside movement breaking its last 52-week high of 99.85.”

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