new Delhi. Rakesh Jhunjhunwala portfolio : Star Health Insurance, a stock included in Rakesh Jhunjhunwala’s portfolio, is still giving losses to its investors. It has dropped significantly since listing and is trading just above its 52 week low. But, now brokerage firms are advising to invest in this stock. Brokerage firms say that due to Kovid-19, all insurance companies have suffered a huge setback. Star Health Insurance has also become a victim of this.
Ravi Singhal of GCI Securities says that the situation is improving now. The effect of Corona has subsided. Therefore, there will be further improvement in the business of Star Health and the company can give better results in the coming quarter. The offer price of the Star Health share was Rs 900. The stock was listed on BSE at Rs 848.8 per share while on NSE it was listed at Rs 845. Closed at 906.85 level on the listing date. Rakesh Jhunjhunwala and Rekha Jhunjhunwala hold 10,07,53,935 equity equity shares or 17.50 per cent stake in combined Rupee Star Health.
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Buying appeared in it at one time and it reached 940 rupees. This is the all time high of this stock. After that it started declining. Continuous pressure is being seen in this stock. On Friday, the stock closed at Rs 726 (Star Health Share Price) after a fall of 1.7 percent. This is only slightly above its 52-week low of Rs 712.15. In a month, this stock has fallen by about 17 percent.
Is now your chance to buy?
GCL Securities Ravi Singhal says that most insurance companies had to increase their provisioning during Kovid. Claims increased due to Kovid. This put pressure on the companies. This happened with Star Health as well. But with the decline in the cases of Kovid, it is expected that Star Health will see a strong increase in profit due to reduction in provisioning. GCL Ravi Singhal says that when getting around Rs 725-750, this stock can be bought with a stoploss of Rs 640 with a target of Rs 1000-1100 for 6 months.
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Stock can give profit in the long term
Santosh Meena, Research Head, Swastika Investmart Ltd, also sees strength in Star Health’s stock. He says that the stock of Star Health can give profits in the long term. Sumeet Bagdia of Choice Broking says that those investing money for the short term should wait now. The stock of Star Health is moving between Rs 710-750. If the stock gives a breakout above Rs 750 on closing basis then buy it with a stop loss of Rs 710 for a short term target of Rs 825 -850.
(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you wish to invest in any of these, please consult a Certified Investment Advisor first. Tech for FTCP is not responsible for any profit or loss caused by you. Will happen.)
Tags: Rakesh Jhunjhunwala, stock market, Stock tips
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