Rekha Jhunjhunwala trims stake in multibagger Canara Bank & a smallcap in March quarter
Jhunjhunwala cut her stake in Canara Bank by 62 bps to 1.45% in the January-March quarter from 2.07% at the end of the previous quarter. The stock has delivered returns of 115% over the past 12 months and its year-to-date returns are 38%.
Ace investor trimmed her stake in multibagger PSU bank stock and smallcap counter during the quarter ended March 31, 2024.Jhunjhunwala cut her stake in Canara Bank by 62 bps to 1.45% in the January-March quarter from 2.07% at the end of the previous quarter. The stock has delivered returns of 115% over the past 12 months and its year-to-date returns are 38%.
This is a significant outperformance over Nifty Bank which has risen 19% and 1.32%, respectively in the said time periods. The Nifty PSU Bank index is up 93% in the last one year.
Canara Bank shares were trading at Rs 610.60 on the NSE around 12 pm today, up by Rs 2.45 or 0.40%.
Canara Bank shares are trading above their 50-day and 200-day simple moving averages (SMA). Momentum indicators RSI and MFI tread in a medium range. While RSI as reported by Trendlyne is hovering around 64, MFI is hovering near the 67 mark. A number above 70 is considered to be overbought while below 30 is seen as oversold.
In Raghav Productivity, she has pared her holding by 6 bps to 5.06% in the March ended quarter from 5.12% in the December quarter.
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Jhunjhunwala's slashing of stake in Enhancers comes amid significant correction in the counter. The manufacturer of Silica Ramming Mass has seen a stock price erosion of over 15% in 2024. Its 1-year returns now stand at 43%.
Raghav Productivity shares are trading above their 50-day and 200-day simple moving averages (SMA) and momentum indicators RSI and MFI tread in a medium range. While RSI as reported by Trendlyne is hovering around 57, MFI is hovering near 68 mark.
Raghav Productivity shares were trading 0.94% lower at Rs 633.25 on the BSE today.
ekha Jhunjhunwala publicly holds 25 stocks with a net worth of over Rs 42,189.7 crore, according to Trendlyne data. Some of the stocks held by this celebrity investor include , , Tata Communications, Crisil, , , , , and among others.
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Source: Stocks-Markets-Economic Times
