Sunday, October 24, 2021
HomeBusinessRakesh Jhunjhunwala cuts stake in Lupin; stock remains under pressure, loses over...

Rakesh Jhunjhunwala cuts stake in Lupin; stock remains under pressure, loses over 4% so far this year

Earlier, Rakesh Jhunjhunwala held 1.6 per cent stake or 72.45 lakh shares of Lupin

Rakesh Jhunjhunwala has trimmed stake in pharma major Lupin to below one per cent. Earlier, Rakesh Jhunjhunwala held a 1.6 per cent stake or 72.45 lakh shares of Lupin, as of 30 June 2021. However, Rakesh Jhunjhunwala’s name didn’t appear in the list released by the company earlier this week per the latest filing for shareholding. Companies don’t need to report the names of shareholders holding less than one per cent stake in the company. Trendlyne shows Rakesh Jhunjhunwala’s holding in Lupin as ‘below 1%’ as on 30 September 2021.

Also read: Rakesh Jhunjhunwala stock: Tata Motors share price rallies 20% on TPG investment in EV biz; may surge 20% more

Lupin share performance

Lupin share price was down more than half a percent at Rs 958 apiece on BSE, even as BSE Sensex surged 0.7 per cent, rallying at a fresh record high. The stock has fallen half a per cent in the last five days, and 2.4 per cent in the last month. While, on a year-to-date (YTD) basis, Lupin stock has lost 4.14 per cent, and 8.6 per cent in six months. Analysts say that the overall pharma sector is on a positive note but the low ROE of Lupin has not benefited the investors at all.

The operating performance of the company also remained weaker. “However, the outlook of Lupin seems stable in view of the continued healthy growth in the pharma sector of India and gradual rise in US sales which might improve its margins. Investors may hold the stock for the target of 980 in the medium term,” Ravi Singh, VP – Head of Research, Share India Securities told Financial Express Online.

Despite a rally in the overall Indian stock market, Lupin shares were ruling under pressure. Analysts said that the high-profile investor exiting along with little interest in defensive sectors like pharma has led to Lupin stock remaining under pressure despite an overall strong bull market. “Technically, Rs 980 remains a strong resistance and till there is no close above this level, Rs 920-930 could be achieved in the coming sessions,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Source link


Denial of responsibility: TheTimesofNews is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.

- Advertisment -

Most Popular