Hotel stock on cusp of breakout. Do you hold?

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Rakesh Jhunjhunwala portfolio: Indian Hotels share price has been in uptrend after we ushered in New Year 2022. In year-to-date time (YTD), this hotel stock has delivered around 19 per cent return to its shareholders whereas in last one month, this Rakesh Jhunjhunwala stock has surged to the tune of near 9 per cent. 

According to stock market experts, strong financial experience and huge expansion plans are some of the major reasons that has boosted market sentiments in regard to this Rakesh Jhunjhunwala stock. They said that stock has strong support at 200 apiece levels and it may give fresh breakout on chart pattern at 225 per share levels.

Speaking on the fundamentals that may continue to fuel this Rakesh Jhunjhunwala portfolio stock rally; Astha Jain, Senior Research Analyst at Hem Securities said, “Indian hotel has shown strong financial performance in Q3FY22. Company’s top-line as well as bottom-line has shown whopping surge of more than 90 per cent in Q3FY22. Also company has strong plans for expansion, which includes to open more than one hotel a month in CY2022. In fact, Indian Hotels has signed on 17 new hotels for the year; and with a pipeline of over 60 hotels. Also, company has portfolio of 232 Hotels & 27,900+ Rooms including pipeline.”

Astha Jain of Hem Securities went on to add that Indian Hotels shares have a resistance zone at around 225 to 230 levels. Once it breaches this hurdle, there can be sharp upside witnessed in this Rakesh Jhunjhunwala stock.

Expecting fresh breakout in this Rakesh Jhunjhunwala-backed company’s stock; Rohit Singre, AVP — Research at Bonanza Portfolio said, “Indian Hotels company shares have strong support at 200 levels whereas it has strong hurdle at 225 apiece levels. As the stock is in uptrend, we are expecting fresh breakout in the hospitality stock at 225 on closing basis. After breaking this hurdle, the stock may ascend up to 270 apiece levels in short term.”

Rakesh Jhunjhunwala share holding in Indian Hotels

As per the shareholding pattern of Indian Hotels for October to December 2021, Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have invested in this company. Rakesh Jhunjhunwala holding in Indian Hotels Company is 1,42,79,200 shares or 1.085 per cent stake while Rekha Jhunjhunwala holds 1,42,87,765 shares, which is 1.08 per cent of total issue paid-up capital of the company.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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