Stock To Buy: The multibagger mid-cap stock Jindal Worldwide has risen 48% in last two months. Anand Rathi expects 10% more upside for this stock, which remains its pick of the month
Stock perfromance
Jindal Worldwide that had seen sharp correction during March to November period, however has risen sharp 48% ever since i.e in last two months. The Jindal Worldwide share price had recently scaled highs of ₹471 and has given multibagger returns to investors with share price having risen 600% in past five years.
Expected Upside and Target price
Jindal Worldwide remains pick of Anand Rathi Investments Services. Anand Rathi has recommended buy on the Stock at around ₹437 levels as it expects the stock acheiving its target price of ₹485. The time frame for acheiving this target price as per Anand Rathi is 1 month. The Anand Rathi Target price thereby translates into an upside of more than 10% for the Jindal Worldwide share price.
Jindal Worldwide as per Anand Rathi analysts has recently broken out of a consolidation pattern, aligning with the Bollinger Band’s upper line and supported by a bullish crossover in the weekly MACD (Moving Average Convergence Divergence), signaling strong upward momentum.
This technical setup as per Anand Rathi indicates a potential continuation of the uptrend. Thus Anand Rathi Analysts say that based on this, a long position is advised in the price range of ₹430-438, targeting an upside level of ₹485.
To manage risk, a stop-loss at ₹409 on a daily closing basis has also been recommEnded by Anand Rathi analysts.
Bonus issue details
The Board of JIndal Worldwide at their meeting held. on Tuesday, 7th January, 2025, has also approved issue of bonus equity shares in the proportion of 4:1 i.e. 4 (Four) new fully paid-up equity shares of ₹ 1/- (Rupees One) each for every 1 (One) existing fully paid-up equity share of ₹ 1/- (Rupees One) each held, to the eligible equity shareholders of the Company as on the record date, by capitalization of free reserves
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
