Rekha Jhunjhunwala, saw a significant increase in her wealth today, thanks to the outstanding performance of the Metro Brands stock. The Metro Brands’ share price reached a new 52-week high of ₹1,293, surging up over 14% on Tuesday.
Jhunjhunwala holds a 9.60% stake in Metro Brands, equivalent to 2.61 crore shares. With the stock’s previous close at ₹1,126.25, her holdings were valued at around ₹2,939 crore. The surge to the 52-week high of ₹1,293 elevated the value of her stake to ₹3,375 crore.
The surge today comes even as domestic brokerage firm HDFC Securities maintained its ‘sell’ rating on the stock with a target price of ₹840. The target indicates around 34% downside from the 52-week high the stock hit today.
The brokerage in its latest research note said that while the company certainly is among the more disciplined footwear retailers with an in-sync product-market fit normalizing KPIs are likely to put pressure on margins over FY23-26. It added that keeping this in mind the company’s current valuation “seems oversized.”
Price Action: Metro Brands’ share price was trading 13.07% higher at ₹1,275.70 at the time of writing on Tuesday.
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Editor’s note: Artificial Intelligence was used as a secondary aid in the writing of this article.
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