Rakesh Jhunjhunwala's 3 latest picks are in sell mode. Worth a look?

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NEW DELHI: Rakesh Jhunjhunwala‘s latest stock picks are having a rough ride in the market. These stocks are down up to 30 per cent from their 52-week highs, data suggest. The ace investor entered the three counters — Nalco, Canara Bank and Indiabulls Real Estate — in the September quarter.

Data showed Nalco, where Jhunjhunwala bought 1.4 per cent stake in the second quarter, has fallen 29.5 per cent from its October 18 high of Rs 124.75. Jhunjhunwala’s stake in the company is worth Rs 220 crore.

Among the aluminium names, said Rakesh Arora, Founder, Go India Stocks.com, Vedanta has outperformed peers given the corporate action and promoters’ buying. Hindalco seemed to be a better play and Nalco was the cheapest stock in the aluminium space, he told ET NOW.

Antique Stock Broking has a target of Rs 126, while Motilal Oswal saw it at Rs 107. Overall, eight analysts tracking the stock have a median 12-month target of Rs 112.78 on the stock, suggesting a potential 27 per cent upside.

In case of Canara Bank, the scrip was down 20 per cent over its November 9 high of Rs 247.60. While some brokerages saw the stock as a good technical buy, the 12-month fundamental target on the stock has suggested no upside.

In a technical report on Tuesday, ICICIdirect had Canara Bank among its top BFSI picks.

Hemang Jani of Motilal Oswal Securities said PSU banks have done well in terms of operating performance and they could provide good opportunities for investors. “From a tactical trading opportunities perspective, apart from SBI, names like Canara Bank, Union Bank, Bank of Baroda are where we think that things are incrementally looking much better and, if the growth is sustained, people would want to have some participation,” he told ET NOW.

Overall, 13 brokerages have a median 12-month target of Rs 200.60, suggesting no upside ahead.

“The bank is already growing in double digits in retail — with a focus on housing at 14 per cent YoY, with minimal NPA of under 1 per cent. The bank has been an outperformer on the agri side with lower-than-peers GNPL. About 50 per cent of the agri book is backed by gold, which insulates it from risk,” said Kotak, which has a target of Rs 210 on the stock.

The stock traded at Rs 199 a piece on Wednesday, suggesting limited upside.

Another Jhunjhunwala stock, Indiabulls Real Estate, is down 16 per cent from the November 9 high of Rs 195.90. Not many brokerages track this stock.

This realtor is in the process of completing its merger with Embassy Group. The move would help Indiabulls become one of the most diversified real estate companies with several land banks and significant developmental potential across the key markets of MMR, NCR and Bengaluru.

In a note in October, JM Financial said the merged entity would be well-placed to benefit from the current consolidation across both commercial and residential markets given that Embassy Group was an experienced real estate developer and the Blackstone Group (owner of Sky/Sky Forest assets; shareholder of merged entity) would bring in additional benefits.

The brokerage has no rating on the stock.

Jhunjhunwala had Rs 83 crore worth Indiabulls Real Estate shares or 1.1 per cent stake as on September 30. He was not among the company’s key shareholders (over 1 per cent stake) on June 30.

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