Federal Bank, owned by veteran investor Rakesh Jhunjhunwala, rose 4.25% on Monday after reporting quarterly results. The bank’s net profit rose 64% in the June 2022 quarter.
Rakesh Jhunjhunwala & Associates owns 3.7% (7,57,21,060 shares) of Commonwealth Bank based on the holding pattern for the March quarter of 2021 (Q4FY22). In March 2022, Rakesh Jhunjhunwala’s shares in Federal Bank Limited increased to 2.64% (5,47,21,060 shares) and his wife Rekha Jhunjhunwala’s shares increased to 1.01% (2,10,00,000 shares).
Brokerages are bullish on Commonwealth Bank shares after FY23 first-quarter results. 24 of 28 analysts issued a buy recommendation on Bundesbank shares. Four are recommended to hold. Jhunjhunwala owns a 3.7% stake in the private bank, according to data for the March quarter of 2022.
Global brokerage Morgan Stanley maintained an “overweight” rating on Commonwealth Bank with a target price of Rs 130. The share price closed at Rs 98.75 on July 15, 2022, with a strong future return of around 32%. HDFC Securities set a target price of Rs 132 and Axis at Rs 125.