Metro Brands can give strong returns to the investors in the coming times. Rekha Jhunjhunwala, wife of veteran investor Rakesh Jhunjhunwala, holds a major stake in Metro Brands. Brokerage houses Ambit Capital and Axis Capital have started coverage of Metro Brands and have targeted the company’s shares to rise up to 37 per cent. Shares of Metro Brands closed at Rs 521.90 on the Bombay Stock Exchange on Wednesday.
Target of Rs 718 for footwear company
Brokerage house Ambit Capital has fixed a price target of Rs 718 for footwear company Metro Brands. At the same time, Axis Capital has fixed a target of Rs 625 for Metro brands. Ambit Capital says that the profitability of Metro brands may see volatility in the near future due to the risk of slowdown in costly raw materials and discretionary spending. This has been said in a report by Business Today.
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14.43% stake in Rekha Jhunjhunwala’s company
According to the latest shareholding data available on the Bombay Stock Exchange (BSE), Rekha Jhunjhunwala, wife of veteran investor Rakesh Jhunjhunwala, holds 14.43 per cent stake in Metro Brands. This shareholding data is as of 31 December 2021. At the same time, the promoter’s stake in the company is 68.51 percent. Metro Brands has 226 Metro Branded Multi Brands Outlets (MBP) format stores in 123 cities. The market cap of Metro Brands is close to Rs 14,169 crore. The 52-week high of the company’s shares is Rs 673. At the same time, 52 weeks low is Rs 426.10.
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