Radhakishan Damani, a renowned investor, has added Advani Hotels & Resorts (India) Ltd to his portfolio. According to the hotel company’s exchange notification, market magnet purchased 23,93,490 shares or 5.17 per cent of the company’s total issued paid-up capital. Stock market specialists, including Radhakishan Damani, are positive on the counter. Experts predict that this hospitality stock will rise to 130 per share shortly.
Radhakishan Damani has invested in Advani Hotels and Resorts through his investment company, Derive Investments, according to Advani Hotels and Resorts’ exchange announcement posted on the BSE website. Derive Investments has purchased 23,93,490 Advani Hotels and Resorts shares, or 5.17 per cent of the company, according to the company’s investment disclosure.
When the BSE published this information on its website, buyers’ interest in the stock spiked, hitting the upper circuit on Thursday. However, it quickly resumed trading, with profit booking erasing its early gains. Finally, this Radhakishan Damani portfolios stock closed 11.50 per cent higher on the NSE than it did on Wednesday. On the other hand, Stock market gurus believe the counter has more upward potential.
Speaking on this new Radhakishan Damani stock, Anuj Gupta, Vice President at IIFL Securities, said, “Advani Hotels and Resorts shares have strong support at ₹69 apiece levels and after sudden rise in the counter some profit-booking is expected. One should buy this stock at current levels and keep on accumulating on big dips till it is quoting above ₹69. It is expected to go up to ₹130 levels in short term. However, one must maintain stop loss at ₹69 while taking position in this Radhakishan Damani stock.”