Shares of Metro Brands surged nearly 17% in early trading today on strong Q3FY22 results. Metro Brands shares opened with an upside gap of nearly Rs 37 per share today and went on to hit a lifetime high of Rs 609.45 per share, about 18% higher than the previous close of Rs 507.95 per share. However, stock market experts expect further gains in this Rakesh Jhunjhunwala portfolio stock.
According to stock market experts, the surge in Metro Brands stock was due to Metro Brands stock’s strong first-time earnings since its IPO. The footwear brand’s net profit rose more than 53 percent year-on-year, they said. The company has very healthy margins with its peers, so the stock could rise to Rs 700-720 in the next 2-3 months.
Speaking of Metro Brands’ share price target; Sumeet Bagadia, Executive Director of Choice Broking, said: “Metro Brands stock has broken new ground, hitting new all-time highs. Those who have this stock in their portfolio are advised to hold further. 2-3 months target of Rs 700. It is very strongly supported at the Rs 540 level.”
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