SJS Enterprises shares fall over 4% after Ashish Kacholia sells stake
SJS Enterprises shares fell 4.5% to Rs 310.9 in Monday's trade on BSE after the marquee investor Ashish Kacholia sold part of his stake in aesthetic solutions provider for Rs 11.6 crore through the open market on Friday. Kacholia offloaded 1.8 lakh shares of SJS Enterprises for Rs 640 apiece in a bulk deal.SJS Enterprises makes aesthetic products for two-wheelers, passenger vehicles, commercial vehicles, consumer durables/appliances, medical devices, farm equipment, and sanitary ware industries. Earlier on August 16, in an exchange filing, the company said, SJS Enterprises will buy Suryaurja Two, a power generation company for Rs 20 lakh, said the firm on August 16.
Post-acquisition SJS Enterprises will become a captive consumer for STPL’s 2 MW solar power. The acquisition will be completed before August 30. At 12.02 pm, the stock was trading 3.6% lower at Rs 616.3 on BSE.
However, on a year-to-date basis, the stock has surged 25%, while it has risen 35% in the last year. In Q1 FY24, the firm reported a nearly 7% increase in year-on-year (YoY) profit to Rs 16 crore. Meanwhile, its revenue climbed 12% YoY to Rs 83 crore in the same period.
As per Trendlyne data, the target price of the stock is Rs 729, an upside potential of 18% from the current market prices. The consensus recommendation from three analysts for the stock is a 'Strong Buy'. Technically, the stock's day RSI (14) is at 57.9.
The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 17.9, above its Center Line, but below the signal line. SJS Enterprises shares are trading higher than the 50-day, 100-day, 150-day, and 200-day moving averages but lower than the 5-day, 10-day, 20-day, and 30-day moving averages.
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