Shares of SJS Enterprises crashed over 4% on Monday to hit an intraday low of ₹410.
The slump in the stock comes as ace investor Ashish Kacholia cut its stake in the company. As per exchange data, Kacholia sold 1.80 lakh shares of the company at an average price of ₹640.01. The bulk deal was executed on Aug 18 on the NSE.
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As per the data available, Kacholia held 4.34% or 13.48 lakh shares of the company as on June 30. The company had registered double-digit growth in revenue and profits during the June quarter. The small-cap company’s revenue from operations went up 13% year-on-year to ₹117 crore. Net profits for the April-June period stood at ₹18 crore, up 11% year on year.
Reacting to the results, Nuvama maintained its “buy” rating on the stock raising the price target to ₹838 from ₹594.
Price Action: SJS Enterprises’ share price was down 2.76% to trade at ₹622 in the mid-market hours of trading on Monday.
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