Shares of SG Mart were surging on Friday, set to snap their six-session losing streak.
What Happened: The jump in stock price comes as ace investor Ashish Kacholia picked up a stake in the company. Kacholia bought a 1.1% stake in the company, according to Bombay Stock Exchange data, buying 9.10 lakh shares at an average price of ₹440 through a bulk deal.
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The sellers in the deal were promoters of the company, Meenakshi Gupta and Dhruv Gupta. Together, they offloaded around 60 lakh shares of the company. They both owned around a 52% stake in the company as of March end.
Besides Kacholia, SG Logistic Management also bought shares in the deal, picking up around 25 lakh shares.
With a market cap of around ₹3,500 crore, the SG Mart is a tech-enabled business-to-business marketplace focussed on construction materials.
The small-cap firm offers a wide range of products with more than 27 product categories, and over 1,750 stock-keeping units. These categories include steel construction products like thermo mechanical treatment rebars, hot rolled sheets, welding rods, binding wire, mesh nets, tapping screws and barbed wire, tiles, cement, bath fittings, laminates and paints.
Price Action: Shares of SG Mart were locked in the 2% upper circuit at ₹449.85 in early trade on Friday.
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