SJS Enterprises shares rise after promoter entity sells 29.5% stake

Shares of SJS Enterprises Ltd gained over 4% in early deals today after promoter entity of the firm sold a 29.5 percent stake in the decorative aesthetics solutions provider for nearly Rs 550 crore through open market transactions. The stock zoomed 4.46% to an intraday high of Rs 669.95 on BSE. Market cap of the firm rose to Rs 2034.53 crore. Total 0.25 lakh shares of the firm changed hands amounting to a turnover of Rs 1.68 crore on BSE.     

In terms of technicals, the relative strength index (RSI) of SJS Enterprises stands at 56.8, signaling it's trading neither in the overbought zone nor in the oversold zone. SJS Enterprises stock has a one-year beta of 0.7, indicating very low volatility during the period. SJS Enterprises shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.         

The stock hit a 52 week low of Rs 379 on March 20, 2023 and a 52 week high of Rs 703.95 on August 14, 2023. 

Promoter entity Evergraph Holdings Pte sold a total of 91,64,033 shares in two tranches, amounting to a 29.52 percent stake in SJS Enterprises, as per bulk deal data available with NSE. The stake was sold in the range of Rs 600-600.06 apiece, amounting to the combined transaction value to Rs 549.86 crore. 

After the bulk deal, Evergraph Holdings Pte’s stake has fallen to 4.63 percent from 34.15 percent stake, while the combined shareholding of the promoters and promoter group has reduced to 21.81 percent from 51.33 percent equity in SJS Enterprises at the end June 2023 quarter.   

Aditya Birla Sun Life Mutual Fund (MF), Quant MF, Sundaram MF, Morgan Stanley Asia Singapore Pte, Societe Generale, Alchemy Emerging Leaders of Tomorrow and Florida Retirement System Allspring Global Investments LLC EMSC, among others were the buyers of shares of SJS Enterprises in the open market transaction. 

On August 18, ace investor Ashish Kacholia sold shares of the company worth Rs 11.5 crore on the National Stock Exchange. The stock fell 4.48% to an intraday low of Rs 610.90 on BSE. Kacholia offloaded 1.8 lakh shares of SJS Enterprises for Rs 640 apiece in a bulk deal. In the same session, 3 lakh SJS Enterprises shares changed hands on bourses, which was 50 percent more than its monthly traded average.  

SJS Enterprises reported a 6 percent rise in year-on-year (YoY) profit to Rs 16 crore in the April-June quarter. Revenue climbed 12 percent YoY to Rs 83 crore in the same period.  

SJS Enterprises makes aesthetic products for two-wheelers, passenger vehicles, commercial vehicles, consumer durables/appliances, medical devices, farm equipment, and sanitary ware industries.  

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