SJS Enterprises stock falls 3% after Ashish Kacholia sells stake in bulk deal

SJS Enterprises will acquire Suryaurja Two, a power generation company for Rs 20 lakh, said the company in an exchange filing dated August 16.

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SJS Enterprises shares fell 3.16 percent to Rs 619.45 in the morning trade after marquee investor Ashish Kacholia sold shares worth Rs 11.5 crore on the National Stock Exchange.

On August 18, Kacholia sold 1.8 lakh SJS shares for Rs 640 a piece in a bulk deal. On the same day, 3 lakh SJS Enterprises shares changed hands on the exchanges, which was 50 percent more than its monthly traded average.

Ashish Kacholia started his broking firm Lucky Securities in 1995. He co-founded Hungama Digital with Rakesh Jhunjhunwala in 1999 and started building his own portfolio from 2003.

SJS Enterprises will acquire Suryaurja Two, a power generation company for Rs 20 lakh, said the company in an exchange filing dated 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.

SJS Enterprises net profit increased 6 percent year-on-year (YoY) to Rs 16 crore in the April-to-June quarter. The company’s revenue was up 12 percent YoY at 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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