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

Shares of SJS Enterprises fell 3.16% to Rs 619.45 in the morning after prominent investor Ashish Kacholia sold shares worth Rs 11.5 crore on the National Stock Exchange.
On August 18, Kacholia sold 1.8 lakh shares of SJS at Rs 640 per share in a package deal. On the same day, 30,000 shares of SJS Enterprises changed hands on the exchanges, 50% higher than the average monthly transaction.
Ashish Kacholia founded his brokerage firm Lucky Securities in 1995. He co-founded Hungama Digital with Rakesh Jhunjhunwala in 1999 and started building his own portfolio in 2003. SJS Enterprises will acquire Suryaurja Two, an electricity generation company for Rs 20 lakh, the company said in an exchange filing Aug. 16. Following the acquisition, SJS Enterprises will become an energy consumer. STPL’s 2 MW solar capacity. The acquisition will be completed by August 30.
SJS Enterprises’ net profit increased 6% year-on-year (YoY) to Rs 16 billion in the April-June quarter. The company’s revenue increased 12% year-on-year to Rs 83,000,000 in the same period. SJS Enterprises manufactures cosmetic products for two-wheelers, passenger vehicles, commercial vehicles, consumer goods/equipment, medical equipment, agricultural equipment and sanitary equipment.