Indian stocks went up at the end of the day, despite mixed signals from other markets. This is because earnings reports for Q4 are due out this week, and CPI data is due out tomorrow. The Nifty, which is the most important index, went up by 0.6%. The Nifty Mid Cap and the Nifty Small Cap also went up by 0.5% and 0.4%, respectively. The Sensex went up by 0.52%. The Indian stock market also saw two major block deals. Ace investor Ashish Kacholia bought 400,000 shares of Venus Pipes, and ICICI Prudential MF bought 111 million shares of Sagar Cements.
Ashish Kacholia, a well-known investor, bought 4 lakh shares of Venus Pipes on Tuesday for 28.8 crore. This gave him a 1.97% stake in the company. The deal was done at an average price of 720 per share, which was based on a weighted average. According to the block data on the stock exchanges, Nuvama Wealth Finance sold 1.38 lakh shares, or 0.67% of the company’s shares.
Trendlyne’s data shows that Ashish Kacholia has a net worth of about Rs. 1,788.6 Cr. and openly owns 43 stocks. This is based on the most recent corporate shareholdings reports. Today, each share of Venus Pipes & Tubes Ltd closed on the NSE at 785.00q, which is 0.52% higher than the previous close of 780.95. The stock’s 52-week high was 821.75, and its 52-week low was 321.10, both on (03-Apr-2023) (30-May-2022).
A R Ramachandran, Co-founder and Trainer at Tips2trades, said about the stock’s technical outlook, “Even though Venus Pipes has strong fundamentals like ROCE and consistency in operating margins, as well as investor confidence shown by a well-known investor, the valuations look expensive right now.” On the Daily charts, the stock also runs into trouble at 821.5. If this resistance is broken, it could be a sign of strength and lead to 885. Investors should take profits at the current price and wait for a drop to the support zone between 710 and 725 before starting new buy positions.”
ICICI Prudential MF buys 111 crore shares of Sagar Cements in another block deal. The block deal was made when 6,039,698 shares were bought at a price of 183.1 each. Today, PGIM India MF sold 6,039,698 shares of Sagar Cements on an open market, which led to this block deal.
Shares of Sagar Cements ended the day on the NSE at 200.40 each, which is 8.35% higher than where they ended the day before, at 184.95. The stock’s 52-week high price was 272.00 on (April 11, 2022), and its 52-week low price was 154.00 on (21-Jun-2022). A R Ramachandran, Co-founder and Trainer at Tips2trades, said about the stock’s technical outlook, “4 consecutive quarters of net loss, high debt-to-equity ratios, and low return ratios make Sagar Cements a risky buy from a long-term point of view.” On the Daily charts, 210 is a strong resistance. A goal of 240 could only be reached if the price closed above this level. Help will be given at 192.”
Source: Team CurrencyVeda