Ace investor Ashish Kacholia buys 4 lakh shares in Venus Pipes; ICICI Prudential MF picks ₹111 Cr shares in Sagar Cements

Ahead of Q4 earnings results this week and the CPI data that is expected for release tomorrow, Indian equities ended the day higher amid conflicting global market signals. The key index, the Nifty, climbed by 0.6%, while the Nifty Mid Cap and Nifty Small Cap jumped by 0.5% and 0.4%, respectively, while the Sensex rose by 0.52%. Besides the higher end, the Indian stock market witnessed two major block deals where Ace investor Ashish Kacholia buys 4 lakh shares in Venus Pipes and on the other hand ICICI Prudential MF picks ₹111 Cr shares in Sagar Cements.

Ashish Kacholia, a prominent investor, purchased 4 lakh shares, or made 1.97% stake in Venus Pipes, in a bulk transaction on Tuesday for an amount of ₹28.8 crore. At a weighted average price of ₹720 per share, the deal was finalised. 0.67% of the company's shares, or 1.38 lakh shares, were sold by Nuvama Wealth Finance as per the block data available on the stock exchanges.

According to the most recent corporate shareholdings reports, Ashish Kacholia has a net worth of around Rs. 1,788.6 Cr. and openly owns 43 stocks in his portfolio, as per the data of Trendlyne. 

The shares of Venus Pipes & Tubes Ltd closed today on the NSE at ₹785.00q apiece level, up by 0.52% from the previous close of ₹780.95. The stock touched a 52-week-high of ₹821.75 on (03-Apr-2023) and a 52-week-low of ₹321.10 on (30-May-2022).

Commenting on the technical outlook of the stock, A R Ramachandran, Co-founder & Trainer - Tips2trades said "Even though Venus Pipes has strong fundamentals like ROCE and consistency in operating margins also backed by investor confidence shown by a reputed investor, currently the valuations look expensive. Technically also, the stock faces resistance at 821.5 on the Daily charts. A close above this resistance could be bullish and lead to 885. Investors should be booking profits at current levels and wait for a dip till support zone of 710-725 to initiate fresh buy positions."

On another block deal, ICICI Prudential MF picks ₹111 Cr shares in Sagar Cements. The block deal happened at a purchase of 6,039,698 shares at a trade price of ₹183.1 per share. This block deal happened after PGIM India MF sold 6,039,698 shares of Sagar Cements via an open market today.

The shares of Sagar Cements closed today on the NSE at ₹200.40 apiece level, up by 8.35% from the previous close of ₹184.95. The stock touched a 52-week-high of ₹272.00 on (11-Apr-2022) and a 52-week-low of ₹154.00 on (21-Jun-2022). Commenting on the technical outlook of the stock A R Ramachandran, Co-founder & Trainer - Tips2trades said “4 consistent quarters of net loss coupled with high debt-equity and poor return ratios make Sagar Cements a risky buy from a long term perspective. 210 is a strong resistance on the Daily charts. Only a close above this level could lead to a target of 240. Support will be at 192."