Sansera Engineering share price hits 52-week high amid block deal buzz; ‘deploy buy on dips’, says analyst

  • Sansera Engineering share price hit a 52-week high with significant transactions totalling 11.6% of the company's stock. Analyst Ruchit Jain recommends a buy-on-dip strategy as the stock shows a positive trend. PE fund plans to fully exit its 11.7% stake in the company.

Dhanya Nagasundaram
First Published19 Jun 2024, 11:07 AM IST
Sansera Engineering share price reached a 52-week high amid significant transactions. Analyst suggests buying on dips due to the positive trend.
Sansera Engineering share price reached a 52-week high amid significant transactions. Analyst suggests buying on dips due to the positive trend. (iStock)

Sansera Engineering share price surged over 7% to touche a 52-week high on Wednesday's session following press reports that 62.53 lakh shares, or 11.6% of the company's total stock, changed hands in numerous significant transactions today. Sansera Engineering share price today opened at 1,267.05 apiece on the BSE, the stock touched an intraday high of 1,317, and an intraday low of 1264.80.

“Recently, the Sansera Eng share price had given a breakout from a consolidation phase, and the follow-up move post that has been strong with high volumes. Thus, the overall trend remains positive, and one should keep a buy-on-dip approach. The immediate supports are placed around 1,200, followed by 20 DEMA at 1,120,” advised Ruchit Jain, Lead Research Analyst of 5paisa.

Also Read: Block Deal Alert: Vodafone Plc Group to sell more shares in India's Indus Towers to raise up to $2 billion

According to a CNBC-TV18 news report, the overall value of the deal is 750 crore, based on available data. Buyers and sellers in the deal are still unclear. 

On Tuesday, CNBC-TV18 reported that Client Ebene and CVCIGP II Employee Ebene are expected to sell up to 6.25 million shares in the car component producer through these transactions.

 CNBC-TV18 cited sources stating that the transaction comprised up to 5.03 million shares (9.38% equity) from Client Ebene and up to 1.22 million shares (2.28% equity) from CVCIGP II Employee Ebene. According to the news report, the shares were being auctioned at a price ranging from 1,151.2 to 1,211.75 each.

Also Read: Delta Corp shares vault almost 15% on BSE; experts say watch out these key levels

According to ICICI Direct Research, the PE fund's interest in Sansera Engineering was around 29% at the time of listing. They sold approximately 16% of their share last fiscal year and want to sell the remaining 11.7% today.

"This will give the PE fund a full exit of their holdings in Sansera and removed the selling overhand on the stock. Given the healthy order wins and intent to diversify its revenue base with target to grow at 20% sales CAGR with 20% margins and similar return ratios we have a positive view on the company," the brokerage house said.

Also Read: Stock market today: Bank Nifty hits record high led by IndusInd, ICICI, HDFC Bank shares; analysts suggest ‘buy on dips’

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

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$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:19 Jun 2024, 11:07 AM IST
HomeMarketsStock MarketsSansera Engineering share price hits 52-week high amid block deal buzz; ‘deploy buy on dips’, says analyst

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