Sansera Engineering shares jump 8% on block deals

Sansera Engineering shares jumped over 8% on the NSE after the stock of the Bengaluru-based precision engineering company witnessed multiple block deals according to media reports. The rally led the stock to its fresh 52-week high of Rs 914.55.

Following the block deal, the stock traded with combined volumes of over 9 lakh shares on the BSE and NSE. The stock has jumped over 10% in the last two trading sessions.

The block deal triggered buying action as the momentum indicator MFI entered into an overbought zone at 83, the Trendlyne data suggested. A number above 70 suggests that the stock is overbought. Meanwhile, RSI stood in the mid-range of 63.

The stock is also trading above its 50-day and 200-day Simple Moving Averages (SMAs).

Sansera Engineering has a market capitalisation of Rs 4,709.01 crore.

The counter is relatively low on volatility and has traded with a 1-year beta of 0.4.

Sansera Engineering manufactures precision components for automotive and non-automotive sectors. The stock has given returns of over 34.21% in the past 12 months and has outperformed the Nifty50 which has given over 22% returns during the same period.

The company reported a net profit of Rs 35.1 crore for the quarter ended March 31, 2023, which was lower than Q4FY22 net profit of Rs 37.4 crore, according to Trendlyne data. Though it was up sequentially from Rs 31 crore posted in the December 2022 quarter. The total revenues for the company rose on a year-on-year (YoY) and quarter-on-quarter (QoQ) basis. Sansera's Q4FY23 revenue stood at Rs 623 crore versus Rs 564 crore in Q3FY23 and Rs 581 crore in Q4FY22, the Trendlyne data said.

The average broker target on the stock is Rs 946.50 which is a near 8% upside from the current level, Trendlyne data said further.

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