Siyaram Silk Mills spurts after Vijay Kedia picks stake

Siyaram Silk Mills surged 5.18% to Rs 566.50 after ace investor Vijay Kedia picked up a stake in fabric and garment manufacturer during the third quarter of FY23.

As per the shareholding disclosure for the third quarter ended December 2022, Vijay Kedia held about 5 lakh shares, or 1.07% equity, of Siyaram Silk Mills. Kedia did not hold any stake in the company during the previous quarter of July-September 2022 period.

Among other prominent shareholders, DSP Small Cap Fund holds 2.23% stake while Sunil Singhania's Abakkus Emerging Opportunities Fund-1 has 2.11% stake in the fabric manufacturer as on December 2022.

Promoter & promoter group hold 67.18% stake in the company.

The stock outperformed the market over the past one month, rising 0.91% compared with 1.66% decline in the Sensex.

The scrip outperformed the market in past one quarter, surging 25.22% as against Sensex's 2.49% rise.

The scrip outperformed the market in past one year, soaring 26.33% as against Sensex's 2.04% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 73.44. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 536.60, 530.49 and 535.87, respectively. These levels will act as crucial support zones in near term.

Siyaram Silk Mills is a marketers of fabrics, readymade garments and other textiles products. In addition, the company operates and franchises a chain of retail stores, which offer menswear fashion fabrics, apparel, and accessories.

On a consolidated basis, net profit of Siyaram Silk Mills rose 51.50% to Rs 80.13 crore on 32.35% increase in net sales to Rs 635.76 crore in Q2 September 2022 over Q2 September 2021.

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