Sastasundar Ventures hits record high; rises 25% in six days

Sastasundar Ventures gained 2.94% to Rs 553, extending its winning run to sixth consecutive trading session.

Shares of Sastasundar Ventures have surged 25.2% in six trading sessions from its previous closing low of Rs 441.65 posted on 15 November 2021. The counter hit a record high of Rs 564.05 in intraday today. The stock has zoomed 470% from its 52-week low of Rs 97 recorded on 30 March 2021.

The counter saw demand after the company announced that Flipkart Group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace, which owns and operates SastaSundar.com, an online pharmacy and digital healthcare platform.

B.L. Mittal, founder and chairman, SastaSundar Healthbuddy, said, Through this partnership with Flipkart, we see an opportunity to further grow and reach a larger consumer base, using complementary technologies and logistics infrastructure.

On the technical front, the stock's RSI (relative strength index) stood at 77.384. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 370.88 and 339.94 respectively. These levels will act as crucial support zones in near term.

SastaSundar Ventures (SVL) is a listed online pharmacy and healthcare services-provider.

The company reported a consolidated net loss of Rs 4.54 crore in the quarter ended September 2021 as against net loss of Rs 2.23 crore during the previous quarter ended September 2020. Net sales rose 12.28% to Rs 158.91 crore in Q2 FY22 over Q2 FY21.

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