"We would avoid Tara Jewels owing to its weak financials," says Akash Jain, Vice-president, Equity Research at Ajcon Global Services.
We would avoid Tara Jewels owing to its weak financials. In addition, the market sentiments are weak for new and smaller players in the listed space.
To give a background, Tara Jewels Limited is a public listed company since 2012 and has witnessed significant price correction after its listing. In addition, the low promoter holding in the company does not give us the confidence to enter this company.
The company's promoters sold 1.8 million shares or 7.32 percent stake through the open market between December 18 and December 26 for Rs 24.62 crore. After the transaction, the promoter stake has decreased to 39.22 percent from 46.53 percent, the company said on December 2017.