The American multinational investment bank and financial services company bought Arvind Fashion’s shares at a price of Rs 574.73 per share via Goldman Sachs Funds – Goldman Sachs India Equity Portfolio. This is a discount of nearly 1% over Tuesday’s closing price of Rs 579.70 on the NSE.
Today, the stock ended at Rs 583.95, gaining by Rs 4.25 or 0.73%.
The sellers were Plenty Private Equity Fund I Limited and Plenty CI Fund I Limited, which sold over 37 lakh and 17 lakh shares, respectively.
This smallcap stock has delivered returns of 75% over a 1-year period which is an outperformance over Nifty whose returns in the same period stand at 28%. On the year-to-date basis, Arvind Fashions shares have shot up by 42%.
The lifestyle retail and fashion company has a portfolio of over 27 brands in India including Arrow, Calvin Klein, Flying Machine and Tommy Hilfiger.The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 512 and Rs 472, respectively according to Trendlyne data.
Momentum indicator MFI shows the stock in a strongly overbought zone at 92 while RSI has nearly reached the 70 mark. A number above 70 is considered to be overbought while below 30 is seen to be oversold.
Also Read: Commodity Talk: MCX crude oil contracts down 10% amid current turmoil. Is it time to sell on rise?
(Disclaimer: This is an AI-generated article. Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)