Gokaldas Exports is a leading Indian apparel manufacturer and exporter with a presence in over 50 countries worldwide.
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Gokaldas Exports shares fell 4 percent in early hours on March 9 after 62.8 lakh shares, amounting to 10.3 percent of equity of the company, changed hands in a block deal window.
While the buyers and sellers were not known immediately, it was earlier reported that Clear Wealth Consultancy Services LLP was planning to sell its stake in the company.
At 9:30am, the stock was quoting at Rs 390.70 apiece on the NSE, lower by 4.15 percent. Trading volumes at 8.6 million shares were 29 times of 20-day average trading volume.
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Sources told CNBC TV-18 that the deal was estimated to be worth over Rs 250 crore, with JM Financial brokering the block. The floor price was set at Rs 390 per share, indicating a 4.3 percent discount on the closing price on March 8.
In October 2022, Clear Wealth Consultancy Services LLP had sold 15 lakh shares that had been picked up by Abu Dhabi Investment Authority. At the end of the December quarter, Clear Wealth Consultancy Services LLP held a 20.56 percent promoter stake in Gokaldas Exports.
Gokaldas Exports is a leading Indian apparel manufacturer and exporter with a presence in over 50 countries worldwide. The company specialises in producing knitwear, woven garments, and fashion accessories.
In the third quarter, the company's consolidated profit after tax jumped 34.8 percent on-year to Rs 40.6 crore. Total income rose 0.8 percent to Rs 528.1 crore. The company's operating margins have climbed steadily from 8 percent in December 2020 to 12 percent in December 2022.
The stock has not done much in the past one year, up only 2.78 percent. In calendar year 2021, the stock had appreciated 244 percent from Rs 94 to Rs 324 due to positive sentiment on China-plus-one strategy.