While Goldman Sachs sold shares through Goldman Sachs Funds – Goldman Sachs India Equity Portfolio at a price of Rs 657.67 per share, the latter purchased Ideaforge shares at Rs 656 apiece via Citigroup Global Markets Mauritius Private Limited.
Shares of ideaForge ended down by 1% at Rs 678 on the NSE. On Wednesday they had ended at Rs 684.20.
ideaForge is a vertically integrated company with an in-house product development centre. It designs, develops, engineers and manufactures indigenous unmanned aerial vehicles (UAVs). Its products are used by defense forces and law enforcement agencies to conduct surveillance operations.
The stock has been a laggard witnessing a decline of 13% in its share price over the last one year. This year, its fall has been more pronounced at 19%.
The stock is currently trading below its 50-day and 200-day simple moving averages of Rs 703 and Rs 734, respectively. The continuous correction has dragged this counter in an oversold zone. According to Trendlyne, its MFI has fallen to 27. A number below 30 is considered as oversold while above 70 is seen as overbought. Company’s consolidated revenue in the June ended quarter stood at Rs 92.2 crore which was down from Rs 100.6 crore in the year ago period. The consolidated net profit in the said period was reported at Rs 1.2 crore which fell from Rs 18.9 crore reported by the company in Q1FY24.Also Read: Anand Rathi Q2 Results: Cons PAT jumps 32% YoY to Rs 76 crore. Rs 7/share interim dividend declared
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
