Goldman Sachs fund sells Cello World shares worth Rs 55 crore via bulk deals

Goldman Sachs Funds – Goldman Sachs India Equity Portfolio held over 29.51 lakh equity shares in the company, representing a 1.34% stake.

Shares of Cello World Limited remained largely steady on Tuesday even as a bulk deal took place in the counter. The stock ended at Rs 404, up Rs 2.20 or 0.55% from Monday’s closing price.

Goldman Sachs’ stake sale follows significant underperformance by the stock over the past year. Its share price has eroded by 24% in this period, while the Nifty and the BSE Sensex have traded flat.

The stock is currently trading below its 50-day and 200-day simple moving averages (SMAs) of Rs 446 and Rs 551, respectively, according to Trendlyne data.

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Cello Plastic Industrial Works commenced offering plastic houseware products under the Cello brand in 1982. The company owns and operates 13 manufacturing facilities across five locations in India.

Cello World’s December quarter delivered a weak set of numbers, posting a consolidated net profit of Rs 64 crore, a 26.3% growth year-on-year. The company had reported a profit after tax (PAT) of Rs 86 crore in the year-ago period.The total revenue in the quarter under review stood at Rs 570 crore, flat compared with Rs 569 crore in the corresponding quarter of the last financial year.

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