Goldman Sachs buys over 13 lakh shares worth Rs 75 crore in Arvind Fashions via block deal

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.

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