Goldman Sachs picks stakes in Jio Financial, BHEL via block deals. Check sellers

In Jio Financial Services, Morgan Stanley, through its arm Morgan Stanley Asia Singapore Pte, offloaded 26.75 lakh shares at Rs 232.55 apiece in a deal valued at Rs 62.29 crore. The entire stake was picked up by Goldman Sachs via its affiliate Goldman Sachs Bank Europe SE.

The stock ended the session at Rs 224.45, down 3.48%. Despite the institutional activity, the counter has delivered muted returns of just 1.5% over the past year and continues to trade below its key technical levels, including the 50-day and 200-day simple moving averages of Rs 252 and Rs 295, respectively, indicating underlying weakness in trend.

In a similar transaction, Goldman Sachs Bank Europe SE also acquired 12.35 lakh shares of Bharat Heavy Electricals (BHEL) at Rs 251 apiece, aggregating to around Rs 31 crore. The shares were sold by Morgan Stanley Asia Singapore.

BHEL shares declined 3.57% to close at Rs 245.75. The stock has generated modest one-year returns of around 13.4% but is currently trading below its 50-day and 200-day moving averages of Rs 259 and Rs 254.8, respectively, suggesting continued pressure in the near term.

Live Events

A slew of block deals were also witnessed on the BSE in which French multinational bank BNP Paribas executed multiple block deals across counters including Siemens Energy India, GMR Airports, LG Electronics India and Max Healthcare Institute.

In Siemens Energy India, BNP Paribas bought 1.69 lakh shares at Rs 2,565 apiece in a deal worth around Rs 43 crore. The shares were offloaded by Morgan Stanley Asia (Singapore). The stock, however, ended the day at Rs 2,569.65 on the BSE, down 2.26%.In another transaction, BNP Paribas acquired 36.29 lakh shares of GMR Airports at Rs 85.75 per share, amounting to Rs 31 crore. The seller was Copthall Mauritius Investment Limited. GMR Airports shares closed 5.53% lower at Rs 84.16 on the NSE.

The foreign institution also picked up 2.47 lakh shares in LG Electronics India at Rs 1,455 per share in a deal valued at Rs 36 crore, with the counterparty being Goldman Sachs Bank Europe SE. The stock witnessed sharp selling pressure, ending 7.04% lower at Rs 1,427.90.

In Max Healthcare Institute, BNP Paribas bought 5.88 lakh shares at Rs 969 apiece, aggregating to Rs 57 crore. The shares were sold by Citigroup Global Markets Singapore. The stock declined 1.55% to close at Rs 960 on the BSE.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)