Goldman Sachs and Aditya Birla funds were the key buyers in the Gokaldas Exports block sale on Thursday, as a huge stock changed hands from the key promoters Clear Wealth Consultancy Services.

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Shares of Gokaldas Exports opened 4 percent lower after 11.4 percent of the company's equity or 67.2 lakh shares exchanged hands in a large trade straight after trading began.

Clear Wealth Consultancy Services, one of the promoters of Gokaldas Exports sold 40 percent of its stake through a block deal, people with knowledge of the matter told CNBC-TV18.

Sources said that Clear Wealth Consultancy is said to have sold 8.25 percent stake through the block deal. Based on the December quarter shareholding pattern, Clear Wealth Consultancy held 20.56 percent stake in the company.

Later, it emerged that Clear Wealth Consultancy had sold 60 lakh shares at Rs 390. Aditya Birla Sun Life Pure Value Fund, Aditya Birla Sun Life Small Cap Fund, Ashoka India Equity Investment and Goldman Sachs Collective Trust - Emerging Markets Equity Ex China Fund were the key buyers, buying 18.3 lakh shares at Rs 390 per piece.

In the interaction with CNBC-TV18 post its December quarter earnings, the management of Gokaldas Exports talked about softness in growth and expansion in margin.

Managing Director Sivaramkrishnan Ganapathi said that demand in the west has seen a slowdown and growth is likely to pick up only in the second half of the next financial year. Gokaldas Exports has a revenue target of Rs 2,200 crore to Rs 2,300 crore for the current financial year, indicating a growth of 23-28 percent from last year. Margin for the fiscal is likely to be at 11.5 percent from 12 percent last year.

The company is also expected to be one of the beneficiaries of the government push on the textile sector and the PLI scheme announced for the same.

The government approved 61 companies for the textile production linked incentive (PLI) scheme with investments worth Rs 19,000 crore and an expected turnover of Rs 1.84 lakh crore in five years. The hope is to reach $100 billion in textile exports and create 2.4 lakh jobs in India. Sivaramkrishnan Ganapathi believes benefits of PLI will really kick in the next financial year and he would not count on PLI this year.

Shares of Gokaldas Exports are up nearly 10 percent this year at Rs 404. The stock has recovered over 30 percent from its 52-week low of Rs 301.

(Edited by : Hormaz Fatakia)

First Published:Mar 9, 2023 8:43 AM IST