Home / Markets / Stock Markets /  Gokaldas Exports shares jump after Abu Dhabi Investment Authority's stake buy

Shares of Gokaldas Exports today witnessed spurt in volume and sharp rise as Abu Dhabi Investment Authority (ADIA) — a sovereign wealth fund owned by the Emirate of Abu Dhabi, bought stake in the export company on 30th September 2022. The Abu Dhabi government-owned investment firm bought 15 lakh shares of the company paying 349.75 apiece in a bulk deal executed on 30th September 2022. As the details of this bulk deal became public after the close of Friday deals, Gokaldas Exports share price today opened with big upside gap and went on to hit intraday high of 375.70 apiece on NSE, logging around 8 per cent rise within few minutes of opening bell.

According to stock market experts, global investment fund investing in Gokaldas Exports has worked as a catalyst for the stock. The stock has given trend line breakout at 365 apiece levels and it may go up to 435 apiece levels in short term, once is it sustains above 400 per share levels.

Speaking on Gokaldas Exports share price rally, Anuj Gupta, Vice President — Research at IIFL Securities said, "ADIA buying stake in the company has worked as short term positive development for the stock and it has helped Gokaldas Exports shares to give short term trend line breakout at 365 apiece levels and it is currently facing resistance at 390 per share levels. Once it breaks this resistance, it may give sharp upside in short term."

On pivot levels in regard to Gokaldas Exports shares, Sumeet Bagadia, Executive Director at Choice Broking said, "One can buy the scrip at current levels keeping stop loss at 340 apiece levels. It may go up to 400 in immediate term. Those who have this stock in portfolio should also maintain this stop loss and wait for 400 target."

Advising fresh investors to buy at current levels, Anuj Gupta of IIFL Securities said, "Gokaldas Exports share price is in uptrend and it may give sharp upside after sustaining above 390 apiece levels. Once it gives a closing above 3390 levels, it may go up to 420 and 435 apiece levels in short term."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Asit Manohar

Chief Content Producer at Live Mint Digital Team
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