White Field Investment Fund buys stake in Goyal Aluminiums through bulk deal
1 min read 21 Mar 2023, 02:44 PM ISTWith a market valuation of Rs. 455.75 crore, Goyal Aluminiums Ltd. is a small-cap company that works in the commercial service sector.
PremiumWith a market valuation of Rs. 455.75 crore, Goyal Aluminiums Ltd. is a small-cap company that works in the commercial service sector. A leading producer of aluminium coil, sheets, sections, and other aluminium parts is Goyal Aluminiums. The firm was founded in 2018 but has been in business for the last 25 years. It is one of the top distributors, producers, and traders of a variety of metal products.
On the strength of a surge in volume in response to news of a bulk transaction, Goyal Aluminiums shares today overcame the gloomy market trends to trade in green and reach a new 52-week high. White Field Investment Fund SCPS acquired 1.70 lakh shares today in a bulk transaction, according to exchange data. The transaction was carried out at a price of ₹315.80 per share.
Even though benchmark indexes ended the day down, the stock began in the green and held steadily to touch a new 52-week-high of ₹326.00 per share in Tuesday afternoon deals.
The company has disclosed plans to enter the market for electric vehicles through a freshly formed venture Wroley E India. Low-speed and electric scooters will only be produced for the domestic market. The company has already received clearance from the Central Institute of Road Transport (CIRT) to launch the first high-speed electric scooter in April of this year. "This will make it easier for customers to choose e-scooters over existing fuel-mechanic vehicles in the two-wheeler segment," the statement said. In accordance with corporate expectations, the company has also engaged 25 dealers in north India and anticipates hiring 150 dealers nationwide before March 2024.
On pivot levels in regard to Goyal Aluminium shares, Ravi Singh, Vice-President and Head of Research at Share India said, "One can buy the scrip at current levels keeping a stop loss at ₹300 apiece levels. It may go up to ₹390 target."
Goyal Aluminiums Ltd was last seen trading on the BSE at ₹319.30 apiece level with an upside gap of 1.17%.
