Abu Dhabi Investment Authority buys stake in this export stock. Experts give 'buy' tag
Premium- Abu Dhabi Investment Authority has bought 15 lakh shares of the company paying ₹349.75 apiece
The Abu Dhabi Investment Authority — a sovereign state-owned wealth fund — has bought fresh stake in Gokaldas Exports Ltd. The foreign founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi has bought 15 lakh shares paying ₹349.75 apiece. Hence, the export stock has attracted FII investment from the Abu Dhabi-based global investor worth ₹52,46,25,000 or ₹52.46 crore.
The global investment fund owned by the government of Abu Dhabi bought these shares in a bulk deal, which was executed on 30th September 2022.
According to stock market experts, Gokaldas Exports shares are expected to go up to ₹500 apiece levels in next 5-6 months. They advised buy the stock at current levels and keep on accumulating till the stock is trading above ₹320 per share levels. Market experts went on to add that Gokaldas Exports share price may give sharp upside once it gives technical breakout at ₹382 apiece levels.
Speaking on Gokaldas Exports share price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, "Gokaldas Exports shares are in the range of ₹318 to ₹390. Those who want to buy this share for short term, they are advised to maintain a strict stop loss at ₹318 and book profit around upper levels."
Unveiling investment strategy in regard to Gokaldas Exports shares, Manoj Dalmia, Founder & Director at Proficient Equities said, "Those who are ready to take risk can buy the stock at current levels maintaining stop loss below ₹320 apiece levels. for short term, the stock may go up to ₹385 and ₹417 apiece levels. However, for those, who want to play safe, my suggestion is to buy above ₹382 as the stock is expected to give technical breakout on chart pattern at this levels and can become extremely bullish after closing above ₹382 levels. So, investors with low risk appetite can buy this stock for mid term target of ₹470 to ₹500 apiece levels."
Manoj Dalmia of Proficient Equities went on to add that one should not hold the counter once the stock hits ₹500 apiece levels as there can sharp selling in the counter after that levels as we witnessed after the hit its peak in June 2022.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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