Goldman Sachs Buys 0.5% Stake In JTL Industries For ₹16.16 Crore, Stock Ends 4% Higher

Goldman Sachs acquired a 0.5% stake in JTL Industries through a bulk deal on Wednesday, October 7, purchasing 19.71 lakh shares of the steel pipes manufacturer for ₹16.16 crore. Goldman Sachs Investments Mauritius I bought the shares at an average price of ₹82.03 apiece, according to bulk deal data.

JTL Industries shares ended the same session 4.34% higher at ₹88.20 on the NSE after touching an intraday high of ₹90. The stock had opened at ₹84.60 against its previous close of ₹84.53 and slipped to an intraday low of ₹82.03 before recovering during the session.

The ₹82.03 average price paid by Goldman Sachs was around 7% below JTL Industries' closing price of ₹88.20. More than 77 lakh shares changed hands on the NSE during Wednesday's session. The institutional purchase comes at a time when JTL Industries shares have gained more than 70% over the past six months.

Goldman Sachs JTL Industries Bulk Deal Details

Goldman Sachs Investments Mauritius I purchased 19.71 lakh shares of JTL Industries at an average price of ₹82.03 per share through an open-market transaction. The deal was valued at ₹16.16 crore and represented around 0.5% of the company's equity.

JTL Industries shares opened Wednesday's session at ₹84.60 and moved between an intraday low of ₹82.03 and a high of ₹90 before settling at ₹88.20. The closing price marked a gain of ₹3.67, or 4.34%, from the previous close of ₹84.53.

The average acquisition price paid by Goldman Sachs was the same as the stock's intraday low of ₹82.03.

The bulk deal data establishes Goldman Sachs' purchase and JTL Industries' share-price movement during the same trading session, but does not establish that the institutional transaction caused the stock's gain.

JTL Industries Shares Gain Over 70% In Six Months

JTL Industries shares have seen a sharp run-up in recent months, gaining more than 70% over the past six months. The stock closed Wednesday at ₹88.20 after reaching ₹90 during the session. Its 52-week high stands at around ₹94, while the 52-week low is around ₹40.25.

JTL Industries is engaged in the manufacture of electric resistance welded steel pipes and tubes, with products catering to industries including infrastructure, construction, agriculture, engineering and energy.

Goldman Sachs' 0.5% acquisition adds a fresh institutional transaction to the developments around the company, with the purchase involving 19.71 lakh shares worth ₹16.16 crore.

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