Goldman Sachs buys stake in Bikaji Foods. Shares surge on Day 2 of listing

Market


Global investment agency Goldman Sachs Fund has bought stake in newly listed Indian company Bikaji Foods International Ltd. As per the information available on NSE website, Goldman Sachs Fund has bought 17,45,354 Bikaji Foods shares paying 324.50 apiece. This means, Goldman Sachs Fund has invested 56,63,67,373 in this newly listed stock. The global investment agency bought these shares through a bulk deal executed on 16th November 2022 i.e. on Bikaji Foods share listing date.

This stock market news of Bikaji Foods has gone down well among the market bulls. On day two of listing, Bikaji Foods share price continue to ascend after delivering decent listing premium on Wednesday session, Bikaji Foods share price today opened upside and went on to hit intraday high of 334.70 apiece on NSE, surging over 11 per cent from its IPO price of 285 to 300 per equity share.

On Wednesday, Bikaji Foods shares listed at 321.15 apiece on BSE and at 322.80 per share on NSE, delivering more than 7 per cent listing premium to the allottees. However, Bikaji Foods share price closed at 317.45 levels on NSE after making its listing day’s high of 334.70. In early morning deals on Thursday, Bikaji Foods share price has made its intraday high of 334.70 apiece. So, the stock is yet to breach its listing day’s high of 334.70 levels.

Bikaji Foods share price outlook

Expecting further upside in Bikaji Foods shares, Anuj Gupta, Vice President — Research at IIFL Securities said, “Stock is looking strong and FIIs and DIIs are showcasing interest in the stock that may support Bikaji Foods shares to sustain around its listing price. Those who applied to this IPO for listing gain can hold the stock with a trailing stop loss at 310 whereas fresh investors can buy the scrip at CMP maintaining stop loss at 298. Bikaji Foods share price is expected to go up to 280 apiece levels in near term.”

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

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