Goldman Sachs, Nippon India Mutual Fund, other large investors buy stake in FMCG stock Sapphire Foods. should you buy

 

• Goldman Sachs has invested ₹10 crore, while Nippon India Mutual Fund has invested ₹14 crore in this FMCG company

Large investment firms including Goldman Sachs, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, ICICI Prudential Life Insurance Company, ITI Mutual Fund etc. have invested in FMCG company Neelam Foods India. These investment firms have invested in the FMCG company through a block deal on Thursday. The details of the transaction are available on the website of BSE which are as follows:

Goldman Sachs buys stake in Sapphire Foods

Goldman Sachs (Singapore) on Thursday bought 74,240 shares of Sapphire Foods through a block deal. The global investment firm bought these shares by paying ₹1,347 per share. Therefore, Goldman Sachs has invested ₹10,00,01,280 or ₹10 Crore in the FMCG company.

Nippon India Mutual Fund

Fund managers from AMC's Small-Cap, Multi-Cap and Flexi-Cap have invested in Sapphire Foods through a block deal on Thursday. Nippon India Small Cap Fund has bought 32,000 shares of the company by paying ₹1,347 per share. So, Nippon India Small Cap Mutual Fund has invested ₹4,31,04,000 in Neelam Foods India Limited. Nippon India Multi Cap and Nippon India Flexi Cap Mutual Fund bought 45,500 and 27,158 shares of the company at ₹1,347 respectively. This means, the Multi-Cap branch of Nippon India Mutual Fund has invested ₹6,12,88,500 while its Flexi-Cap branch has invested ₹3,65,81,826. So, in total, Nippon India Mutual Fund has invested around ₹14 Crore in the FMCG company.

ICICI Prudential Shareholding

Both the mutual fund and life insurance arm of the company have invested in Neelam Foods India Limited, as per BSE block deal details. ICICI Prudential Mutual Fund bought 8,90,869 Neelam Foods shares in two separate block deals, paying ₹1,347 per share. This means, ICICI Prudential Mutual Fund invested ₹1,20,00,00,543 or ₹120 Crore.

Similarly, ICICI Prudential Life Insurance Company bought 185,599 shares of Neelam Foods, paying ₹1,347 per share, making a net investment of ₹25,00,01,853 or ₹25 crore.

Thus, ICICI Prudential has made a net investment of around ₹145 crore in yesterday's block deal.

Besides these, some more domestic institutional investors like Mirae Asset Mutual Fund, ITI Mutual Fund, Kotak India Mid Cap Fund, Bajaj Allianz Life Insurance Company, Government of Singapore, HSBC Global Investment Fund etc. have also bought new stake in this FMCG. company.

Should you buy Neelam Foods shares now?

Speaking on Neelam Foods share price outlook, Ravi Singhal, CEO, GCL Securities said, “Currently, Neelam Foods share price is range bound in the range of ₹1,300 to ₹1,450. Once again, it may trade higher in the range of ₹1,450 to ₹1,450 on a closing basis. Given the above breakout, it could go up to ₹1,750 per share level in the short to medium term. Those having this stock in their portfolio are advised to keep a stop loss below ₹1,300 Hold the stock, while new buyers can buy the stock at the current market price with strict stops. Loss below ₹1,300 and accumulate more if it falls below ₹1,350 per level.

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