Eternal Limited shares traded higher at Rs 345 on Wednesday morning, hitting all time high.
Earlier this week – Goldman Sachs sold another 8.1 crore shares in the company through a block deal worth Rs 266.1 crore. The transaction, executed at Rs 328.45 per share, was at a 2% discount to Eternal’s previous close of Rs 335.05 on the NSE.
According to exchange data, BofA Securities Europe SA acquired the entire block of shares. This marks the fourth such sale by Goldman Sachs in the past month. Earlier, the firm sold 8.2 crore shares worth Rs 266.9 crore to Morgan Stanley on October 1, followed by Rs 355.3 crore worth of shares to BofA Securities on October 4, and another Rs 36.1 crore stake to Morgan Stanley in September.
In total, Goldman Sachs has exited shares worth Rs 924.3 crore through block deals over the past month. Despite these stake reductions, the brokerage’s research arm reiterated its ‘Buy’ rating on Eternal in September and raised its target price from Rs 340 to Rs 360, citing the strong growth potential of its quick commerce arm Blinkit.
Eternal’s stock, which recently hit an all-time high near its revised price target, continues to see strong investor activity amid ongoing institutional reshuffling.
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