Goldman Sachs divested approximately 650,000 shares of the small-cap company ideaForge Technology, amounting to Rs 43 crore, while Citigroup acquired 665,000 shares in the same company for Rs 44 crore through block deals on Thursday. Goldman Sachs executed the sale through its Goldman Sachs Funds – Goldman Sachs India Equity Portfolio at Rs 657.67 per share, whereas Citigroup Global Markets Mauritius Private Limited purchased the shares at Rs 656 each.
On the NSE, shares of ideaForge closed 1% lower at Rs 678, compared to their closing price of Rs 684.20 on Wednesday. IdeaForge is a company with a vertically integrated setup and an in-house product development center that designs, develops, engineers, and manufactures indigenous unmanned aerial vehicles (UAVs). These UAVs are utilized by defense and law enforcement agencies for surveillance activities.
The stock has underperformed, registering a 13% decline in its share price over the past year, with a more significant decline of 19% this year. Currently, the stock is trading below its 50-day and 200-day simple moving averages, which are Rs 703 and Rs 734, respectively. This continued decline has placed the stock in an oversold zone, as indicated by Trendlyne, with its Money Flow Index (MFI) at 27. An MFI below 30 signifies an oversold condition, while a figure above 70 indicates an overbought status. The company’s consolidated revenue for the quarter ending in June stood at Rs 92.2 crore, down from Rs 100.6 crore in the same period the previous year. The net profit for this period was reported at Rs 1.2 crore, a decrease from Rs 18.9 crore reported in Q1FY24.
