India's Gokaldas Exports up; deal to buy rival's biz offsets weak Q3

Gokaldas Exports

02/02/2024 04:52

** Shares of apparel maker and exporter Gokaldas Exports
 GOKL.NS  up 4% at 946 rupees
    ** Co said it will acquire apparel business of Matrix
Clothing for an enterprise value of 4.89 bln rupees ($59 mln)
    ** GOKL reported 25% y/y fall in Q3 profit after tax
    ** Co has been trading over its 200-day simple moving avg
since late-April 2023; trading vol at 1.4x the 30-day avg
    ** Avg rating of six analysts equivalent of "strong buy",
while median PT of seven is 973 rupees - a ~18% premium to last
close - LSEG
    ** Only ICICI Direct's PT is a discount to the last close,
while it has no rating on the stock - LSEG
    ** GOKL gained over 125% in 2023; logged fourth straight
year of gains - its longest streak ever    

($1 = 82.8525 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))