Goldman Sachs sold its entire 1.42% stake in small-cap company ISGEC Heavy Engineering for Rs 95 crore through a block deal. As of the December 31, 2024, quarter, it held 10,43,192 shares.
The shares were sold through the Goldman Sachs India Equity Portfolio at a price of Rs 915.49 per share.
ISGEC Heavy Engineering is a diversified public company with a global presence, offering engineering solutions for the past 90 years.
The sell-off follows a weak performance by the stock in 2025, with a 35% decline in its year-to-date share price. Over the past year, the stock has seen a modest return of just over 5%.
While ISGEC Heavy Engineering shares have outperformed the Nifty over the past year (with the Nifty returning 3%), they have underperformed the benchmark index year-to-date, with a decline greater than Nifty's 3.5% drop.
For ISGEC Heavy Engineering, the BSE price close was Rs 934.65, down Rs 15.05 or 1.6% below the Wednesday closing price. This led to these prices falling below both the 50-day simple moving average (SMA) at Rs 1,253 and the 200-day SMA at Rs 1,309.
The stock therefore is showing a lot of volatility with a one-year beta of 1.9, as per Trendlyne data provided.
Currently, the stock is in the oversold zone, with an RSI and an MFI of 27 and 8 per Thursday readings. A stock is perceived oversold when its RSI is lower than 30, while a corresponding stock is attached to an overbought zone if the MFI is above 70.
It was reported that for the period ending December 2021, the company had consolidated income of Rs 1,501 crore against Rs 1,498 crore for the same period last year. However, net profit for the December quarter fell steeply to Rs 20 crore compared with Rs 62 crore in the similar quarter of the previous fiscal.
