Over 6% of promoter holdings in BSE 500 corporations pledged – Moneycontrol.com
Final Up to date : Feb 23, 2019 07:33 AM IST | Supply: Moneycontrol.com
Promoters of 116 corporations pledged their holdings in December quarter within the BSE-500 index in comparison with 114 in September 2018 quarter
The proportion of pledged promoter (by majority shareholder) holdings in BSE 500 corporations was regular total within the December 2018 quarter compared to the September quarter, confirmed a Kotak Institutional Equities report.
The proportion of pledged promoter holdings was at 6.7 p.c within the December quarter much like that of September 2018. Excellent promoters pledged shares value Rs 1.96 trillion, which is about 1.47 p.c of the overall BSE-500 index’s market capitalization in December 2018, stated the report.
Promoters of 116 corporations pledged their holdings within the BSE-500 index in comparison with 114 in September 2018 quarter. Out of 116, 30 corporations noticed a rise in pledge holdings by 2-21 p.c within the December quarter (QoQ).
(Observe: Shares talked about are for data solely and never purchase or promote concepts)
Six corporations had greater than 90 p.c of their promoter holdings pledged. These embody CG Energy, Kwality, Reliance Naval, IL&FS Transport, Sterlite Applied sciences and Hindustan Development.
Kotak within the word clarified that pledging of shares doesn’t essentially suggest that an organization or a promoter is underneath monetary stress; it may be that banks (lenders) might have sought extra safety within the type of promoter shares.
The utmost decline in pledged promoter holdings was seen in 26 corporations in December quarter which incorporates names like Fortis Healthcare, Suzlon Power, Superior Enzyme Applied sciences, Adani Transmission and Indiabulls Housing Finance.
Recent promoter pledges had been seen in Texmaco Rail, Uflex and Wockhardt, whereas promoters who revoked their complete pledged holdings was seen in Sonata Software program.
Firms within the Nifty-50 with greater than 5 p.c of pledged promoter holdings embody names like Zee Leisure (59.4%), Adani Ports & SEZ (45.5%), JSW Metal (43.6%), IndusInd Financial institution (26.4%) and Indiabulls Housing Finance (12.7%).
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First Revealed on Feb 23, 2019 07:33 am