The value of promoter pledged holding of BSE-500 stocks declined to 1.22% in the quarter ended September 2023 from 1.36% in the June 2023 quarter. An analysis shows that the value of pledged promoter holdings stood at ₹1.8 lakh crore, which is about 0.61% of the total BSE-500 Index’s market capitalization. Promoters of Suzlon Energy, Sobha and Dixon Technologies revoked their entire pledged holdings during the September 2023 quarter, while Max Financial Services, Jindal Steel & Power and Emami, among others saw a reduction in pledged promoter holdings during the quarter. The promoters of 82 companies in the BSE-500 Index have pledged part of their holdings in the September 2023 quarter, according to a report by Kotak Institutional Equities. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } Also Read: BSE MidCap and SmallCap hit fresh record highs, gain up to 38% in CY23 so far However, it is to be noted that the pledging of shares does not necessarily imply that a company or a promoter is under financial stress. Suzlon Energy’s promoter pledged holdings declined to nil in September from 80.8% in June quarter. Suzlon promoters held only 13% stake in the company as of September 2023. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Pledged promoter holdings of Max Financial Services declined significantly to 58.7% in Q2FY24 from 93.3% in Q1FY24, while that of Jindal Steel and Power reduced to 13.3% from 34.3% and of Sobha fell to nil from 20.2%. Among other stocks that saw a reduction in pledged promoter holdings during the quarter included Emami, Adani Power, Raymond, Ashok Leyland, Lemon Tree Hotels, Kalpataru Projects, GMR Airports, United Breweries, Gujarat Fluorochemicals, Adani Ports and SEZ and Dixon Technologies. On the contrary, promoters of TTK Prestige, IndusInd Bank and The Ramco Cements increased pledged holdings the most during the September quarter. TTK Prestige’s promoters made fresh pledges of 6% of their holdings in the September quarter. Also Read: Stocks to buy: Ultratech Cement, JK Lakshmi among top cement stock picks by Axis Securities for up to 10% upside Promoters of IndusInd Bank increased their pledged holdings to 47.3% from 45.5%, while that of The Ramco Cements rose to 2.8% from 1.6%, QoQ. GMR Airports, Sterling & Wilson and Chalet Hotels have the highest pledged holdings in overall holdings, as per the report. Meanwhile, companies in the Nifty 50 with more than 5% of pledged promoter holdings included Apollo Hospitals (16.1%), Asian Paints (6.5%), IndusInd Bank (47.3%) and JSW Steel (14.1%). Catch Live Market Updates here Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions. SUZLON ENERGY More Information if(!isPremiumStory){ (function(){ let interval; let exchangeCode = 'BSE'; const elementId = "stockwidget-11700467563398-11700467749534-S0003098"; let tickerId = "S0003098"; exchangeCode = "BSE".toLowerCase(); if(exchangeCode == 'nse'){ exchangeCode = 'NSI'; } interval = setInterval(() => { if(typeof getStockwidget === "function" && typeof getWatchListInstance === "function"){ clearInterval(interval); if(tickerId.startsWith("I")){ getIndicesWidgetStory(exchangeCode, tickerId, elementId); }else{ getStockwidget('BSE', tickerId, elementId); } } }, 1000); })();} Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? 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Download The Mint News App to get Daily Market Updates. More Less Updated: 20 Nov 2023, 01:53 PM IST Topics Indian stock market
