Investors wondering over promoters pledging their holdings will find little reasons to be excited even though the latest trend remains more or less unaltered.
According to a recent report by Edelweiss Securities, the value of pledge for the July-September quarter stood around Rs 2 lakh crore, about 1.3 percent of the total market capitalization of the Edelweiss Alternative Research universe. Ten companies with a market cap above Rs 10,000 crore had more than 25 percent of promoter holdings pledged.
Ruchi Soya and Max Financial were the companies with a market cap above Rs 10,000 crore having the highest promoter holding pledged at 99.93 percent and 90.32 percent, respectively.
The companies with pledge holdings in the range of 50-90 percent were GMR Infra (76.61%), Crompton Greaves Consumer (65.58%) and Jindal Steel (50.37%).
During the quarter an increase in pledge were seen in Hindustan Zinc, Adani Ports (45.04% vs 28.70%), Ramco Cements (11.49% vs 1.97%), Ramkrishna Forg (34.32% vs 26.85%) and Adani Transmission (39.5% vs 35.78%).
According to the report, in value terms, industrials, materials, and consumer stables hold the highest promoter pledges.
(Edited by : Abhishek Jha)
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