Suzlon, Sobha, Dixon Technologies see biggest drop in promoter pledged holdings in September quarter
₹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. 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
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