Top 5 Penny Stocks with Rising Promoter Holding. Here’s a Watchlist
consistent rise in promoter holding can tell you many things. After all, promoters are the ultimate insiders, the flag bearers of the company who decide everything. They know the true picture of the existing business, they're well aware of the corporate governance practices, and they understand the business prospects and headwinds.
Tracking this activity becomes even more important when dealing with penny stocks. The excitement to make big bucks quickly often draws new investors to buy thebest penny stocks. And keeping track of penny stocks with rising promoter holding could be a starting point to discover some gems in the markets.
Let’s take a look at five such companies that have seen an increase in promoter holding in the June 2023 quarter. First on the list is IFCI. Erstwhile Industrial Finance Corporation of India, IFCI is a state-owned non-banking finance company established to cater to the long-term finance needs of the industrial sector.
The company’s financing activities cover various kinds of projects such as airports, roads, telecom, power, real estate, manufacturing, services sector, and other allied industries. To point out some of IFCI’s big projects, it has financed projects including Adani Mundra Ports and GMR Goa International. The latest shareholding pattern of IFCI reveals that promoter of the company, i.e.
the government, has increased its stake by 3.97% in the quarter ended June 2023. The president of India currently holds 1,750 million (m) shares or 70.3% stake in IFCI. Over the years, rising NPAs and consistent yearly losses have remained a cause for concern for investors in IFCI.
Read more on livemint.com
