Top 5 smallcap stocks with rising promoter holding. Here’s the March watchlist
midcap companies, with their share prices tumbling. Interestingly, this downturn has drawn attention from an unexpected quarter: the companies' own promoters, who have seen this as an opportune moment to buy back their shares. This marks a stark departure from the previous month, where the trend was more toward promoter selling.
Although it's too soon to draw definitive conclusions, this shift in promoter activity could signal a changing sentiment towards smaller companies. Let's explore five companies that have witnessed notable promoter buying in March 2024. Man Industries stands out as the first company to mention.
As a leading entity within the Man Group, UK, it specializes in the manufacturing, processing, and trading of submerged arc-welded pipes and steel products. These products are essential for industries such as oil, gas, petrochemicals, fertilizers, and dredging. In March 2024, Man Finance Private Ltd, a promoter group entity, capitalized on the stock's 18% decline by purchasing 52,225 shares across four transactions.
A significant factor behind this increased interest could be the company's venture into the burgeoning hydrogen market, recognizing the potential of clean hydrogen as a future energy solution. Man Industries has begun producing specialized pipes for hydrogen transport, aligning with the global push towards net-zero carbon emissions by 2050. The company recently celebrated a milestone in secure hydrogen conveyance pipe testing in Italy, conducted by RINA Consulting - Centro Sviluppo Materiali SPA.
Read more on livemint.com
