Promoter pledged holdings drop in March quarter; Kalpataru Projects, Bharat Forge, GMR Airports see biggest decline

According to a study by Kotak Institutional Equities, the pledged holdings of BSE-500 stocks shows that the worth of the promoter pledged holding arsenic a percent of the promoter holding declined to 1.10% successful the March 2024 4th from 1.17% successful the December 2023 quarter.

The worth of pledged promoter holdings stood astatine ₹1.96 lakh crore, astir 0.56% of the full BSE-500 Index’s marketplace capitalization. 

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The promoters of Bharat Forge, Lemon Tree Hotels, and Tata Communications released their full pledged holdings from 7.1%, 3.3%, and 3.1%, respectively successful the December quarter.

Kalpataru Projects saw the largest diminution of 11% successful its pledged promoter holdings to 31.5% from 42.5% successful the erstwhile quarter. GMR Airports chopped its pledged holdings to 58.2% from 63.4%, portion Swan Energy slashed its pledged holdings by 3.1% to 18.4%.

On the contrary, promoters of Max Financial Services, Eris Lifescience, Ashok Leyland, Jubilant Foodworks and Lloyd Metals, among others, accrued pledged holdings the astir during the March quarter.

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In the Nifty 50 pack, companies with much than 5% of pledged promoter holdings see Apollo Hospitals (16.1%), Asian Paints (7%), IndusInd Bank (45.5%) and JSW Steel (15.2%), arsenic per the report.

Overall, promoters of 73 companies successful the BSE-500 Index person pledged portion of their holdings successful the March 2024 quarter. Moreover, nary of the companies saw their promoters pledging much than 75% of their holdings and determination were nary caller promoter pledges made successful the March quarter.

However, it is to beryllium noted that the pledging of shares does not needfully connote that a institution oregon a promoter is nether fiscal stress. 

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Published: 10 May 2024, 11:43 AM IST