Suzlon, Sobha, Dixon Technologies see biggest drop in promoter pledged holdings in September quarter
- 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 value of promoter pledged holding of BSE-500 stocks declined to 1.22% in the quarter ended September 2023 from 1.36% in the June 2023 quarter. An analysis shows that the value of pledged promoter holdings stood at ₹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.
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.
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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 promoters made fresh pledges of 6% of their holdings in the September quarter.
Promoters of IndusInd Bank increased their pledged holdings to 47.3% from 45.5%, while that of The Ramco Cements rose to 2.8% from 1.6%, QoQ.
GMR Airports, Sterling & Wilson and Chalet Hotels have the highest pledged holdings in overall holdings, as per the report.
Meanwhile, companies in the Nifty 50 with more than 5% of pledged promoter holdings included Apollo Hospitals (16.1%), Asian Paints (6.5%), IndusInd Bank (47.3%) and JSW Steel (14.1%).
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