Increasing a promoter’s stake means that the people who founded or have a significant interest in a company are buying more shares. It is generally taken as a positive signal for retail investors, as it shows that the promoters have confidence in the company’s prospects and believe that the stock is undervalued.
Listed below are the stocks in which promoters have increased their stakes in the recent quarter:
Lincoln Pharmaceuticals Ltd
The shares of this pharmaceutical company opened Thursday’s trading session flat at Rs. 657 compared to its previous close at Rs. 654. The share hit a low of Rs. 642.20 making a loss of around 2 percent and currently trading at Rs. 645 apiece.
According to the latest shareholding pattern, the Promoters of the company have increased their stake quarterly by 1.88 percent, i.e., from 48.67 percent during the June quarter to 50.55 percent during the quarter ended September 2023.
Coming onto the financial statement, the company’s revenue increased by 15 percent from Rs. 135.62 crores in Q1 FY24 to Rs. 155.99 crores during Q2 FY24. In addition, the net profit magnified by 45 percent from Rs. 19.01 crores to Rs. 27.65 crores.
Swadeshi Polytex Ltd
The shares of this real estate company opened Thursday’s trading session on a higher note. Within a few minutes of the opening bell, the share hit a 5 percent upper circuit at Rs. 84.93 which is also recorded as the company’s fresh 52-week high.
According to the latest shareholding pattern, the Promoters of the company have increased their stake quarterly by 1.69 percent, i.e., from 66.39 percent during the June quarter to 68.08 percent during the quarter ended September 2023.
Coming onto the financial statement, the company’s revenue increased by 784 percent from Rs. 4.54 crores in Q1 FY24 to Rs. 40.17 crores during Q2 FY24. In addition, the net profit magnified by 733 percent from Rs. 3.91 crores to Rs. 32.59 crores during the same timeframe.
Jai Balaji Industries Ltd
The shares of this steel manufacturing company opened Thursday’s trading session higher at Rs. 620 making a gain of around 1 percent and currently trading at Rs. 618 apiece.
According to the latest shareholding pattern, the Promoters of the company have increased their stake quarterly by 1.28 percent, i.e., from 58.74 percent during the June quarter to 60.02 percent during the quarter ended September 2023.
Coming onto the financial statement, the company’s revenue increased by 4 percent from Rs. 1,482.57 crores in Q1 FY24 to Rs. 1,546 crores during Q2 FY24. In addition, the net profit increased by 18 percent from Rs. 170.43 crores to Rs. 201.55 crores during the same period.
Ramkrishna Forgings Ltd
The shares of this forged component manufacturing company opened Thursday’s trading session higher flat at Rs. 768. compared to its previous close at Rs. 766.70. The share hit a high at Rs. 782 making a gain of around 1 percent and currently trading at Rs. 771 apiece.
According to the latest shareholding pattern, the Promoters of the company have increased their stake quarterly by 1.14 percent, i.e., from 46.27 percent during the June quarter to 47.41 percent during the quarter ended September 2023.
Coming onto the financial statement, the company’s revenue increased by 10 percent from Rs. 892.34 crores in Q1 FY24 to Rs. 981.49 crores during Q2 FY24. In addition, the net profit increased by 5 percent from Rs. 78.53 crores to Rs. 82.2 crores.
Written By Vaibhav Patil
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