Sign of confidence! Promoters just increased their stake in these companies – Business Today

Promoters raising their stake in businesses often signals their confidence in the firm’s prospects. Such actions often indicate a positive outlook for the company. Initial shareholding data showed that promoters increased their holding by more than 1 percentage point in at least 37 BSE 500 companies for the quarter ended September 30.
Promoters have raised their stake by 31.51 percentage points in Camlin Fine Sciences to 48.03 per cent in Q2 from 16.52 per cent in the preceding quarter ended June 30. Shares of the company gained 0.67 per cent during the July-September period against the 1.71 per cent gain posted by the benchmark equity index BSE Sensex during the same period. On the other hand, the BSE Midcap and BSE Smallcap indices also rallied 12.39 per cent and 15.21 per cent, respectively.
Nirmal Bang Securities gave a ‘Buy’ rating to Camlin Fine Sciences in September with a target price of Rs 210. According to the brokerage, Convergent LLP and Ackermans & van Haaren (AvH) have joined hands with Ashish Dandekar (existing promoter) to be the co-promoters of Camlin Fine Sciences (CFIN). Convergent LLP has been a strategic investor in CFIN since 2020 and held a 21.6 per cent stake before the open offer.
In April 2023, Convergent LLP and AvH announced an open offer for acquiring up to 26 per cent stake in CFIN at Rs 160 per share. Post the open offer, the combined promoter shareholding (including Ashish Dandekar, AvH and Convergent LLP and others) stands at 48.03 per cent.
“Both the entities should add significant value in terms of prudent capital allocation and better corporate governance along with a strong and wide global network to strengthen CFIN’s position as a diversified global supplier of specialty chemicals. A strong network might also open the doors for attractive M&A opportunities for CFIN,” Nirmal Bang Securities said in a report.
Dhanashree Electronics is next on the list. Promoters upped their stake in the company to 100 per cent from 70.20 per cent in Q1. Promoters also increased their stake in Unichem Laboratories, FAZE Three Autofab, Titan Intech, Alkosign and Brijlaxmi Leasing & Finance by over 10 percentage points during the quarter gone by.
Please note that the stocks mentioned in the article are meant for information only. One should conduct a thorough analysis and consider other factors while evaluating a stock.
India Finsec, Ashika Credit Capital, Sacheta Metals, OP Chains, Sagarsoft (India), Indowind Energy, Authum Investment, Piramal Enterprises, Adani Ports, IM+ Capitals, Trishakti Electronics & Industries, Everlon Financials, TCM and Bangalore Fort Farms stood among other major players in which promoters raised their stake by somewhere between 2-5 percentage point in Q2FY24.
Motilal Oswal Financial Services on October 11 initiated the coverage on Adani Ports and SEZ (APSEZ) with a target price of Rs 1,010. Adani Ports is India’s largest private port operator with over 24 per cent market share in cargo handling. APSEZ has evolved from operating just two ports (Mundra and Dahej) in FY11 to a portfolio spanning 14 ports.
“Improved reach, strategic port locations, operational efficiencies and a comprehensive range of integrated service offerings have contributed to APSEZ’s remarkable growth. With continued growth levers at its existing ports and an expanding portfolio, we expect APSEZ to achieve a 12 per cent volume CAGR over FY23-25. This would, in turn, propel a corresponding 15 per cent CAGR in both revenue and EBITDA,” Motilal Oswal Financial Services said. Shares of APSEZ closed at Rs 798.35 on October 18.
During the quarter, an increase in promoters’ holding was also observed in Mangalam Cement, Lincoln Pharmaceuticals, Rama Vision, Swadeshi Polytex, Captain Pipes, Mishka Exim, Inter State Oil Carrier, Zydus Wellness, Emmessar Biotech & Nutrition, Fruition Venture, Salzer Electronics, BFL Asset Finvest, Ramkrishna Forgings, Moneyboxx Finance, Paras Petrofils and Yash Chemex, among others.
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