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Edelweiss report: Industrials, materials and consumer discretionary stocks held highest promoter pledges

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Published: May 1, 2019 2:32:07 AM

Companies with no promoter pledge and where promoter stake has increased include Godrej Agrovet, CEAT, La Opala RG, TV Today Networks, Dollar Indus, Balaji Telefilms, Monte Carlo Fas, Kitex Garments, Waterbase, Sukhjit Starch.

First-time pledgers in two quarters were RMG Alloy, Srikalahasthi Pipes, JK Tyre, Seya Indus, Va Tech Wabag, LG Balakrishnan, Forbes & Co, Ravindra Energy and Sagar Cements.

Much like the third quarter of financial year 2018-19, promoter pledges were in focus in Q4FY19 as well. In terms of value, industrials (`57,600 crore), materials (`40,800 crore) and consumer discretionary (`35,700 crore) held highest promoter pledges, said Edelweiss in a report. Pledge data compiled by Edelweiss relate to pledge holding for the quarter ended March 2019.

JSW Energy, Reliance Infrastructure, Centrum Capital and Apollo Hospitals were the stocks that have seen consistent incremental pledging activity in the past five quarters. Sequentially, a sharp jump in promoter pledging activity was also seen in JK Tyre & Industries, Reliance Capital and Dish TV. Other companies which recorded promoter pledges during the quarter were Sun Pharma, Apollo Hospitals and Ajanta Pharma. In addition, companies having promoter pledge holdings of over 90% were Reliance Capital (96.93%), Reliance Infra (98.34%), Dish TV (94.6%), CG Power & Industries (99.99%) and Sterlite Technologies (96.67%). “Other companies in the same category include Zee Media, Reliance Infra, Dish TV, Reliance Capital, Hind Construction, Bajaj Hindusthan, Arshiya, Reliance Navel Engineering and Sanghi Industries,” Edelweiss Securities said.

Companies in which the percentage of pledged promoter holdings has risen more than 5% (q-o-q) include Dish TV, Adani Transmission, Reliance Capital, Reliance Infra, Zee Entertainment, JSW Energy, Sadbhav Engg, JK Tyre, Zee Media and Prabhat Dairy. On the other hand, mid-cap stocks where incremental promoter pledging was seen were JK Tyre and Parag Milk Foods. First-time pledgers in two quarters were RMG Alloy, Srikalahasthi Pipes, JK Tyre, Seya Indus, Va Tech Wabag, LG Balakrishnan, Forbes & Co, Ravindra Energy and Sagar Cements.

Companies in which promoters have revoked pledged shares during the quarter were Jubilant Foods, Coffee Day Enterprises, Strides Pharma and Granules India. Stocks that saw partial revoke were Adani Enterprises, Max Financial, Adani Ports, United Breweries and Jubilant Foods.

Among mid caps, prominent names wherein promoters revoked pledge partially were Coffee Day Enterprises, Strides Pharma and Granules India. Companies where promoter percentage pledge has fallen more than 5% (q-o-q) include Parsvnath Developers, Edelweiss Financial Services, Jubilant Food, Vikas Ecotech , Coffee Day Enterprises, Prakash Industries, Strides Pharma, Zee Learn, Granules India, Hotel Leela Ventures.

Companies with no promoter pledge and where promoter stake has increased include Godrej Agrovet, CEAT, La Opala RG, TV Today Networks, Dollar Indus, Balaji Telefilms, Monte Carlo Fas, Kitex Garments, Waterbase, Sukhjit Starch.

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