Shares of other companies on the list such as Everyday Industries, Metropolis Healthcare and Laurus Lab also posted strong gains
The Street seems to be rewarding companies that have reduced outstanding share pledges. Twelve companies (except one), with the highest cut in promoter pledging during the September quarter, saw their share prices rally.
For instance, Sequent Scientific
and Everyday Industries both saw its percentage shareholding pledged by promoters decline by over 44 percentage points each, and their shares rally 68 per cent and 75 per cent, respectively. Shares of other firms on the list, such as Everyday Industries, Metropolis Healthcare, and Laurus Labs, also posted strong gains. Only Torrent Pharma saw its shares fall marginally during the September quarter, even as its promoters reduced their pledged shares to zero.
On the other hand, the trend was mixed in case of firms that saw the highest increase in promoter pledging. Shares of Suzlon Energy fell 43 per cent amid a 33.53-percentage point increase in pledged promoter shares. However, shares of Ramco Cement and Ramkrishna Forging rallied, despite promoter pledging going up.
Two Adani group firms — Adani Ports and Adani Transmission — saw softness in their share prices amid an increase in promoter pledging. Adani Enterprises rallied 90 per cent amid a 11-percentage point drop in promoter pledging.