Promoters issue mortgages despite promising volatility in the stock market in June quarter

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Ahmedabad. August 12, 2019, Monday

Despite the volatility in the stock market behind local and global adversities, the leader was continuing the process of mortgaged shares by promoters of companies. On the other hand, some promoters also released the mortgaged shares.

According to available data, during the June quarter, the promoter of the prototype company was mortgaged in double digits. These companies include promoters of Jindal Steel, Indusind Bank, Everady, Emami, McLeod Russell, among others.

On the other hand, during this time, the promoters of some well-known company had issued mortgaged shares. These include eCement, Sadbhav Eng, Speed, Adani Port, CG Power and others.

It is worth mentioning here that the regulator Sebi announced June regulatory rules regarding the mortgaging of shares during the month of June in order to make the mortgages transparent and promoter volatility controlled by the promoters.

Due to various adversities, some promoters who were picking up stocks due to the large gap in stock prices, were in a state of turmoil. However, experts advised investors to stay away from a company that has mortgaged shares.

It is worth mentioning here that the shares were mortgaged for the first time by some company promoters during the June quarter. Of these, the shares were mortgaged by GHCL at 5.5 per cent, Friedun Pharma at 9.5 per cent, Orient Electric at 9.5 per cent, Indusind Bank at 1.8 per cent and Indo-national promoters at 8.5 per cent.

Currently there are 3 companies whose promoters have mortgaged shares worth over $ 2 billion. These include Future Retail, JSW Energy, Adani Power, Jindal Steel, Sun Pharma, Zee Enter, Asian Paint and TCS.

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