Small and mid cap stocks risk big losses

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- SEBI extended the deadline for presenting fourth quarter results for listed companies last week, from May 1 to June 5, but rejected many promoters' requests to close the trading window.


(Commerce Rep) Mumbai Ta 4 April 2020, Saturday

Small, mid-cap stocks fell 5 to 6 percent in the year, due to the prevailing core crisis and lack of approval by the capital markets regulator SEBI to allow promoters to buy their companies, stock prices are at risk in the coming weeks.

It is worth mentioning that the Securities and Exchange Board of India (SEBI), the regulator of the capital markets, has given the promoter control over buying shares of his companies for the next three months. SEBI has recently granted listed companies permission to submit their fourth quarter results for the quarter ended March 3, 8, instead of May 1, June 3, but SEBI exempts promoters from their trading restrictions at the time of release, ie, promoters own companies' shares. Refused to allow purchase. Accordingly, the trading window is closed for 1 hour from April 1, after announcing their quarterly results for the promoters and management. Since March 1, many promoters have supported the reduction in prices by buying stocks in their companies. Investors are usually shy away from smaller companies in these times. Now promoters or insiders are unable to buy their companies' stocks in sharp decline.

SEBI last week extended the deadline for presenting fourth-quarter results for listed companies from May 1 to June 5, but rejected many promoters' requests for any relief in closing the trading window.

It is noteworthy that, in recent days, stocks including some small cap companies such as Unicom Laboratories, Advanced Enzyme, India Cement, have been bought from the open market during recent days, from March 1 to March 3. The sharp drop in valuation has prompted promoters to buy shares of their companies. Over the past few months, more than 5 million small and mid cap companies have bought stocks worth more than Rs 1 crore, in which stocks were constantly being sold by foreign fund-investors. Foreign Portfolio Investors (FPIs) sold shares worth Rs 1 crore in March, while local institutional investors bought shares worth Rs. 5 crore in the same period.

Some of the companies that have been bought by promoters in the last fortnight, some include Tata Steel, 1,3,8 shares in Tata Consumer Products, 5,8 shares in Aurobindo Pharma, 5,8,8 shares in India Cement. Including MindTree 1,3,700 shares, Asian Paints' 5,7,8 shares, GMR Infrastructure's 1,3,3,3 shares, Gateway Distribution Parts Yes.

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