Future Consumer Enterprise Employees Welfare Trust bought 2 lakh shares of Future Consumer while Williamson Magor & Co. has bought 2 lakh shares of subsidiary Eveready Industries.
Promoters and insiders of about 50 Indian companies — mainly mid- and small-caps — have raised their holdings since September 8, following the sharp correction in share prices. Bajaj Holdings, Cholamandalam Investment, Manappuram Finance, Dr Reddy’s, UPL, Indiabulls Housing Finance, Eveready Industries, Apollo Tyres and MRF among others have seen their promoters lap up shares in the past couple of weeks.
Shekhar and Niraj Bajaj, for example, have bought Bajaj Holding shares in the past few days, while Marico’s Harsh Mariwala acquired 1.3 lakh shares of L&T Finance, in which he is a director. Future Consumer Enterprise Employees Welfare Trust bought 2 lakh shares of Future Consumer while Williamson Magor & Co. has bought 2 lakh shares of subsidiary Eveready Industries. When promoters or insiders buy shares, it is seen as an indication that the companies are cheaply valued.
The Sensex has declined nearly 6 per cent this month even as concerns over liquidity crises in NBFCs added to worries about weakening rupee and the jump in crude oil prices. The BSE mid-cap index has fallen 9 per cent, while the smallcap index has plunged nearly 12 per cent.
