Jindal Stainless, JSW Energy, Zydus Wellness, Nuvoco Vistas, and Bharat Wire are among the companies in which promoters have purchased shares from the open market.
The Nifty Midcap 100 and Nifty Smallcap 100 indices have declined by 4% and 8%, respectively, since March 1; while the Nifty has gained 0.5% in this period. Promoters of Jindal Stainless bought shares worth Rs 412 crore in the firm, with the stock falling nearly 15% between March 6 and 13.
AgenciesJSW Energy, which saw a 14% decline from its March highs to low, witnessed promoter buying shares worth Rs 239 crore. Similarly, Zydus Wellness promoters acquired shares worth Rs 30 crore. Promoters purchasing shares of their companies is considered a positive indicator. As insiders, promoters are considered to have better insights into the underlying value of their business, leading them to perceive long-term value of their companies’ stock price
