Pudumjee Paper Products: The promoter group of this specialty-paper manufacturer has been increasingly reacquiring its equity via market purchases. On October 27, the group acquired 30 lakh shares for Rs. 4.6 crores representing 3.1% of the company, the third round of reacquisition in October. In September and August, over 5.3 lakh shares were reacquired respectively, via 17 separate market purchases.
Praxis Home Retail: This online furniture retail store in which Porinju Veliyath’s Equity Intelligence India Fund holds a 1.8% stake and has increased its stake in this quarter has announced the resignation of its chief financial officer (CFO) and key managerial personnel (KMP) with effect from 31 October.
Alembic Pharmaceuticals: The chairman and promoter of this pharma company has acquired over 18,000 shares via a single market purchase, valuing the insider trade at Rs. 1.7 crores. This is the first acquisition of shares in the company by insiders since December 2019, the rest have all been disposal, most notable of which was the disposal of 4.1 lakh shares for Rs. 39.3 crores via four market sales last month.
The Ramco Cements: Brokers are not too upbeat about this cement manufacturing company. The company received one recommendation upgrade, against 4 downgrades, and 7 target upgrades against 14 downgrades, from a total of 26 broker reports published in 2020. Brokers downgrading the stock include HDFC Securities, KR Choksey, Nirmal Bang, and Prabhudas Lilladhar. It’s average broker target now is a downside of 8.9% against its current price.