These companies saw promoters raising stakes amid the market correction

The Indian equity markets are experiencing a correction after hitting record highs in September last year. The NSE benchmark NIFTY50 index has declined 13% from its record high of 26,277.35, while the 30-share SENSEX has fallen 12% from its all-time high of 85,978.25, which was reached on September 27.

The markets are witnessing a major downturn due to intense selling by foreign institutional investors, weak December-quarter earnings, and the threat of trade tariffs being imposed by US President Donald Trump.

Amid all gloom and doom on Dalal Street, some promoters have increased stakes in their companies showcasing confidence in their business. Promoters of 20 companies in the BSE 500 basket of shares increased their stakes at the end of December quarter, data from Ace Equity showed.

Promoters of JSW Steel, Poonawala Fincorp, Vardhman Textiles, UPL, The Ramco Cements, Sheela Foam, Alkyl Amines, NCC, Laurus Labs, Himadri Speciality Chemical and JSW Infrastructure have increased their stakes, according to data from Ace Equity.

JSW Steel

JSW Steel, the country's largest steel maker by market capitalisation, saw its promoters increase their stake in the company to 44.85% in Q3FY25 from 44.84% in Q2FY25 and 44.81% in Q3FY24. The company's consolidated net profit at the end of the December quarter dropped 71% to ₹719 crore.

Poonawalla Fincorp

The promoters of the Pune-based non-banking finance corporation increased their stake in the company by 62.36% at the end of the third quarter of the current financial year from 61.87% at the end of the second quarter. Poonawalla Fincorp's net profit in the December quarter came in at ₹18.73 crore down 93% from ₹265.14 crore in the year-ago period.

Vardhman Textiles

Promoters of the Ludhiana-based textiles manufacturer increased their stake in the company from 64.19% in the September quarter to 64.21% at the end of the December quarter. The company reported a net profit of ₹203.56 crore in the third quarter of the current financial year, marking an increase of 26% from ₹161 crore in the year-ago period.

UPL

Promoters of the Mumbai-based agrochemicals maker increased their stake in the company to 33.51% at the end of the December quarter from 32.52% in the previous quarter. UPL turned profitable at the end of the December quarter after reporting a net profit of ₹828 crore against a loss of ₹1,217 crore in the same quarter last year. The company's shares hit a fresh 52-week high of ₹657.75 on Friday.

The Ramco Cements

The Chennai-based cement maker's promoters hiked their stake to 42.75% at the end of the December quarter from 42.29% in the September quarter. Ramco Cements' net profit more than doubled to ₹182.38 crore at the end of the December quarter as against ₹84.48 in the same period last year.

Sheela Foam

The Ghaziabad-based mattress maker's promoters increased their stake in the company to 65.70% at the end of the third quarter of the current financial year from 65.48% in the second quarter. Sheela Foam's net profit declined 40% to ₹18.59 crore at the end of the December quarter from ₹31 crore in the year-ago period.

Alkyl Amines

The Navi Mumbai-based chemicals maker's promoters raised their stake in the company to 72% at the end of December quarter from 71.96% in the previous quarter. Alkyl Amines' net profit in the December quarter rose 31 per cent to ₹44 crore from ₹33 crore in the year-ago period.

NCC

The Hyderabad-based construction company's promoters raised their stake to 22.02% at the end of the December quarter from 22% in the previous quarter. The company's net profit declined 13% to ₹185 crore in the third quarter of the current financial year from ₹213 crore during the same period last year.

Laurus Labs

The Hyderabad-based drug maker's promoters increased their stake in the company to 27.60% at the end of the December quarter from 27.18% in the previous quarter. Laurus Labs' net profit in the December quarter jumped nearly 300% to ₹92.30 crore from ₹23 crore in the same period last year.

Himadri Speciality Chemical

Promoters of the Kolkata-based speciality chemical maker raised their stake to 51.56% in the December quarter from 50.78% in the previous quarter. The company's net profit rose 32% to ₹142 crore in the third quarter of the current financial year as against ₹108 crore in the same period last year.

JSW Infrastructure

The Mumbai-based port operator saw its promoters increase their stake in the company to 85.62% at the end of the December quarter as against 85.61% in the previous quarter. JSW Infrastructure's net profit in Q3FY25 came in at ₹93 crore as against ₹93.73 crore in the year-ago period.