Street rewards all but one of 12 companies that pruned share pledges

Sequent Scientific and Everyday Industries saw percentage shareholding pledged by promoters go down by over 44 per cent each and their shares rally by 68 per cent and 75 per cent, respectively

The Street seems to be rewarding companies that have reduced outstanding share pledges. Twelve companies (except one), with the highest cut in promoter pledging during the September quarter, saw their share prices rally. 

For instance, Sequent Scientific and Everyday Industries both saw its percentage shareholding pledged by promoters decline by over 44 percentage points each, and their shares rally 68 per cent and 75 per cent, respectively. Shares of other firms on the list, such as Everyday Industries, Metropolis Healthcare, and Laurus Labs, also posted strong gains. Only Torrent Pharma saw its shares fall marginally during the September quarter, even as