Mumbai: Promoters have been mopping up shares of their firms in the secondary market of late, signalling optimism about their companies’ prospects amid challenging economic conditions. Since August 1, promoters of nearly 70 companies — mostly from mid- and small-cap segments — have increased their stakes. Some large companies, whose shares have been beaten down, too saw their promoters
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growth outlook.” Among the prominent mid-cap companies, Welspun India, Chambal Fertilisers, Alembic, KEC International, Trident, Bajaj Auto, Somany Ceramics, among others, have seen promoters buying shares through open market purchases since August 1. While Nifty gained 4 per cent during the same period, Nifty Midcap 100 and Smallcap 100 indices rallied 12 per cent and 20 per cent, respectively.