Stocks with growing promoters' stake

When a promoter increases its stake in a company, it is considered as a positive sign, as the promoter is willing to have more skin in the game. In the large-cap space, what we have come across is intriguing. There has not been any substantial stake increase by promoters leaving out a few exceptions like Infosys and Reliance where in the former's case it was due to a buyback which is actually a necessity of the business due to a high cash generating business model. An incentive for promoters to an increase stake is a fall in price, however in our list of large cap stocks we were able to see that on an average, in the last one year, large cap stocks have risen on an average of approximately 12% compared to the beating that most of the mid and small cap stocks took. We came across an exception in the Bajaj group companies that have increased their holdings in each other's stocks substantially. The management says they have increased confidence in the business in a tough business environment and they have even highlighted the fact that the companies don't have any significant debt, unlike peers who are reeling under hea