Silent accumulationNew

The delivery page can tell you more money is being taken home. It cannot tell you whose, because the tape has no names on it. This one does. Every company files the name of each shareholder above 1% — and every promoter, whatever they hold — four times a year, so reading the same name down ten quarters says exactly who has been buying and how fast.

What is listed here is the quiet half of that. A holder qualifies when their stake rose in three or more consecutive filings and no single quarter's rise reached 0.5 percentage points — the level at which one day's trade becomes a bulk deal the exchange publishes that evening with a name on it. Under that line the buying cannot have been reported in a single print, so the only public trace of it is the filing you are reading, up to four months after the fact.

Two things this list does not say. A holder who added 0.4 points a quarter may still have been buying loudly — 0.4% a day for sixty days is never a bulk deal either, and no filing can tell the two apart. And a quarter is a photograph, not a film: what happened between two filings is unknown, so a stake that rose can have risen and fallen and risen again.