Insiders buying more shares in their own company indicates confidence in management’s outlook in the future. Research from MIT suggests stocks that have recently seen insider buying outperformed the market by 4.5%. These insiders have rare insights into the underlying business, so they are well-placed to profit from potential changes moving forward. Should you followsuit? Below, I’ve chosen three BSE companies which insiders have recently accumulated more shares in.

UPL Limited (BSE:512070)

UPL Limited, together with its subsidiaries, manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals in India, Europe, North America, Latin America, and internationally. Formed in 1969, and currently headed by CEO Ashutosh Awasthi, the company size now stands at 5,714 people and with the stock’s market cap sitting at INR ₹348.75B, it comes under the large-cap category.

UPL Limited’s (BSE:512070) insiders have invested 177,132 shares in the large-cap stocks within the past three months. In total, individual insiders own over 14 million shares in the business, which makes up around 2.7% of total shares outstanding.

The entity that bought on the open market in the last three months was

Demuric Holdings Pvt. Ltd.. Although this is an institutional investor, rather than a company executive or board member, the insights gained from direct access to management as a large investor would make it more well-informed than the average retail investor. In this specific instance, I would classify this investor as a company insider.

In the upcoming year, analysts expect a robust revenue growth of 11.90% to drive the meaningful bottom-line growth of 15.46%. 512070’s positive future sentiment could be a key driver of insiders ramping their shares if they believe the growth is not yet reflected in the current share price. Interested in UPL? Find out more here.

Apollo Tyres Limited (BSE:500877)

Apollo Tyres Limited manufactures and sells automotive tires, tubes, and flaps in India and internationally. Formed in 1972, and now run by Onkar Kanwar, the company employs 16,224 people and with the market cap of INR ₹157.69B, it falls under the large-cap category.

Apollo Tyres Limited (BSE:500877) is one of India’s large-cap stocks that saw some insider buying over the past three months, with insiders investing in more than 2 million shares during this period. In total, individual insiders own over 16 million shares in the business, which makes up around 2.88% of total shares outstanding.