Financial Daily from THE HINDU group of publications
Saturday, Feb 09, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 09, 2002 |
|
|
|
|
|
Markets
-
Stock Markets Twenty-First Century under CSE scrutiny Jayanta Mallick
KOLKATA, Feb. 8 THE counter of Twenty-First Century (India) Ltd saw a record volume of around 1.09 lakh shares today at the Calcutta Stock Exchange. However, the price tumbled to close at Rs 30.40, against the previous closing of Rs 37.80. On Thursday it had clocked a volume of 41,965 shares. Since Wednesday, the scrip saw an unusual surge in volume. According to CSE officials, the exchange-specific movements in the share were under scrutiny of the exchange authorities. The scrip is in the rolling settlement segment at CSE. On Wednesday, the leasing and finance scrip shot up to close at Rs 31.65 from the Tuesday's closing price of Rs 27.9. Wednesday's volume in the stock was 7,035 shares, up from Tuesday's volume of just six shares. Interestingly, on the Bombay Stock Exchange, the Twenty-First Century counter remained listless in both price and volume terms. The closing prices of the counter between February 5 and 7 moved up from Rs 8.50 to Rs 9.05. The daily volume hovered around 200 scrips. On the BSE, the scrip's yearly high is Rs 12.10 and yearly low is Rs 6. According to market persons, Twenty-First Century scrip is one of the 15 scrips, which are being manipulated by rotation for the last two to three months by local traders. Confirming this, a CSE official told Business Line that ``we are taking appropriate steps to counter such manipulative trades.'' The official pointed out that a handful of finance companies and trading outfits have been seeing such matched trades. ``CSE has of late informed SEBI about such trading. We have also warned a few members, resorted to early delivery and pay-in. The exchange authorities have also been inspecting suspected brokers' books. ``Even we are now insisting on suspected brokers' clients to file a certificate that they are not related to the promoters of the company, scrips of which are suspected to be manipulated''. Though the exchange officials insist that such manipulated deals constitute not more than one per cent of the daily volume of the CSE, a section of brokers argue that it was part of an organised manipulative practice, which runs through a few heavyweights as also some second- or third-rung stocks. The officials admit that in the second- or third-rung stocks, the manipulation is linked to duping lay investors by rigging the price. Judging by the volumes and price trends in the scrip CSE members indicate that the build up in volumes may have been squared off today. Incidentally, today it attracted the highest number of trade of 27 on the CSE in the recent months. On Thursday and Wednesday it had recorded 10 and two trades, respectively.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|