Financial Daily from THE HINDU group of publications
Tuesday, Sep 09, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 09, 2003 |
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Markets
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Stock Markets Champdany scrip price rise raises eyebrows Our Bureau
Kolkata , Sept. 8 THE sudden spurt in the price of the Champdany Industries stock in recent weeks has been a mystery. According to brokers and dealers, the stock is one of the many inactive counters which have been seeing some trading and sharp price rise of late. Some of them indicated that deals in the stock in the last few days suggested "foul play" by certain vested interests. Mr Ajit Day of Dayco Securities said that the stock had been regarded as illiquid for a long time. The management of the jute product manufacturing company is controlled by the Kolkata-based Wadhwas. The stock closed on Monday at Rs 48 (Rs 46.35) on the BSE. Since August 12, the stock has steadily moved up from Rs 30.30. It is interesting to note that during this period, the highest traded quantity in the counter was 600 shares and lowest was 10 shares. However, price kept on moving even on days with least volume. The NSE claimed additional margin of 10 per cent from September 5 on the stock as a measure of risk containment. However, no record on the stock was found today on the NSE site. The shareholding pattern of the stock as on June 30 was: promoters (seven outfits and individuals) - 33.14 per cent, foreign investors - 42.14 per cent, public - three per cent banks, institutions, mutual funds including UTI - 15.30 per cent and one private corporate body, 4.30 per cent.
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