Financial Daily from THE HINDU group of publications
Tuesday, Sep 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 30, 2003 |
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Markets
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Stock Markets Stocks shifted to trade-to-trade mode still elicit interest Jayanta Mallick
Kolkata , Sept. 29 THE nine stocks, which have been shifted to the trade-to-trade segment by the Bombay Stock Exchange on September 26 pursuant to a meeting with Securities and Exchange Board of India as a "preventive surveillance measure to ensure market safety and integrity," showed today that the shift has not dried up interests in them. Though on last Friday, the first day of the BSE action, the stocks showed a dip in volume - varying between 24 and 96 per cent - today (on the second day) two of the stocks in that set recorded impressive traded quantity. It may be noted that the immediate delivery is a precondition for any stock in the trade-to-trade segment. The SSI stock today saw a rise in volume and price on the BSE, while the HFCL counter witnessed a price rise but a decline in volumes. The SSI stock closed the day volume of 96,063 shares against Friday's 38,234 shares on the BSE. Its price moved up to Rs 125.60 (118.60). The HFCL counter finished the session at Rs 21.65 (Rs 21.30) with a traded quantity of 17.42 lakh (30.42 lakh) shares on the BSE. On Friday, the counters of Aftek, Global Trust Bank, GTL, HFCL, Kopran, Lupin, Pentamedia, Silverline and SSI had witnessed a drop in volume 78.23, 59.53, 90,39, 36.59, 75.57, 90.06, 55.90, 24.15 and 95.75 per cent respectively against the average volume (till Septemner 23, when the announcement came in). Interestingly, Zee Telefilms saw some selling in the initial trading on September 24 over the apprehension that it might also be shifted. However, a two-month volume study in these 9 stocks — the crucial element on which the BSE pegged its decision for shifting - do not reveal very unusual spurt. The BSE mentioned that it has observed a "recent spurt in volumes" in these stocks. According to Mr V.K. Sharma of Anagaram Stockbroking except for GTL, Kopran and SSI, there has not been any extraordinary volume spurt in August and September. Three stocks, namely Global Trust Bank, Silverline and Pentamedia, have in fact, registered a fall in volume in September compared to August. Incidentally, if recent volume spurt was the criterion to go by, then a set of 15 stocks, which include HCL, Infosys, P&G, Infotech Enterprises, Bata, Glaxo Smithkline, Shyam Tele, Hinduja TMT, Padmalaya Teleflilms, Mukta Arts, Rolta, Geometric Software and Nirma had recorded a volume growth between 898.83 per cent and 125 per cent during August and September.
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