Financial Daily from THE HINDU group of publications
Wednesday, Dec 24, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 24, 2003 |
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Markets
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Stock Markets Many mid-cap stocks tumble on talk of shift to trade-to-trade Virendra Verma
Mumbai , Dec. 23 SEVERAL mid-cap stocks such as Jain Irrigation, Shyam Telecom and others fell sharply in today's trading on market rumours that these would be shifted to trade-to-trade (TTT) segment. In TTT investors are not allowed the facility of netting - that is, if an investor sells shares of a company and wants to buy a similar quantity of the stock on the same day then he has to pay for the shares bought and deliver the shares sold by him. However trading in this segment is similar to normal market that is T+2. Some of the stocks that fell on this rumour included Shyam Telecom, down 8.69 per cent at Rs 69.35 on the BSE. KEC International fell by 2.18 per cent at Rs 65.20, CESC was down 4.65 per cent at Rs 130.30, Jain Irrigation closed at Rs 109, down 8.67 per cent, and Bhushan Steel was down by 5.24 per cent at Rs 103.95. On the NSE, Strides Acrolab was down 6.08 per cent at Rs 215.35. The stocks of these companies have gained sharply in the last few months. Several institutional investors, including FIIs, have taken stake in these companies. Brokers said the stock exchanges are likely to shift around 50-100 stocks to TTT. They said the main criterion was to look at those stocks whose prices and volumes have sharply increased in the last few months. However, stock exchanges officials were not available for comment on this issue. In September this year, over 500 stocks were moved to TTT segment.Stock exchanges officials said it was difficult to manipulate stocks in TTT. The exchanges have reduced the circuit limit in these stocks. They also said a close watch is kept on highly volatile stocks and higher margins are imposed on such stocks.
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