IIS Infotech and Parijat Paper Mills stole the show at the Over The Counter Exchange of India (OTCEI) this week in an otherwise listless trading session. Dealers say that IIS Infotech is in demand largely because of its low valuation in comparision to the potential. The stock moved from Rs 25 at the beginning of the week to Rs 37 on Friday where it was frozen by the price band. On Friday, nearly 43 lakh shares of the stock were traded.

The market is also rife with rumours that the scrip is likely to get delisted from the OTC in order to take up listing on the other two Mumbai bourses. Parijat Paper is now quoting at the Rs 6 levels on fantastic volumes valued at over Rs one lakh throughout the week. There is seemingly no corporate information moving the price and dealers say that it is just bull support. There is some disappointment among the dealers that a stock like Central Cable which announced fairly good results this week (net profit of Rs 1.5 crore) has not seen any upward movement in price (hovering at Rs 21) even though it is moving up as a B1 stock on the BSE. Generally, the market remained devoid of any enthusiasm even with the introduction of the Finance Bill (after a long gap since the presentation of the budget), with some favourable changes. The index moved downward from 84.67 at the beginning of the week to 82.60 on Friday.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.