Shree Cements sees 18% shares dematerialised in four days
Vivek Law
MUMBAI, January 2: Shree Cements and Krishna Filaments have seen 18 per cent and 8.21 per cent of their equity shares dematerialised in four days even as big companies continue to witness a sluggish growth in the number of shares dematerialised.As on December 26, 20 companies have seen 10 per cent of their total shares dematerialised. Shree Cements, which did not figure in the list of the top 50 companies to have their shares dematerialised as on December 22, saw a huge chunk of its equity dematerialised in just four days to reach a demat level of 18.10 per cent. Krishna Filaments, on the other hand, has jumped to a dematerialisation level of 11.71 per cent as on December 26, up from 3.50 per cent reported on December 22. IndusInd Bank continues to lead the pack with 41.68 per cent of its total shares dematerialised, followed by Infosys at 32.12 per cent. Significantly, however, the growth in the demat level for the eight securities shortlisted for compulsory demat trading for institutions from
January 15 onwards, continues to be dismal. The level of demat has not seen any change in Tisco at 14.64 per cent. L&T has seen a gain of a per cent which has taken the level of demat to 10.99 per cent from 9.55 per cent. Reliance has moved up marginally to 11.51 per cent, IPCL to 4.96 per cent, ICICI to 16.31 per cent and IDBI to 4.31 per cent. Bank of India and State Bank of India continue to remain below the 3.50 per cent level and do not figure in the list of top 50 companies in terms of percentage of equity dematerialised. Market sources said that several investors would perhaps be holding on to their physical shares till the last moment considering the lack of liquidity in the demat segment. "We expect to see an increase in flow of securities coming for demat now that the Christmas and the New Year break is over," depository sources said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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