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100 cash-group shares attract NSE circuit filter on speculative buying
Our Market Bureau
MUMBAI, January 2: Cash group stocks continued to move up steadily on the local bourses for the second consecutive day amidst speculative purchases, albeit with lower volumes. On the National Stock Exchange (NSE), over 100 stocks attracted circuit filters at the higher level. In the final countdown about 50 stocks closed at the level at which the circuit filter was applied.The prominent B-group stocks that closed at the circuit-filter level were BPL (Rs 107.95), Bongaigoan Refineries (Rs 12.50), Essar Shipping (Rs 12.50), Essar Gujarat and GNFC (Rs 25.75), Crompton Greaves (Rs 33.05), DCM Daewoo (Rs 13.75), Essar Oil (Rs 16.10), Femnore Mineral (Rs 22.15), Hindustan Power Plus (Rs 54.75), Jindal Photo (Rs 44), Jindal Iron (Rs 44.05), Jain Irrigation (Rs 18.65), India Photo (Rs 404.25), PAL-Peugeot (Rs 2.65), LML (Rs 107), Alpic Finance (Rs 25.80), Abbott Laboratories (Rs 310.50), Alfa Laval (Rs 98.45), Bajaj Hindustan (Rs 61), Cabott India (Rs 80.30), Dr Beck (Rs 44.85), Garware Wall Ropes (Rs 22.65), IG
Petro (Rs 18.30), India Cement (Rs 75.05), Kakatiya Cements (Rs 22.60), Modi Xeroz (Rs 84.50), Panyam Cement (Rs 383.25), Rallis India (Rs 115), Rossell India (Rs 47.25), Square D Software (Rs 44.30), Searle India (Rs 45). According to market sources, after the sharp jump in index-based stocks by over 10 per cent in the last week of December, punters, both local and foreign, now find cash-group stocks more lucrative.``It has been a typical feature of the last phase of a bull run,'' said a Bombay Stock Exchange broker. ``An appreciation of about 20 per cent in the stock values in the B group should see hectic profit booking,'' he added.The day also saw the continuous rise in prices of underlying shares of United Phosphorus, Tube Investments and Crompton Greaves. ``Increasing arbitrageurs' activity at these counters has been the prominent reason for the sharp recovery,'' said a dealer at an FII brokerage firm. ``These stocks were quoting at a discount of over 50 per cent. However, sudden buying interest at
the local markets has reduced this discrepancy,'' he added. The global depository receipts (GDR) of Crompton Greaves closed at $1.75 on January 1, with its local share quoting at Rs 32.50. The underlying share of United Phosphorus attracted a circuit at Rs 115, with its GDR quoting at $3.50.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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