New Delhi, Feb 20: The Delhi Stock Exchange is adding 64 scrips to its existing list of 58 in the specified group including Reliance Petroleum, Tata Tea, VSNL, Colgate Palmolive, Asian Paints, Bank of Baroda, Bank of India, HDFC Bank, Bombay Dyeing, Castrol and Grasim Industries.Six scrips are expected to be dropped from the present list of the specified group - SRF, JCT Electronics, Finolex Industries, J K Synthetics, DCM Shriram Industries and Modi Rubber, exchange sources said. The restructured specified group of the bourse will now have 122 scrips.
The board of directors of DSE is expected to approve the enlarged specified group list at its meeting on Saturday. Over half a dozen bank scrips figure in the new list. These are Bank of Baroda, Dena Bank, Bank of India, Corporation Bank, Bank of Punjab, HDFC Bank, ICICI Bank and Bank of Rajasthan. The 66 new scrips have been shortlisted from the 75 most traded scrips at the National, Mumbai and Delhi stock exchanges and 50 scrips at Calcutta. The otherprominent new entrants are Reliance Capital, Reckitt & Coleman, Mahindra & Mahindra, Procter & Gamble, East India Hotels, Mangalore Refinery & Petrochemicals, HPCL, HDFC, Essar Shipping, NIIT, Carrier Aircon, Indian Hotels and BPL.
DSE sources said that the six scrips being excluded do not figure in the top 100 traded scrips on any of the major bourses. Scrips with a market price of less than Rs 10 will also not figure in the modified specified list.
The recommendations to revamp the specified list have been put forward by a seven-member committee comprising the DSE president Deepak Chowdhry, executive director S S Sodhi and directors Ashok Aggarwal, N C Jain, M M Kapur, Vijay Bhushan and R A Yadav. Chowdhry told The Financial Express that with the revamped specified list, trading volumes are expected to increase phenomenally and more liquidity will also be infused. ``This is part of the investor-friendly steps being taken by the stock exchange'', he added. The committee will review the revampedspecified list every quarter and will be empowered to delete any scrip which it thinks is either prone to price manipulation or is not widely held, said Chowdhry. DSE expects that a big chunk of business in the newly added scrips, which at present was being done by Delhi brokers on other bourses, will shift to DSE.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
