Mumbai, Aug 14: Carryforward rates on the Bombay Stock Exchange (BSE) registered a sharp recovery to touch a high of 15-16 per cent annualised. The increase in the badla rates has been attributed to the steady rise in the outstanding positions coupled with the absence of big-time badla financiers in the market, considering the beginning of the festive season. The badla rates, however, stabilised at 13 per cent.Dabur India attracted the highest backwardation charge of Rs 23.73. According to market sources, the counter witnessed the settlement of trades conducted during the no-delivery phase on the exchange. The stock was moved out of the no-delivery phase on the BSE on August 10. "Absence of delivery at the counter saw the stock attract a huge shortfall, which led to a sharp rise in the backwardation charge," said a BSE broker.
Other stocks which attracted backwardation include Asian Hotels (Rs 0.82 weighted average), Bharat Forge (Rs 0.29), EIH (Rs 0.46), Essar Steel (Rs 0.06) and United Phosphorus (Rs1.71).
Garware Steel attracted a book-closure backwardation charge of Rs 1.19. The stock will be traded in the BSE's no-delivery category from August 17.
Hindustan Lever, which will also enter the book-closure phase from August 17, attracted a carryforward charge of Rs 5.42 at a hawala price of Rs 1,625. During the session, the stock was traded in the band of Rs 10 and Rs 17, the intra-session high and low badla charges. Towards the last phase, however, the stock attracted a backwardation of Rs 0.20.
Knoll Pharma witnessed a bonus carryforward charge of Rs 321. The stock will be traded at an ex-bonus price of Rs 360 onwards on the BSE from settlement beginning on August 17. The company had announced a bonus in the ratio of 1:1.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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