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Nalini D'Souza
MUMBAI, Sept 30: The Bombay Stock Exchange (BSE) has slapped incremental margins on five scrips in which the total carry forward position is more than 3 per cent of the company's paid-up capital. According to BSE sources, Crompton Greaves, Kesoram Industries, Satyam Computers, Zee Telefilms and Videocon International have breached the 3 per cent permissible limit on the exchange on September 26.
As per Sebi guidelines, the exchange is required to slap incremental margins to the extent of 25-100 per cent, depending upon the actual positions built at these counters. If the total outstanding positions are between 3-4 per cent of the paid-up capital then the margin is 25 per cent and this goes up incrementaly to 100 per cent IF the outstanding position exceeds 10 per cent of the paid-up capital. The move is aimed at curtailing the spurt in the positions as well as the concentration of positions in a few hands.
In the case of Crompton Greaves, the carry forward positions at the end of the settlement onSeptember 25 was pegged at 3.73 per cent of the paid-up capital. Similarly, in the case of Kesoram Industries the carry forward position was 3.19 per cent of the paid-up capital, while in the case of Satyam Computers and Zee Telefilms the position was 3.30 per cent and 3.67 per cent, respectively.
Interestingly, in the case of Videocon International the carry forward position has been pegged at a high of 4.31 per cent of the paid-up capital. The exchange has slapped a margin of 35 per cent on the carry forward positions at this counter. However, the other four stocks attracted an incremental margin of 25 per cent over and above the normal carry forward charges of 15 per cent paid to the exchange.
Reflecting the increasing interest at these counters, these stocks registered a sharp rise in the volumes. While the volumes at the counter of Crompton Greaves rose by 40 per cent to touch a high of 7.05 lakh shares on September 25, that of Satyam Computers rose to a high of 45.66 lakh shares.
The volumes atthe Videocon International counter shot up by over 700 per cent from a low of 41,830 shares on September 21 to a high of 7.20 lakh shares. The stock is currently traded in the no-delivery category of the exchange.
During the settlement ended on September 25, Crompton and Satyam were the only two stocks which maintained the gains made during the earlier part of the settlement. However, in the case of Kesoram Ind, Zee Tele and Videocon the stocks closed weak towards the end of the settlement.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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