Kolkata, March 14: The Calcutta Stock Exchange 40-share index recovered 81 points on Wednesday but the pay-in is likely to be extended till Saturday (March 17) instead of the scheduled date of March 15. It is understood that the brokers have managed funds to stave off the another round of payment crisis.However, two crucial counters - Himachal Futuristic and DSQ Software - again hit the lower band of the circuit filter. These two figured among the top 10 losers on the exchange Wednesday.
Despite the CSE-40 index closing at a higher level of 1897.21 points (up 81.75 points than the March 13 closing), the unofficial badla market (popularly known as the number two account) is understood to be in tatters with losses estimated at Rs 500 crore plus.
None of the CSE officials were available for comment on the pay-in situation or on the suspension of the defaulting broker and former CSE president DK Singhania. In fact, there were rumours that Mr Singhania had been suspended by the exchange.
HFCL counter opened at Rs 230.50 at the local bourse, hit the circuit filter and closed at Rs 193.70. However, volume-wise HFCL had one of the highest turnovers at the exchange.
DSQ Software opened at Rs 148.30 on the CSE and moved up, but later slid to hit the lower circuit filter and close at Rs 124.60. Volume-wise DSQ Software's was among the top 10 at the CSE.
Top brokers told The Financial Express that the pay-in problem of the March 8 settlement (number 2001148) is still continuing. They reasoned that, as a rule, the pay-out cannot be completed until the pay-in is cleared.
Despite the market picking up, brokers were apprehending a Rs 250 crore-Rs 270 crore shortfall on pay-in day on March 15, in case funds are not mobilised.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
