Carryforward rates continue to hover around 9%
OUR MARKET BUREAU
MUMBAI, Jan 17: Carryforward rates on the Bombay Stock Exchange continued to hover in the narrow band of 9-13 per cent annualised for a net outstanding position valued at Rs 344.28 crore.The total outstanding position of carry forward was of a value of Rs 381.22 crore, with the purchase position valued at Rs 362.82 crore and sales carryforward position valued at Rs 164.35 crore. Of the 99 stocks offered for the carry forward session, 13 stocks attracted backwardation charges. Interestingly, pivotals like Reliance and SBI also attracted backwardation or undha badla charges. Reliance stock attracted a backwardation of Rs 0.16 (weighted average) for an outstanding position of 13.55 lakh shares. SBI, which attracted a lower badla charge of Rs 2 at the initial stages of the session, however, closed with a backwardation of Rs 0.98 (weighted average) at a price of Rs 245 for an outstanding position of 6.48 lakh shares. Other stocks which attracted backwardation: ABB, Asian Paints, Dr Reddy's, EIH, Grasim,
HPCL, Indogulf, Pfizer, Ranbaxy and UTI Master Gain. "The carryforward positions per se shows the beginning of a fresh speculative rally at the bourse," commented a BSE broker. "However, considering the RBI policies announced on Friday, and its impact on the kerb markets, stocks are bound to open for trade at a gap of almost Rs 5-9 average," he added. Among the heavy weight stocks, ACC and BPCL attracted a lower carryforward charge of 9.12 per cent. Bajaj Auto attracted a carry forward charge of 13.44 per cent annualised at a hawala price of Rs 550. Castrol also attracted a carryforward charge of 13.44 per cent for an outstanding position of 7.32 lakh shares. Colgate, HLL and HDFC attracted a carryforward charge of 12.96 per cent at a hawala price of Rs 235, Rs 1,320 and Rs 2,855 respectively.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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