Tuesday, March 27, 2001
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New `A' group entrants fare well on day one 

Our Markets Bureau  
Mumbai, March 26: The 34 stocks, which were promoted from B1 group to the most liquid "A" group stocks at the Bombay Stock Exchange (BSE) began trading since Monday and it was the most encouraging day for them as majority of them were locked in the 8 per cent or the 16 per cent upper circuit filter throughout the day.

Hinduja Finance was the top gainer among these stocks to rise by 14.76 per cent to close the day at Rs 77.75. Polaris software also gained by 14.18 per cent to close the day at Rs 272.90. BSE had decided to expand it's "A" group in line with the list of stocks made available to investors at the National Stock Exchange (NSE) in January last. BSE members were demanding level playing field with their NSE counter part after the exchange scrapped it's age old carry forward system of Badla and introduced the very same system with the new name of Borrowing and Lending of Securities Scheme (Bless).

The other prominent stock, which was promoted and has fared well on Monday included Appollo Hospital, Sonata Software, Shrirama Multitech, Shipping Corporation, Saregama Ltd, Hindustan Zinc and DSQ Software. However, stocks like PSI Data system and SAW pipes which were hammered down when they were in the B1 group, continued to be hammered down even on Monday. PSI data and SAW pipes were down by 6.42 per cent and 5.30 per cent to close the day at Rs 123.10 and Rs 82.25 respectively.

Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.

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