Balaji Telefilms’ 65% equity shares traded on Wednesday

Laxmikant Khanvilkar & Virendra Verma

Mumbai, Aug 8: Trading in the Balaji Telefilms scrip is turning out to be a true Bollywood thriller with marketmen guessing ‘whodonit’, sh sh sh ... Koi hain?

The paid-up capital of Balaji Telefilms is Rs 10.3 crore (1.03 crore shares). What is more surprising is, the counter continues to generate huge trading activity despite Sebi having initiated a probe last week.

Huge volumes on the company’s counter seem to be adding fuel to the speculative game on Wednesday, when around 65 per cent of the total outstanding shares were traded in the Balaji stock. This means 67 lakh shares were traded on both The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) on one single day!

The scrip has been going through the ups and downs since the last three weeks. It has gone up from a low of Rs 135 on July 26 to the current Rs 213.75, a rise of 58.33 per cent.

The volumes in the counter have increased almost 15 times since June this year. From an average of two lakh shares on the BSE, the volume has increased to around 30 lakh shares on the NSE.

The market is flumoxed over almost 60-65 per cent of the outstanding shares having been traded on one single day.

Amidst huge volumes, the stock hit the upper circuit of 8 per cent and closed at Rs 213.75 on the BSE and Rs 215.55 on the NSE.

While analysts say it befits the TV software provider, Balaji Telefilms to top the volume and turnover charts on the bourses after cornering top slots in the TRP ratings with its chartbusters such as Kyunki Saas Bhi Kabhi Bahu Thi (KSBKBT) etc.

Apart from Balaji Telefilms, Mukta Arts and Tips Industries are the other two counters which are being probed by Sebi for volatility in share price and increase in trading volumes.

“It appears to be an artificial market in Balaji Telefilms,” said a dealer with a foreign broking firm. While the scrip was buzzing on the bourses, investors were totally foxed by the scrip movement in the past one fortnignt.

Investors, baffled by the price-volume gyrations are crying foul because what happened on Wednesday was just unbelievable, brokers said.