Balaji Tele, Mukta Arts to be shifted to TTT basis

Our Markets Bureau

Mumbai, Aug 14: Excessive speculation in an otherwise illiquid market has taken its toll on the media stock counters of Balaji Telefilms and Mukta Arts.

Both the premier stock exchanges The Stock Exchange Mumbai, (BSE) and the National Stock Exchange (NSE) have decided to shift trading in these two stocks to trade to trade (TTT) basis from the new settlement beginning Monday, August 20.

The BSE has taken a step further and has announced that the exchange would not permit any trading in these two counters in the rolling mode till further notice. However, the NSE has clarified that these stocks would continue to be available in the rolling segment.

BSE has also further clarified to its members to exercise adequate caution as the settlement in these counters would be done on TTT basis and no netting off positions would be allowed. It may be recalled that the market regulator has launched a probe in the high volatility and the sudden spurt in the turnover of leading media counters like Balaji Tele, Mukta Arts and Tips Industries.

Both these stocks, and Balaji Telefilms in particular, witnessed huge volatility since last week as the turnover at these counters perked up suddenly. Balaji counter clocked 65 per cent of its equity of 1.20 crore last Wednesday, while on Friday last the counter clocked the turnover of close to 1.50 crore shares.

Balaji Tele stock however, experienced the downturn on Tuesday and the stock was locked in the lower circuit of 8 per cent. The stock price declined from the previous Rs 213.30 to Rs 196.25 and more than 50 lakh shares were traded on both the BSE and the NSE. Similarly, at the Mukta Arts counter on Tuesday both the exchanges together clocked a turnover of 45 lakh shares and the share price dipped by more than 8 per cent to Rs 96.60.