Calcutta Stock Exchange's effort to prop up its turnover by introducing 50 scrips to its permitted segment of the compulsory rolling settlement did not evince trader's interest in the first two days.
The lackluster activity in the permitted section is due to the brokers' ignorance that these shares are available for trade on CSE as well as general depression in the market.
Only three stocks, namely HCL Technologies and PSI Data recorded limited activities on yesterday- the first day of trading in the enlarged permitted section having 210 scrips including new addition of 50. Today SSI counter recorded a minuscule trading.
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Yesterday's overall turnover of Rs 10.88 crore was much lower than average turnover of the country's third largest bourse of Rs 85 crore due to closure on NSE and BSE on account of Ganesh Chaturthi. Today CSE posted a turnover of Rs 61.23 crore.
In addition to HCL Technologies, PSI Datasystems and SSI, the list included Television 18, Arvind Pharma, Polaris Software, Cadila Healthcare, Hughes Software, Henkel Spic and Amara Raja Batteries.
Aimed at providing the members opportunity to trade on some select high liquid stocks, chose either from the list of BSE 100 and the erstwhile specified groups of other established bourses, the induction of scrips to the permitted segment has been effected from today.
The move is also expected to help the cash-strapped bourse earn turnover fees on trading on these stocks although the companies would not be required to chip in listing charges.
Lyons Range oldies are confident that inclusion of a handful of liquid stocks in the permitted segment will boost CSE's sagging turnover. "The first two days turnover is no indication. It will take at least a week's time to indicate the consequences of the new inductions to the permitted section. We are sure that the inclusion will result in significant growth in turnover, " one senior member of the exchange said.
21 SCRIPS SUSPENDED: Meanwhile, CSE has suspended trading in 21 scrips due to violation of listing agreement with effect from Friday.
The scrips which will come under suspension are :IFB Industries, Arihant Chemical Industries, Ceeta Industries, Cystal Cable Industries, Danta Vyapar Kendra, Fergusan Investments, Fizza Trading, Gallant Finance, Industrial Fiscal Service, Kshith Trading Co, Lokmudra Commercial, Pali Commercial, Pressman Properties, Pankaj Commercial, S T Services, Savoy Enterprises, Ser Industries, Spartan Trade Holdings, Subhashree Commercial, Sumati Industrial Finance and Ovobel Foods.