Gujarat's share in NSE turnover up 300%

5 cities record Rs 4,674.04 cr turnover till April 2004

The aggregate turnover generated through the terminals of the National Stock Exchange (NSE) in five cities in the state zoomed 300 per cent to Rs 4,674.04 crore in the year ended 2004.

This was against a turnover of Rs 1,518.11 crore generated through the terminals in these cities "" Ahmedabad, Vadodara, Bhavnagar, Surat and Rajkot "" in the previous year.

Ahmedabad once again remained on top among these cities, while Vadodara registered the second highest turnover ahead of Surat, Rajkot and Bhavnagar.

Interestingly, the highest turnover on NSE from Gujarat during the last one year till April was reported in January.

The turnover registered from this cities on the NSE terminals in last October was also higher than April this year.

"But it sharply came down during the following months and again picked up in January to report a fall once again. The trading showed a steady trend during the March-April period this year.

"Though the complete figures for May are not yet available, we think with the declining markets during the last month, the turnover would not be higher than that of April," said an NSE source.

While in April 2003 these five cities had registered 3.10 per cent of the total capital market turnover on the NSE, it rose to 4.63 per cent in April this year.

In January, Gujarat's share in the turnover was 4.96 per cent of the total NSE turnover.

"Investors from Ahmedabad have shown a steady participation while investors from the Saurashtra region, earlier the hub of capital market activities, have been shying away mainly because of lack of infrastructure facilities.

"With increased terminals at Vadodara, the number of investors and turnover have increased significantly during April 2003-April 2004. Vadodara reported a turnover of Rs 293.83 crore in April last year, while it reported a turnover of Rs 686.47 crore in April 2004. This come to around a 100 per cent rise," said Atul Shah, a stock broker.

Ahmedabad, which reported a turnover of Rs 866.79 crore in April last year, registered a turnover of Rs 3381.86 crore in April 2004.

This increased the city's share in the bourse's turnover from 1.77 per cent to 3.35 per cent.

Bhavnagar, a comparatively smaller city, registered Rs 80.76 crore worth turnover on the National Stock Exchange in April 2004 against a turnover of Rs 48.97 crore in April last year.

Surat, the hub of textile and diamond industries, also hiked its turnover share.

Rajkot has shown a declining trend during the period.

In April, 2004, Rajkot registered a turnover of Rs 252.38 crore which, however, is 100 per cent higher than the Rs 107.74 crore turnover reported in April last year.

Surat had registered a turnover of Rs 272.57 crore and in September, last year, it registered the highest ever turnover on National Stock Exchange at Rs 330.70 crore which went down to Rs 323.67 crore in October and came down even at Rs 173.95 crore in February but again started rising to report much higher turnover in subsequent months.