The market capitalisation of information, communication and entertainment (ICE) stocks on the Bombay Stock Exchange (BSE) increased by 30 per cent (Rs 33,299 crore) to Rs 1,44,868 crore since April 27, when the Securities and Exchange Board of India (Sebi) announced the ban on badla.
The ban on carryforward and stock lending and borrowing mechanism comes into effect from July 2, 2001. Market sources said institutional interest in the ICE counters had revived after Sebi banned naked short sales, but it gathered momentum after the ban on all carryforward activity was announced.
From April 27 to May 23, FIIs purchased Rs 3,094 crore worth of stocks, and offloaded shares worth Rs 2,096 crore, leading to a net inflow of Rs 977 crore.
More From This Section
Wipro was the major gainer during the period with a Rs 12,150 crore rise in its market capitalisation. The stock, which closed at Rs 1,243.35 on April 27, appreciated by 42 per cent in the period to close at Rs 1,765.95 today.
Software export major Infosys Technologies' total market capitalisation increased 31 per cent (Rs 6,594 crore) from Rs 21,413 crore on April 27 to Rs 28,007 crore today.
PSI Data System, following reports that its French parent Groupe Bull was planning to offload 50 per cent in the company, continuously hit the 16 per cent upper circuit filter on the BSE in the last four trading sessions. The stock today closed at Rs 169.15 against Rs 111.85 on April 27.
The market capitalisation of software stocks such as HCL Technologies has increased 41 per cent (Rs 3,753 crore) to Rs 13,009 crore (Rs 9255 crore on April 27), while Satyam Computer was up Rs 1,466 crore to Rs 6,709 crore (Rs 5,243 crore).
Digital Equipment, Fujitsu ICIM, Mastek, NIIT and Polaris Software are other technology stocks which have witnessed a more than 34 per cent jump in their market capitalisation after the Sebi announcement.
Media major Zee Telefilms, who intends to sell a stake to a strategic partner, has seen its market capitalisation rise by Rs 1,893 crore to Rs 5,421 crore against Rs 3,528 crore on April 27. Zee