Badla rates at 8.6%

MUMBAI, August 8: Carryforward rates inched up to touch a high of 10.5 per cent on the Bombay Stock Exchange (BSE), despite the total out...

MUMBAI, August 8: Carryforward rates inched up to touch a high of 10.5 per cent on the Bombay Stock Exchange (BSE), despite the total outstanding remaining at previous week’s levels of Rs 560 crore.

During the week ended August 7, the total purchase carryforward position on the BSE was pegged at Rs 525 crore, while the sale position was marked at a low of Rs 151.34 crore. According to market players, delivery-based selling by local and institutional participants during the preceding settlement was the main reason for the slow but steady rise in the badla rates. The carryforward rates finally stabilised at 8.6 per cent.

"The system seems to be under pressure despite the flow of funds in the vyaj badla market," a BSE broker said, while highlighting that the rates fail to provide a true picture of the market mood in the prevailing political and economic conditions. Some interesting features of the market were the counters of ACC, Bank of Baroda, Brittania and Dr Reddy’s.

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ACC attracted a backwardationcharge of Rs 12.22 (weighted average). However, during the session the stock attracted a low badla charge of Rs 21.49, while the high was Rs 5, where a volume of 97,150 shares were transacted at the hawala price of Rs 1,255.

Britannia was traded in the band of Rs 729 and Rs 737.26 intra-session low and high respectively, to attract a weighted average backwardation charge of Rs 0.72. About 47,000 shares were transacted at the hawala price of Rs 735. Interestingly, Hero Honda attracted a book bandh backwardation charge of Rs 406.45. The stock will be traded at an ex-bonus price during the settlement beginning August 10.

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

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