MUMBAI, March 7: Having breached the crucial barrier of Rs 700, the ITC counter is back in action. Though market participants maintain their stand on "speculating in ITC is injurious to wealth," the carryforward session has a different story on the counter.The stock has attracted the highest backwardation of Rs 34.99, for a total volume of 7.87 lakh shares at the hawala price of Rs 705. In the kerb market the stock was trading at a premium of over 3 per cent at Rs 718. ITC closed with a backwardation of Rs 13 for a huge outstanding quantity of over 12 lakh shares."The higher backwardation charges attracted by the speculative counters reflects the over sold positions in the market," said a BSE broker.
