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CSE imposes special margins on more shares

Our Bureau

CALCUTTA, March 7

IMPOSITION of special margins on volatile counters is fast becoming a norm at the Calcutta Stock Exchange even as members try to keep pace with changes in the margins scenario.

Beginning Tuesday, a clutch of shares will attract margins on the basis of net outstanding positions in addition to all existing margins. These are payable in cash only along with other cash margins. These include Logix Microsystems, a company that went public recently, which will attract a 20 per cent margin. Fifteen per cent margin has been fixed for both Prudential Pharma and Sugam Agrotech.

These companies, according to CSE sources, join the other companies that have seen margins in the past few weeks. Led by Global Software, which attracted a high 75 per cent margin, some of these are Global Trust Bank (15 per cent), Padmini Polymers (40 p er cent) and Kaashyap Radiant Systems (35 per cent).

The lesser known ones include Valiant Communications (40 per cent), Avanti Business Machines (25 per cent) as well as Filatex India, Gati Corporation and Shree Nilachal Laboratories.

Stock broking sources say major speculative interests have triggered volatility in these counters. In some cases, information from the corporate front has also driven investments. Kaashyap Radiant Systems, for instance, has been moving up on the exchange ever since the company's board okayed a preferential allotment at Rs. 160 per share to financial institutions and mutual funds.