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NSE bans futures trading in Essar Oil, Bongaigaon refinery

NSE bans futures trading in Essar Oil, Bongaigaon refinery
PTI
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First Published: Wed, Nov 28 2007. 03 18 PM IST
Updated: Wed, Nov 28 2007. 03 18 PM IST
Mumbai: Trading in stock futures of Ruias-led Essar Oil, Bongaigaon Refinery and six other companies have been banned at the National Stock Exchange.
The derivative contracts in the underlying Essar Oil, state-run Bongaigoan Refinery, Tata Teleservices, JP Hydro, Reliance Petroleum Ltd, NIIT Technologies, IFCI and Adlabs Film are currently in the ban period, a NSE circular said on Wednesday.
Trading in these companies were banned as they have crossed the 95% of market-wide position limit and consequently restricted from making any fresh contracts, the circular added.
In the cash segment the scrip of Essar oil witnessed a whopping jump of over 312.55% in a month. From the levels of Rs53.75 quoted on 26 October, the scrip moved to Rs221.75 as on 27 November, a jump of Rs168.
Similar movement was witnessed in the scrip of Bongaigaon Refinery. The shares of the company increased from Rs61.85 as on 26 October to Rs98.95 quoted on 27 November, a jump of Rs37 or 60%.
Essar Oil stock has witnessed a turnover of over Rs42 crore in the first few hours of trade on Wednesday even as the scrip is trading down 2.10% at Rs217.10 on the BSE.
While shares worth over Rs15.77 lakh of Bongaigaon Refinery had changed hands at the BSE in the morning trade, the scrip was trading down 0.81% at Rs97.75.
The circular informed that all members shall trade in derivative contracts of Tata Teleservices, JPHydro, RPL, NIIT Tech, IFCI, Adlabs Films and GMR Infrastructure only to decrease their positions through offsetting positions and any increase in open positions would attract appropriate penal and disciplinary action.
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First Published: Wed, Nov 28 2007. 03 18 PM IST