Bombay Stock Exchange describes it as a technical glitch. But it is not the first time this has happened and there is no explanation from the stock exchange or the market regulator why the so-called glitch keeps happening repeatedly
We have seen this happen before and it happened yet again on Friday morning. In early trade today, there was a rush of odd trades by a few brokers that jammed the trading system on the Bombay Stock Exchange (BSE), disallowing most others from carrying out any trades. Within the first five minutes of pre-market trade itself, many brokers found it almost impossible to connect to the system and even when they did so, it took more than five minutes to register trades and many trades were not registered even then.
Still, some wild swings in prices of certain blue-chip stocks were visible on the screens. For example, the Reliance Industries (RIL) stock opened with a huge jump at Rs1,015 and trade within a range of nearly three hundred rupees within the short time. The stock ended the day at about Rs873.
Similarly, ICICI Bank and HDFC Bank also opened significantly higher and traded within a wide range of Rs1,282 and Rs1,050 and Rs607 and Rs500 respectively. At the end of the day today these stocks closed at Rs1,060 and Rs509 respectively.
It was the same for such other prominent shares like Infosys, TCS, Hero Honda, SAIL and BHEL. The table below will give a better picture of the unexplainably wild prices.
Cumulative sales for June 2011 are 264,488 higher by 7% compared to the corresponding period in June 2010
The Tata Motors group global wholesales, including Jaguar Land Rover, were 89,846 units in June 2011, compared to 90,702 units in June 2010. Cumulative sales for the fiscal are 264,488 higher by 7% compared to the corresponding period in June 2010.
Global sales of all commercial vehicles-Tata, Tata Daewoo and the Tata Hispano Carrocera range-were 45,285 units, in June 2011, a growth of 13%. Cumulative sales for the fiscal are 130,184 units, a growth of 17%.
Global sales of all passenger vehicles were at 44,561 units in June 2011, lower by 12%. Cumulative sales for the fiscal are 134,304 units, lower by 2%.
Global sales of Tata passenger vehicles and the distribution offtake in India of Fiat cars were at 24,203 units for the month, lower by 21% over June 2010. Cumulative sales for the fiscal are at 72,214 units, lower by 9%.
Global sales of Jaguar Land Rover in June 2011 were 20,358 vehicles, higher by 1%. Jaguar sales for the month were 4,038 units, lower by 40%, while Land Rover sales were 16,320, higher by 22%. Cumulative sales of Jaguar Land Rover for the fiscal are 62,090 units, higher by 9%. Cumulative sales of Jaguar are 11,343 units, lower by 27%, while cumulative sales of Land Rover are 50,747 units, higher by 22%.
On Friday, Tata Motors ended 2.61% down at Rs1,036.15 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.30% to 18,561.92.
The IPO proceeds will be utilised for investing Rs30 crore in Inventure Finance and Rs20 crore for augmenting long term working capital requirement
Broking firm Inventure Growth & Securities Ltd, the flagship company of the Inventure Group plans to raise Rs70-Rs80 crore through an initial public offering (IPO).
"The company has received SEBI nod for its IPO to raise Rs70-Rs80 crore through an offer of 70 lakh equity shares of Rs10 each via the 100% book building route. The IPO will hit the market in third week of July 2011," Inventure's chairman and managing director, Nagji K Rita told reporters.
The IPO proceeds will be utilised for investing Rs30 crore in subsidiary firm Inventure Finance and Rs20 crore for augmenting long term working capital requirement among others, according to the DRHP.
Inventure offers various services like trading in equity-cash and derivatives market, PMS, debt market and currency futures segment among others. It was promoted by Nagji Rita, who was a member of the governing board of the BSE between 2004 and 2006.