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DECEMBER 1998

NSE - Branch Offices


AHMEDABAD
406 Sakar II, Near Ellis Bridge Ahmedabad 380 006
Tel No : ( 079 ) 658 0212/ 658 0213 NATIONAL STOCK EXCHANGE OF INDIA LIMITED
Fax No : ( 079 ) 657 6123 For private circulation only

CHENNAI CONTENTS RBI


Lakshmineela Ritechoice Chamber 5, Bazullah Road, T. Nagar, Chennai - 600 017 RBI – Report on Trends and Progress in Banking Level of Foreign Currency Assets
Tel No : ( 044 ) 824 1723 / 24 / 25 in India 3 According to the Weekly Statistical Supplement of the
Fax No : ( 044 ) 824 1721
SEBI News 3 Reserve Bank of India, India’s total Foreign Currency

Market Indices Assets reached the level of US $ 26, 843 million on


PUNE
S&P CNX NIFTY 6 December 24, 1998, the highest ever recorded. The
3rd Floor, Mantri Centre 928, F.C. Road, Pune 411 004
CNX NIFTY JUNIOR 6
peak level of foreign currency assets before the current
Tel No: ( 020 ) 372 184 Fax No: ( 020 ) 371 551 S&P CNX DEFTY 7
year was reached on August 29, 1997 when the Foreign
World wide Indices 7
DELHI currency assets stood at US $ 26, 431 million.
CAPITAL MARKET 8
18, Community Centre Gulmohar Enclave New Delhi 110 016 Compared with end-December 1997, India’s foreign
Turnover
Tel No : ( 011 ) 651 8748/52, 651 9557/60 currency assets showed an increase of US $ 2, 878
Market Capitalisation 9
Fax No : ( 011 ) 685 7914 million on December 24, 1998.
Market Information 9
Trading Members 10 The level of Foreign Exchange Reserves, which also
HYDERABAD Advance/Decline Ratio 10
include gold and SDR, was US $ 29, 967 million on
8-2-677/A/3/, Road No. 12, Banjara Hills, Hyderabad : 500034. FII/FI Turnover 11
December 24, 1998. This was slightly lower than the
Tel No: ( 040 ) 332 4880/ 4883 Listing 11
previous peak of US $ 30, 240 million reached on
Fax No: (040 ) 332 4632
National Securities Clearing Corporation Ltd. 11
August 29, 1997. The increase in foreign exchange
Settlement Guarantee Fund 15 reserves during the year 1998 (up to December 24)
CALCUTTA
Ideal Plaza, 11/1, Sarat Bose Road, Calcutta 700 020 Finance & Accounts was US $ 2, 612 million and it was slightly lower than
Tel No: (033) 280 5950-55, 280 1202/03/04 WHOLESALE DEBT MARKET 15 the increase in foreign currency assets during the same
Fax No: (033) 240 9783 period. This is explained by the net change in the value
MIBID/MIBOR Rates 16

Membership 17 of assets held in the form of gold and SDRs in the


reserves during the period.
Futures & Options 18
Press Release : 1998-99/867
Arbitration 19

System and Telecom 19


Changes in deposit norms for NBFCs and
NATIONAL STOCK EXCHANGE OF INDIA LIMITED NSE Network 19
unincorporated bodies
MAHINDRA TOWERS, WORLI, MUMBAI - 400 018. TEL. No: 022-496 0525 (10 Lines), 492 8405 StatisticalTables 19
Fax No: 022-493 5631, 495 0367 Reserve Bank of India (RBI) has put in place a
e-mail address: postmaster@nse.co.in A study: Predictability of stock returns 21 new regulatory framework in January 1998 for non-

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banking financial companies (NBFCs) providing, finance companies have been allowed to accept and hire purchase finance companies. This ceiling India which are at present notY2K compliant, are being
for mandatory requirement of minimum investment public deposits upto 1.5 times of their NOF or is fixed at 20 percent of the owned fund for the replaced and will be Y2K compliant.
grade credit rating for acceptance of public deposits Rs. 10 crore whichever is less, provided that their loan and investment companies.
The Reserve Bank of India has constituted a high level
and linkage of the quantum of public deposits to CRAR is not less than 15 percent as per their last
committee under its Deputy Governor (Shri S.P.Talwar)
the level of credit rating. audited balance sheet. É Unincorporated bodies
to monitor bimonthly the progress made by the Reserve
Government of India appointed a Task Force on The unincorporated bodies engaged in the
Bank of India, banks and financial institutions, non-
NBFCs under the Chairmanship of Shri C.M. É Disclosure of unrated status in the business of a non-banking financial institution are not
banking financial companies in the areas of Y2K
Vasudev, Special Secretary (Banking). The advertisement allowed to accept deposits except from the relatives
problem.
recommendations of the Task Force have been The unrated and underrated equipment leasing and specified and the manner prescribed in the provisions

accepted by the Government of India and the hire purchase finance companies accepting public of section 45-S of the RBI Act.
Banks and financial institutions are required to monitor
Reserve Bank of India. deposits as per the new dispensation will have to
the progress through a core group set up in each bank.
disclose that the company is unrated or the latest
RBI Booklet on Y2K A bimonthly report on that is submitted by the boards
É The loan/investment companies including those rating of the company including when it has been
The Reserve Bank of India has printed a booklet on of directors of each bank and financial institutions to
having CRAR (Capital Risk Adjusted Ratio) 15 rated below the minimum investment grade, as the
“Year 2000 Preparations in the Banking and Financial the Reserve Bank of India.
percent or above as on date which are rated AAA case may be, so that the depositors can take an
Sector”. The publication brings out clearly the broad
and are having public deposits exceeding 1.5 times informed decision. As per the reports available, over 70 per cent of the
approach adopted by banks and financial institutions
the NOF, may accept or renew public deposits upto Commercial Banks and their subsidiaries are expected
in tackling the problem of Year 2000.
the deposit level outstanding on December 18, É Holding of excess public deposits – to be Y2K compliant by December 1998.
The Reserve Bank of India initiated a process of
1998 or 1.5 times of the NOF whichever is more. Regularisation Press Release 1998-99/789
creating awareness among banks and financial
The excess public deposits arising out of the
institutions way back in September 1996 when a
É The equipment leasing and hire purchase finance downgrading in the credit rating as also the Market Indices
detailed circular was issued advising the banks to
companies having minimum investment grade regulatory ceilings should be regularised by S&P CNX NIFTY
prepare a detailed inventory of the hardware, operating
credit rating shall be entitled to receive public repayment at the time of maturity of such deposits.
system software and application software that they The S&P CNX NIFTY closed at 884.25 on December
deposit upto four times of their NOF provided the
possess and do the scoping and diagnostics to assess 31, 1998 representing a gain of 66.50 (8.13%) points
company has capital adequacy ratio of not less than É Investments in land and building and unquoted
whether the systems are Y2K compliant or not. as compared to 817.75 on November 30, 1998. In the
10 and 12 percent from 31.3.1998 and 31.3.1999 shares
Test kits were made available to the banks and financial month under review, the S&P CNX NIFTY touched a
respectively and it complies with all other prudential As a part of prudential norms, the NBFCs have
institutions so that they could test each and every low of 812.25 on December 01, 1998 before peaking
norms. been advised that they should not invest, except
computer for Y2K compliance. They were also advised at 902.90 on December 31, 1998. The market
for their own use, more than 10 percent of their
to repair, replace or abandon machines depending on capitalisation of S&P CNX NIFTY rose from Rs.
É Unrated and underrated NBFCs owned fund in land and building. The ceiling on
the test results by Y2K version of the machines. The 1,76,103 crores on November 30, 1998 to Rs.1,90,417
The unrated and those having rating below the investments in unquoted shares of other than their
major MICR cheque processing systems at the four crores on December 31, 1998, a gain of Rs.14,314
minimum investment grade credit rating group/subsidiary companies has been fixed at 10
metropolitan centres operated by the Reserve Bank of crores (8.13%).
(underrated) equipment leasing and hire purchase percent of their owned fund for equipment leasing

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Graph 1 points (10.11%) as compared to 1379.50 points on S&P CNX DEFTY Table 2 : Correlation of World Indices
Movement of S&P CNX Nifty – December 1998 November 30, 1998. During the month of December The S&P CNX DEFTY closed at 721.25 points on DJIA FTSE Hang NIKKEI S&P
Movement of S &P CNX Nifty : December 1998
100 Seng Index CNX
Return for the period = 8.06 %
Avg. daily volatility for the period = 1.464 %
1998, the CNX Nifty Junior reached a low of 1373.45 December 31, 1998 representing a rise of 55 points Index Index NIFTY
910.00
902.90
on December 01, 1998 and peaked at 1549.50 on (8.25%) over its previous close of 666.25 on November DJIA 1 0.083 0.206 0.225 -0.031
Index value

890.00

870.00

850.00
December 31, 1998. The market capitalisation of CNX 30, 1998. In the month under review, the DEFTY FTSE-100 1 0.485 0.190 -0.19
830.00
812.25
810.00
Nifty Junior index fell from Rs.32,928 crores on reached a peak at 736.30 on December 30, 1998, Hang Seng 1 0.488 0.031

November 30, 1998 to Rs.32,657 crores on December opening at its low of 660.6 on December 01, 1998. The NIKKIE-225 1 0.121
Date

31, 1998 i.e. a fall of Rs.271 crores (-0.82%) The daily daily movement of DEFTY is given in the Annexure S&P CNX NIFTY 1
High Low

movement of CNX NIFTY JUNIOR is given in IIC and in the graph 3: É The returns have been calculated as a sum of daily
During December 1998, Nifty stocks accounted for Annexure IIB and in the graph II. Graph 3 returns for the said period i.e. from December 1,
45.35% of NSE’s total market capitalisation. The daily Graph 2: Movement of S&P CNX Defty – December 1998 1998 to December 31, 1998.
Movement of S&P CNX Defty : December 1998
Return for the period = 8.17
movement of S&P CNX NIFTY is given in Annexure Movement of CNX Nifty Junior Index– December 1998 %
Avg. daily volatility for the period = É Volatility is the standard deviation of daily returns
Movement of CNX Nifty Junior Index : December 98 740.00 1.464 %
IIA and in the graph 1. Return for the period = 9.83 %
735.95

Avg. daily volatility for the period = 1.310 %


730.00
720.00
for the said period.

Index value
710.00
The constitution of industry-wise weightages is given 700.00
1545.00 1549.50 690.00
1520.00 680.00
in the chart 1.
Capital Market
Index values

1495.00 670.00
660.00
1470.00 660.60

01-Dec-98

03-Dec-98

07-Dec-98

09-Dec-98

11-Dec-98

15-Dec-98

17-Dec-98

21-Dec-98

23-Dec-98

28-Dec-98

30-Dec-98
Chart 1: 1445.00
1420.00
NSE’s Market Performance
1395.00
Industry weightage -NIFTY High Date Low Close
1370.00
1373.45
The month of December 1998 witnessed a trading
S
R
T U V A
B
C volume of Rs.34,438.44 crores. More than 45 lakh
P Q
O
D
World wide Indices trades took place during the period. Graph 4 shows
E The constitution of industry-wise weightages is given A correlation analysis for the major stock market indices
movements in Net Traded Value for the month of
N F
ML K J I H G in the chart II : for the Western and South East Asian markets was
December 1998.
Chart 2: carried out for the month of December 1998. Table 1 Graph 4
S&P CNX Nifty Industry-wise weightages-December 98
Weight Weight CNX Nifty Junior Industry-wise weightages –December 98 shows the returns and the volatility of these indices Movement in Net Traded Value – December 1998
Industry Returns Industry Returns
-ages -ages Indus try weightage
T - NIF T Y Junior
Movement In Net Traded Value - December 1998
A Automobile 15507 8.14% M Paints 0.60%
R
S
and Table 2 shows the respective correlations. 2300
B Banking 11556 6.07% N Personal Care 20.96% C
P Q A
C Cement 3323 1.75% O Pharmaceuticals 4.27% B D

Net Traded Value (Rs. crs.)


O 2050
D Chemicals 1849 0.97% P Power 1.67% E

E Diversified 35661 18.73% Q Refineries & 1800


F Engineering 8507 4.47% Petrochemicals 7.62% Table 1: Returns and Volatility World Indices
G Information R Shipping 0.35% N 1550
F
Technology 8923 4.69% S Tea & Coffee 0.91% M
H Finance 484 0.25% T Term Lending
L
K I
H
G Indices Returns Volatility 1300
J
I Foods and Institutions 4.16%
Beverages 4445 2.33% U Textiles 0.20%
J Hotels 2848 1.50% V Telecommu- Industry Weight Industry Weight DJIA 0.008 0.011 1050
-ages -ages
K Iron & Steel 4326 2.27% nications 6.09% 800
A Automobile 5.84% O Pharmaceuticals 17.59%
L Metals & B Banking 6.33% P Power 0.97% FTSE-100 0.026 0.013
Minerals 3813 2.00% C Cement 1.35% Q Refineries &
D Chemicals 0.92% Petrochemicals 2.03% Date
E Diversified 7.29% R Term Lending Institutions 0.75% Hang Seng -0.031 0.018
F Engineering 12.87% S Textiles 0.66%
G Fertilizers 3.03% T Tyres 0.54%
CNX NIFTY JUNIOR H Finance 1.76% NIKKEI 225 -0.071 0.012 The daily average traded value for the period was
I Food & Beverages 7.62%
J Hotels 3.61%
The CNX NIFTY JUNIOR Index closed at 1519 points K Info. Tech 14.70% S&P CNX Nifty 0.080 0.014 Rs.1565 crores as compared with Rs. 1154 crores in
L Detergents/Intermediaries 2.88%
M Leather Products 2.75%
on December 31, 1998, representing a gain of 139.50 N Personal Care 6.51%

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November 1998. Graph 5 shows movements in Net Likewise, in case of ‘S&P CNX NIFTY’, ‘A’, and ‘B1’ Table 3: Contribution of top ‘n’ stocks FII/FI Turnover
Traded Quantity for the month of December 1998. group stocks, the market shares was 68%, 58% and Top ‘N’ (% Contribution) (% Contribution) The FII/FI daily trade statistics for the month of
Graph 5 86% respectively. A study of the market share of Stocks Jan’98- Dec’98 Dec ‘98 December 1998 are given in Annexure VI.
Movement in NetTraded Quantity – December 1998 securities common on BSE and NSE shows that 804 10 70 74
Movement In Net Traded Quantity - December 1998 of the 1145 securities account for a market share (in 25 86 89 Facts & Figures – December 1998
Net Trd Quantity (lakh shares)

875
800 terms of traded volume) of 50% and above on NSE. 50 93 95
725
1. Trade Statistics – Annexure VII
650 Market share in each stock has been computed by 100 97 98
575 2. Performance Data – Annexure VIIIA
500 calculating its turnover on NSE as a percentage of
425
350 combined cumulative turnover in the same stock on Trading Members 3. Settlement Data – Annexure IX
1-Dec

3-Dec

7-Dec

9-Dec

11-Dec

15-Dec

17-Dec

21-Dec

23-Dec

28-Dec

30-Dec

both the exchanges. In case of S&P CNX NIFTY The contribution of the top trading members to the total 4. Business Growth on the CM Segment-Annexure X
Date

securities, 24 securities account for a market share of traded value is given below:
5. Debenture Volume - Annexure XI
The highest number of trades in December at 2,63,806 50% and above. It is seen from Annexure III B that out Table 4: Contribution of the top ‘n’ trading members
were recorded on December 30, 1998. On that day, of the 575 ‘B1’ group stocks, NSE has greater market 6. Depository Volume – Annexure XII
Top ‘N’ (% Contribution) (% Contribution)
the total value of the trades was Rs.2157.68 crores share in as many as 455 stocks. Please refer Annexure
Members Jan’98- Dec98 Dec ’98
and 832.88 lakh shares were traded. The business III B for more details. Listing
10 11 14
growth on the capital market segment since inception Securities admitted for trading on the Capital
25 21 23
is given in graph 6. Market.
50 31 34
Graph 6: Market Information The list of securities admitted for trading on the Capital
100 46 50
Business growth on capital market segment Market segment and the Depository segment of the
Top Volume Stocks Exchange during the month of December 1998 is given
Business Growth on Capital Market segment
45000 Advance/Decline Ratio in Annexure XIII.
40000 The top 10 stocks traded during the month of December
35000
The daily analysis of the advances and decline ratio
30000
25000
contributed 73% of the total traded value.
20000 during the month of December 1998 is given in National Securities Clearing Corporation
15000 The liquidity of the stocks has been determined by the
10000
Annexure IV. On an average, 489 stocks had advanced
5000
0
net traded value and market impact cost. The market
and 463 stocks had declines for the month of December Guidelines related to Margins
Month & Year
impact cost has been determined for a portfolio size of
1998. The largest number of advances took place on
50 lakhs and has been calculated for the period July
December 30, when approximately 809 stocks surged The Exchange has prescribed following changes in the
Market Capitalisation 01, 1998 to December 31, 1998.
in value. Of the stocks available for trading about margin requirements:
In December 1998, the market capitalisation on NSE The top 10 stocks in terms of turnover for the month of
79.31% were active on the Exchange.
of the securities commonly traded on BSE and NSE, December is given in Annexure VIIIB.
Gross Exposure Margin
was Rs. 4,10,431 crores. Stocks whose turnover on
City wise traded details Gross Exposure Margin is computed on the aggregate
NSE was greater than BSE accounted for a market The Contribution of top stocks to the total traded value
The city wise contribution to the turnover is given in of the cumulative net outstanding positions (purchases
share of 67% of the total market capitalisation on NSE. is given below in table 3:-
Annexure V. or sales) in each security of the TM clearing member,

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in the following manner: Settlement of Trades in Dematerialised form lakhs / Rs 17.5 lakhs (for corporates / individual & firms Settlement of Trades in 12 Specified Scrips
respectively) and the excess deposits is not included
Gross Exposure (Rs. crore) Margin Payable % The trading and settlement of trades in dematerialised
for purpose of computation of base capital and thereby SEBI vide its circular no. SMDRP/POLICY/CIR-32/98
0-2 Nil form for 12 securities effective from January 4, 1999
for gross exposure limits with effect from December dated November 9, 1998, has specified that the delivery
>2 and upto 6 5% in excess of Rs.2 as announced by Securities and Exchange Board of
16,1998. of shares in demat form is compulsory for all investors
crore India has been made operational on the Exchange from
in respect of 12 specified scrips from January 4, 1999.
>6 and upto 8 Rs.20 lakhs plus 10% in normal settlement starting from December 30, 1998. In case the member desires to maintain the same or
excess of Rs.6 crores In these scrips, the concept of market lot is discontinued
The pay-in of securities for auction and rectification for additional level of base capital, he may arrange for
>8 and upto 10 Rs.40 lakhs plus 15% in with effect from the said date. In accordance with the
excess of Rs.8 crores company objections reported will also require to be submitting either of the following:
SEBI circular, the Exchange has therefore, decided that
>10 Rs.70 lakhs plus 25% in made in dematerialised form on and from December 1. a bank guarantee for margin deposits which has
the delivery in respect of 12 specified securities can
excess of Rs.10 crores 30, 1998. In respect of settlement bad delivery, to be submitted to NSCCL or
be effected in the unit lot of one share.
rectification/replacement will be allowed in physical form 2. cash by authorising us to debit your clearing bank
Net Exposure Margin
for the deliveries arising out of transactions done upto account by amount specified by you or
As per the SEBI directive as referred to above, members
December 29, 1998. 3. Fixed Deposit Receipt for trading margin purposes
Net Exposure Margin is computed on the cumulative are required to ensure that any investor having net delivery
with the approved custodians namely HDFC Bank
net outstanding purchases (excess of purchases over obligation of 5000 shares or more in any of the specified
sales) of TM clearing member in the following manner:
For details, please refer to our circular No. NSE/CMPT/ Ltd or SHCIL along with relevant documents .
securities can do so only in dematerialised form.
Net Exposure (Rs. crore) Margin Payable %
00730 dated December 18, 1998.
For details, please refer to our circular No. NSCC/
0-1 Nil For details, please refer to our circular No. NSE/CMPT/
Guidelines Related to Additional Level of Base CMPT/00731 dated December 18, 1998
>1 and upto 3 5% in excess of Rs.1 00749 dated December 29, 1998.
crore Capital

>3 and upto 5 Rs.10 lakhs plus 7.5% Concentration Margin Levied on Members
The value of security deposit (after application of Settlement Guarantee Fund
in excess of Rs.3 crores
suitable margins in case of securities deposited with The Exchange has revised the procedure for calculation The corpus of the settlement guarantee fund as on
>5 and upto 20 Rs.25 lakhs plus 20% in
excess of Rs.5 crores custodians) should not be less than Rs 25 lakhs in case and collection of concentration margin. At the end of December 31, 1998 is Rs.493.96 crores.

>20 Rs.325 lakhs plus 30% in of corporate and Rs 17.5 lakhs in case of individuals the last trading day of a settlement, if the no-delivery
excess of Rs.20 crores
and firms. If the net value of the securities is more than security does not constitute a concentrated position, Finance & Accounts
10 % above the amount prescribed for security deposit as given in our circular reference no. NSCC/CM/C&S/ Exchange Dues Account with Global Trust
It is clarified that for the purpose of calculation of daily
the trading member may make a requisition for 080 dated September 14, 1998, the concentration Bank
margins for each date, the net outstanding positions of
withdrawal of excess securities. margin levied on such no-delivery securities would be Global Trust Bank has agreed to open & operate
all the settlements for which the securities pay-in has
released to members on the margin pay-in day of the Exchange Dues Account of the trading Members at
not been completed, as on that date shall be included.
As per margin circular no. NSCC/CM/C&S/080 dated first trading day of the new settlement (normally Friday). their Fort Branch, Mumbai. The exchange Dues Account

September 14,1998, the additional base capital cannot may be opened irrespective of whether a Clearing
For details, please refer to our circular No. NSCC/
be maintained in the form of securities. Base capital for For details, please refer to our circular No. NSCC/ Account has been opened with them or not. Transfers
CMPT/00734 dated December 22, 1998.
gross exposure limits will therefore include only Rs 25 CMPT/00737 dated December 23, 1998. from Exchange dues account to the Trading Member’s

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own business/client account maintained with Global Repo trades worth Rs.320 crores were transacted During the month of December 1998, 112 securities MIBID/MIBOR Rates
Trust Bank Branches and vice versa will be free. This during the month. The growth in traded value on the with a total outstanding debt of Rs.9801.87 crores were The MIBID/MIBOR rates for the month of November
includes inter-city electronic transfers between the segment since inception is reflected in Graph VII and made available for trading. Total market capitalisation 1998 are given in Annexure XVI.
Trading Member’s account at the respective city to and also in Annexure XIV. of all the securities available on WDM stood at
from the Exchange Dues Account at Mumbai. Rs.4,02,026.18 crores as on December 31, 1998. Membership
Graph 7
The turnover for Government Securities was Submission of Information Relating to Broker
Growth in Traded Value- WDM Segment-December 1998
Trading Members may now choose between Global Rs.6420.31 crores contributing 73.76% of the total Database
Trust Bank (Fort Branch), HDFC Bank (Nariman Point Growth in the Traded value - WDM segment
traded value. Treasury Bills accounted for Rs.1039.72 The Exchange is in receipt of a circular No. SMDRP/
Branch) and Canara Bank (NSE Branch) for opening 18000
16000
700 crores or 11.94% of the total traded value. Institutional Policy/Cir-33/98 dated November 12, 1998, from SEBI

Net traded value

Avg. Daily Value


600
14000
500
12000
Exchange Dues Account. But once the account is 10000 400 bonds and corporate paper were traded for Rs.1244.54 regarding submission of certain information relating to
8000 300
6000
200
opened and has become operational with one of the 4000
2000 100 crores or 14.30%. Break-up of various categories of Broker database sought by SEBI. As per this circular,
0 0

aforesaid Banks, the Trading Member can shift the securities traded during the month on WDM is given in SEBI has earmarked the following deadlines for
Net traded value (Rs .Month
Cr.) Average daily value (Rs . Cr.)
account to another bank only after obtaining a no the Chart 4. submission of the required details:
objection from the Exchange (Finance & Accounts Chart 4 : Section I : December 31, 1998
The ten most active securities accounted for 53.73 %
Department) which will not be ordinarily denied. Trading WDM Security Trades – December 1998 Section II : March 31, 1999
of the total traded value on the segment. Details of WDM - Security trades - Dec 98
Members are also requested that while shifting the Section III : April 30, 1999
PSU
these securities are given in Annexure XV. Others
10.92% 3.37%
Exchange dues account from one bank to another, it T Bills SEBI has also advised that if any member of the
11.94%

may be ensured that the account is opened and Exchange does not comply with the due dates by
Indian Banks accounted for 42.01% of the total traded
operative in the new bank before closing the account Govt Sec submitting the requisite information complete in all
73.76%
value. The share of Primary Dealers in the total traded
with the existing bank to avoid confusion and technical aspects then, the Exchange should withdraw the trading
value increased to 16.06% this month as compared to
problems while running the debit file. The outstandings of various securities on NSE as on facility of such members until the submission of the
15.62% last month. Foreign Bank’s share in the total
December 31, 1998 is given in Table 5 requisite information.
traded value was 20.42 % as against 24.78 % last
For details pl. refer to our circular no. NSE/F&A/00717 Table 5 : Members are, therefore, requested to submit the
month. Break-up of the traded value for various
dated December 3, 1998 Outstanding of various securities on NSE information as mentioned in Circular No. 115 dated
categories of participants is given in chart 3.
Outstandings as on 31-Dec-98 October 7, 1998 in a floppy containing the executable
Wholesale Debt Market Chart 3 : Security Outstanding Percentage of version of the database and two sets of hard copies.
The WDM segment witnessed trades worth Rs.8704.56 Type (Rs. Cr.) Total
Participant trades for December 1998
Govt Securities 255812.11 64.39
crores in the month of December 1998 as against Corporates For details pl. refer to our circular no. NSE/MEM/00711
Fin. Inst./MFs 0.51%
Primary Dealers 7.17%
Others 65183.05 16.41
Rs.8454.16 crores in November 1998. The average Indian banks dated December 2, 1998
16.06% 42.01%
PSU Bonds 37340.87 9.40
daily value this month was Rs.334.79 crores as against
State Loans 27571.48 6.94
Rs.356.26 crores last month. Daily traded values Trading Surrender of Membership
Members Treasury Bills 11394.03 2.87
ranged widely between Rs.10.83 crores on December 13.83%
Foreign Banks
The following trading members have sought for
20.42% Total: 397301.54 100.00
26, 1998 and Rs. 602.31 crores on December 07, 1998. surrender of trading membership of the Exchange.

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Sr. Name of the Sebi Regn. Date of
No. Trading Member No. Last Trade
System and Telecom Year 2000 Guidelines for Trading Members 1 January 2000 in one piece and whether it will
1. Bhasin Securities Pvt. Ltd. INB230944232 Not Traded NSE Network The Year 2000 challenge is particularly crucial in the recognize that 2000 is a leap year.
2. Hathway Securities Ltd. INB 230643439 February 3, 1997
The expansion of NSE network in different cities and securities industry due to its heavy reliance on
3. P S Securities Ltd. INB 230825231 December 9, 1997

4. Scorpio Management INB 230938130 January 8, 1998 number of VSATs since November 1994 is presented information technology. If a trading firm does not prepare 2. Operating System (eg: Win 3.11, Win 95 etc)
Consultants (P)
5. Indus India Financial INB 230908336 March 31, 1998
in the graph IX. The list of town and cities having NSE all of its computer systems to counter Y2K problems, Windows 3.11 or Windows for Workgroups users should
Services Ltd.
VSAT terminals is given in Annexure XVII then the systems may not work at all. Worse yet, the install a free Y2K patch to the File Manager program,
6. Sanghi Corporate INB 230775838 July 21, 1998
Services Ltd.
NSE has installed 1811 VSATs in 235 cities across data may become corrupted, which may not be evident available from Microsoft / PC vendor.
7. Namee Securities Pvt. Ltd. INB 230599638 July 21, 1998

8. Finman Finance (India) INB 230824036 August 25, 1998


the country. A break up of VSATs across 235 cities is until considerable damage has been done. The impact 3. Office Automation Software (eg: MSOffice, Lotus 123
Private Ltd.
given in table 7. on the trading members would be in terms of the etc)
9. GLFL Securities Ltd. INB 230597131 October 13, 1998

10. ITL Stock & Share Brokers INB 230814438 November 3, 1998 Table 7 : software, hardware and the office equipment they are
Limited
Breakup of cities and VSATs using. Productivity software such as Microsoft Word, Lotus

NO OF VSATs NO OF CITIES VSATs 123 etc could have potential year 2000 problems.

What can go wrong with your Computer Hardware Contact your software vendor to find out if the package
Futures & Options 1 101 101
2 51 102 and Software - and when? and version you are using is year 2000 ready.
The break-up of the candidates (trading members, NSE Following areas of your personal computer are likely to 4. Customized applications ( eg: BackOffice software,
3 29 87
employees, banks and corporates) who have appeared have Year 2000 problems; Dealing room Software)
4 18 72
for the test and passed during the month of December
5 6 30
1998 is given in Table 6 : 1. Working of your PC: ( RTC /BIOS chip) Software specially written for your firm e.g. dealing room
6-10 13 95

City Number of Number of 11-25 9 131 It is essential that all hardware your business relies on & BackOffice software needs special attention as they
candidates successful to run its operations will handle dates accurately before, are quite likely to have potential year 2000 problems.
appeared candidates 26-50 3 106
-Dec ’98 Dec-’98 51-100 2 135 during and after 1 January 2000. In case of your The EDP department of your firm / software vendor

Mumbai 150 98 >100 3 952 computers systems, the first line of approach is usually needs to ensure that the software is Year 2000

Delhi 16 15 TOTAL 235 1811 to go back to the original supplier or to the company compliant. Interfaces between this software and the

Calcutta 70 65 Graph 9: Growth of VSATs and cities that provides you with maintenance support. You need other software being used by your firm should also be

Chennai 14 14 Graph 9 : to check your desktop machines and servers used as Year 2000 compliant.

Hyderabad 3 3 trading terminals and for BackOffice activities for

Total (Dec ’98) 253 195 Growth of VSATs and Cities compliance. Check to see whether your PC will be able For details, please refer to our circular no. NSCC/CMPT/
250 2000

Total (Jul ‘98- Dec’98) 1537 1347 200


1800
1600
to make the transition from 31 December 1999 to 00714.
No. of VSATs
No. of cities

1400
150 1200
1000
100 800
600
50 400
200
Arbitration 0 0

The status report for the arbitration cases for the month Month and Y ear
No. of cities No of VS AT s

of December 1998 is available in Annexure XVI

Web site : http : / / www.nse.co.in 12 Web site : http : / / www.nse.co.in 13


ANNEXURE I A ANNEXURE I B
S&P CNX NIFTY INDEX INFORMATION AS ON DECEMBER 31, 1998 CNX NIFTY JUNIOR INDEX INFORMATION AS ON DECEMBER 31, 1998
Sr. Security Equity Market Weightage Beta R2 Volatility Monthly
Sr. Security Equity Market Weightage Beta R2 Volatility Monthly
No. Symbol Capitalisation (%) (%) Return
No. Symbol Capitalisation (%) (%) Return
(Rs.Crore)
(Rs.Crore)
as on 31-Dec-98
as on 31-Dec-98
1 ABB 414,183,560 2092 1.10 0.68 0.21 1.835 (0.88)
1 APOLLOTYRE 300,536,690 195 0.54 1.44 0.53 2.146 5.94
2 ACC 1,370,123,200 1419 0.75 1.25 0.52 3.133 17.19
2 ASIANHOTEL 227,957,240 339 0.93 0.60 0.27 1.590 (0.80)
3 ARVINDMILL 1,005,499,450 389 0.20 1.37 0.46 3.818 23.88
3 BANKBARODA 2,960,000,000 1470 4.05 1.18 0.46 2.702 (1.10)
4 ASIANPAINT 401,162,200 1142 0.60 0.73 0.31 1.243 (4.50)
4 BATAINDIA 514,206,470 998 2.75 0.84 0.31 2.872 (7.49)
5 BAJAJAUTO 1,193,908,140 6221 3.27 0.99 0.52 1.813 (3.69)
5 BOMDYEING 410,018,290 238 0.66 1.10 0.44 3.341 12.62
6 BANKINDIA 6,390,000,000 1451 0.76 1.34 0.46 3.202 7.58
6 BRITANNIA 185,669,670 1621 4.47 0.81 0.43 1.918 13.09
7 BHEL 2,447,600,000 6415 3.37 1.49 0.59 2.107 12.32
7 CADBURY 238,014,080 1142 3.15 0.96 0.45 2.873 25.10
8 BSES 1,377,650,600 1974 1.04 1.28 0.62 1.883 (0.69)
8 CARRIERAIR 234,236,390 462 1.27 1.15 0.51 1.865 (5.65)
9 CASTROL 617,517,280 4698 2.47 0.86 0.54 2.408 21.05
9 DABUR 285,089,500 1214 3.35 1.19 0.56 2.704 20.39
10 CIPLA 186,474,000 1599 0.84 0.78 0.30 2.055 4.54
10 DIGITALEQP 327,300,000 496 1.37 1.70 0.58 2.639 8.69
11 COCHINREFN 689,348,900 918 0.48 1.11 0.35 3.289 4.11
11 DRREDDY 264,872,380 1292 3.56 1.13 0.51 2.697 18.16
12 COLGATE 1,359,928,170 2668 1.40 1.01 0.57 2.215 15.85
12 ESCORTS 681,355,680 501 1.38 1.23 0.56 1.859 0.34
13 EIHOTEL 523,928,980 1241 0.65 0.90 0.28 2.341 (1.06)
13 FEDERALBNK 221,694,840 89 0.25 1.14 0.52 2.615 1.39
14 GESHIPPING 2,875,620,540 666 0.35 1.00 0.39 2.141 (2.73)
14 GLOBLTRUST 1,040,000,000 374 1.03 1.17 0.56 2.285 1.98
15 GLAXO 597,750,000 3646 1.91 0.95 0.34 1.980 9.94
15 GSFC 797,965,550 536 1.48 0.90 0.41 3.186 20.45
16 GRASIM 723,139,700 1302 0.68 0.95 0.29 3.519 25.94
16 HOTELEELA 327,298,120 128 0.35 0.94 0.52 1.653 5.95
17 GUJAMBCEM 735,764,390 1903 1.00 1.09 0.43 2.059 17.59
17 ICI 408,700,000 788 2.17 0.94 0.37 2.502 (4.91)
18 HDFC 1,191,140,000 2610 1.37 0.87 0.43 2.015 0.52
18 ICICIBANK 1,650,007,000 364 1.00 1.02 0.40 2.709 (8.88)
19 HDFCBANK 2,000,000,000 1095 0.58 1.00 0.37 2.091 7.04
19 INDSHAVING 128,666,850 1134 3.13 0.83 0.49 1.386 13.28
20 HEROHONDA 399,375,000 2169 1.14 1.08 0.19 1.297 0.30
20 INGERRAND 315,680,000 1376 3.80 0.90 0.43 1.977 6.60
21 HINDALC0 744,720,200 3813 2.00 0.99 0.43 1.977 2.58
21 ITCHOTEL 302,164,920 290 0.80 0.69 0.20 3.212 3.28
22 HINDLEVER 1,991,672,860 33163 17.42 0.73 0.46 1.813 4.56
22 LICHSGFIN 750,579,000 270 0.75 1.13 0.35 3.709 9.92
23 HINDPETRO 2,262,200,000 5300 2.78 0.80 0.31 2.310 (3.88)
23 LUPINLAB 310,925,400 336 0.93 1.26 0.48 2.755 3.85
24 ICICI 4,783,824,510 2253 1.18 1.26 0.45 2.425 10.05
24 MADRASCEM 119,800,100 491 1.35 0.91 0.38 1.916 1.99
25 IDBI 6,730,933,000 2460 1.29 1.03 0.38 2.834 1.11
25 MADRASREFN 1,437,481,000 515 1.42 0.98 0.43 1.971 0.85
26 IFCI 3,536,158,080 592 0.31 0.91 0.49 1.805 (2.90)
26 NAGARFERT 3,475,205,930 561 1.55 0.86 0.36 1.830 8.03
27 INDHOTEL 451,146,950 1607 0.84 0.81 0.35 2.210 (14.39)
27 NICOLASPIR 277,083,700 948 2.61 0.68 0.39 1.336 6.53
28 INDRAYON 674,830,410 760 0.40 1.25 0.48 1.964 9.54
28 NIRMA 338,835,000 1044 2.88 0.38 0.14 0.993 (0.32)
29 INFOSYSTCH 160,172,000 4754 2.50 1.20 0.46 2.296 27.35
29 ORCHIDCHEM 173,460,000 179 0.49 1.09 0.39 2.497 5.05
30 IPCL 2,502,249,420 1436 0.75 1.09 0.38 2.906 12.55
30 PENTSFWARE 170,395,000 1201 3.31 1.37 0.38 4.184 44.76
31 ITC 2,454,149,040 18431 9.68 1.08 0.63 2.712 9.99
31 PFIZER 117,201,480 990 2.73 0.76 0.36 2.282 11.33
32 L&T 2,485,028,850 4001 2.10 1.28 0.69 2.343 10.73
32 PUNJABTRAC 202,519,000 1616 4.46 0.88 0.57 1.326 (3.86)
33 M&M 1,033,705,250 1706 0.90 1.22 0.47 2.300 10.07
33 RECKCOLMAN 329,131,880 1227 3.38 0.84 0.45 2.514 21.09
34 MTNL 6,300,000,000 11592 6.09 1.27 0.56 2.305 4.69
34 SATYAMCOMP 260,200,000 1897 5.23 1.67 0.62 2.646 38.73
35 NESTLE 964,157,160 4445 2.33 0.98 0.41 1.700 12.58
35 SIEMENS 283,970,000 636 1.75 1.26 0.51 2.436 16.36
36 NIIT 257,680,860 4170 2.19 1.25 0.40 1.578 17.87
36 SMITHKLPHA 294,000,000 1297 3.58 0.96 0.25 2.321 13.69
37 ORIENTBANK 1,925,397,000 716 0.38 0.98 0.43 2.254 (1.59)
37 SPIC 880,477,000 220 0.61 0.99 0.35 3.502 24.75
38 P&G 216,404,910 1715 0.90 1.07 0.44 1.193 5.79
38 STERLITE 441,783,240 641 1.77 1.35 0.48 3.017 14.34
39 RANBAXY 1,077,922,600 2895 1.52 0.51 0.18 2.506 10.15
39 SUNDARMFIN 240,000,000 348 0.96 0.35 0.07 2.788 6.62
40 RELCAPITAL 1,286,504,500 484 0.25 1.26 0.66 2.035 1.62
40 SUNDRMFAST 102,146,620 370 1.02 0.70 0.24 2.339 10.75
41 RELIANCE 9,337,494,030 11168 5.86 1.22 0.69 1.959 6.55
41 SUNPHARMA 152,148,330 415 1.14 1.22 0.52 3.082 (14.28)
42 RELPETRO 11,396,189,000 2154 1.13 0.78 0.29 2.190 10.53
42 TATAHYDRO 440,784,400 352 0.97 0.65 0.32 2.487 10.59
43 SBIN 5,262,998,720 8294 4.36 1.19 0.68 2.000 4.79
43 TATAUNISYS 122,539,200 1735 4.79 1.00 0.43 1.975 3.06
44 SMITKLBECH 453,806,210 2373 1.25 0.62 0.25 1.801 4.81
44 THOMASCOOK 87,500,000 553 1.53 0.71 0.39 1.735 3.61
45 TATACHEM 1,807,245,400 1849 0.97 1.17 0.52 3.780 31.15
45 TITAN 422,800,000 403 1.11 1.13 0.34 4.215 112.12
46 TATAPOWER 1,162,623,280 1209 0.63 0.87 0.46 2.322 19.47
46 UNITEDPHOS 254,742,700 332 0.92 1.66 0.59 3.161 21.56
47 TATATEA 486,218,570 1724 0.91 0.99 0.50 2.899 20.58
47 VYSYABANK 175,516,650 291 0.80 0.79 0.25 3.921 18.83
48 TELCO 2,559,209,320 4187 2.20 1.32 0.47 3.494 36.90
48 WARTDEISEL 120,340,000 228 0.63 1.18 0.35 2.759 17.75
49 TISCO 3,681,374,050 4326 2.27 1.14 0.54 3.304 36.63
49 WOCKHARDT 350,616,520 923 2.55 1.14 0.55 2.766 11.29
50 TVSSUZUKI 231,000,000 1224 0.64 1.03 0.41 1.048 (1.81)
50 ZEETELE 186,720,000 1193 3.29 1.21 0.33 3.577 7.58
TOTAL 190417 100.00
TOTAL 36257 100.00
* Beta & R2 are calculated for the period 01-Jan-98 to 31-Dec-98
* Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole. * Beta & R2 are calculated for the period 01-Jan-98 to 31-Dec-98.
* 2
The coefficient of determination (R ) measures the strength of relationship between two variables the return on a security versus that * Beta measures the degree to which any portfolio of stocks is affected as compared to the effect on the market as a whole.
of the market. * The coefficient of determination (R2) measures the strength of relationship between two variables, the return on a security versus that of
* Volatility is the Std. deviation of the daily returns for the period 01-Dec-98 to 31-Dec-98 the market.
* Volatility is the Std. deviation of the daily returns for the period 01-Dec-98 to 31-Dec-98.
* Last day of trading was December 31
* Last trading day of the month is December 31

Web site : http : / / www.nse.co.in 14 Web site : http : / / www.nse.co.in 15


ANNEXURE II A ANNEXURE II C
S&P CNX NIFTY MOVEMENT FOR THE MONTH OF DECEMBER 1998 S&P CNX DEFTY MOVEMENT FOR THE MONTH OF DECEMBER 1998
Date Open High Low Close

1-Dec-98 816.55 820.85 812.25 816.65 Date Open High Low Close
2-Dec-98 820.35 826.05 817.35 821.15
3-Dec-98 821.30 822.50 814.50 817.05 1-Dec-98 664.50 668.00 660.60 664.65
4-Dec-98 816.15 828.35 813.10 828.35
7-Dec-98 829.75 846.00 828.20 845.15 2-Dec-98 667.65 672.30 665.30 668.50
8-Dec-98 844.95 853.85 840.50 853.00
9-Dec-98 855.95 864.70 855.10 856.55 3-Dec-98 668.80 669.80 663.15 665.50
10-Dec-98 858.60 865.80 858.50 864.40
11-Dec-98 867.15 874.20 865.70 870.00 4-Dec-98 664.75 674.60 662.25 674.55
14-Dec-98 871.65 874.75 861.95 863.60
15-Dec-98 861.00 861.10 844.55 845.05 7-Dec-98 675.70 688.55 674.40 687.80
16-Dec-98 844.65 851.55 836.85 851.55
17-Dec-98 835.45 845.10 827.90 830.25 8-Dec-98 687.50 694.85 683.85 694.30
18-Dec-98 830.30 838.80 827.30 835.20
21-Dec-98 845.60 859.55 845.25 859.30 9-Dec-98 696.65 703.70 695.80 697.05
22-Dec-98 864.55 864.90 851.35 857.30
23-Dec-98 866.25 874.65 858.70 858.70 10-Dec-98 698.75 704.50 698.70 703.30
24-Dec-98 856.30 863.50 854.75 861.10
28-Dec-98 869.75 882.70 866.25 879.85 11-Dec-98 705.40 711.25 704.25 707.75
29-Dec-98 876.90 881.25 867.80 872.65
30-Dec-98 887.40 903.85 887.00 899.95 14-Dec-98 709.35 711.85 701.45 702.90
31-Dec-98 900.55 902.90 884.25 884.25
15-Dec-98 700.75 700.85 687.40 687.80

16-Dec-98 687.85 693.70 681.55 693.65

17-Dec-98 680.15 688.05 674.30 676.20


ANNEXURE II B
CNX NIFTY JUNIOR MOVEMENT FOR THE MONTH OF DECEMBER 1998 18-Dec-98 676.20 683.20 673.70 680.25

21-Dec-98 688.50 700.05 688.25 699.85


Date Open High Low Close
22-Dec-98 704.40 704.70 693.55 698.45
1-Dec-98 1379.35 1385.25 1373.45 1376.55
2-Dec-98 1382.00 1393.20 1382.00 1389.30
23-Dec-98 705.50 712.35 699.35 699.40
3-Dec-98 1390.80 1394.55 1382.45 1384.95
4-Dec-98 1384.40 1395.55 1382.40 1395.30
24-Dec-98 697.45 703.55 696.20 701.50
7-Dec-98 1396.45 1426.05 1396.30 1425.90
8-Dec-98 1425.45 1434.20 1413.70 1431.80
28-Dec-98 708.70 719.45 706.05 717.10
9-Dec-98 1434.35 1440.80 1428.20 1428.35
10-Dec-98 1430.95 1436.85 1424.60 1427.85
29-Dec-98 714.40 717.95 707.00 710.75
11-Dec-98 1428.30 1439.10 1428.05 1437.65
14-Dec-98 1439.05 1445.40 1430.75 1433.60
30-Dec-98 722.90 736.30 722.55 733.35
15-Dec-98 1432.70 1432.90 1408.35 1413.65
16-Dec-98 1414.85 1423.25 1401.15 1423.25
31-Dec-98 734.00 735.95 721.15 721.25
17-Dec-98 1403.45 1420.75 1395.95 1397.85
18-Dec-98 1398.05 1414.10 1394.65 1413.40
21-Dec-98 1420.45 1458.65 1420.45 1458.25
22-Dec-98 1459.70 1460.65 1440.30 1448.00
23-Dec-98 1458.50 1474.15 1456.85 1458.20
24-Dec-98 1457.90 1462.70 1454.05 1460.70
28-Dec-98 1466.50 1497.95 1466.50 1496.70
29-Dec-98 1492.70 1503.75 1487.80 1493.65
30-Dec-98 1505.80 1537.25 1505.65 1535.95
31-Dec-98 1544.80 1549.50 1518.85 1519.00

Web site : http : / / www.nse.co.in 16 Web site : http : / / www.nse.co.in 17


ANNEXURE III A
Summary of Traded Value Comparison between NSE and BSE - Market Capitalisation wise

All Securities Traded Aug-98 Sep-98 Oct-98 Nov-98 Dec-98

MC MS % MC MS % MC MS % MC MS % MC MS %

Greater Market Share for NSE (Rs. Crore) 293006 74 269113 65 236866 62 255904 67 276072 67

Greater Market Share for BSE (Rs. Crore) 100558 26 143266 35 147705 38 124751 33 134358 33

Total 393564 412379 384572 380655 410431

S&P CNX Nifty Securities Aug-98 Sep-98 Oct-98 Nov-98 Dec-98

MC MS % MC MS % MC MS % MC MS % MC MS %

Greater Market Share for NSE (Rs. Crore) 130237 74 129171 69 122124 69 114383 65 130127 68

Greater Market Share for BSE (Rs. Crore) 45799 26 58056 31 55318 31 61719 35 60290 32

Total 176037 187227 177443 176102 190417

CNX Nifty Jr. Securities * Aug-98 Sep-98 Oct-98 Nov-98 Dec-98

MC MS % MC MS % MC MS % MC MS % MC MS %

Greater Market Share for NSE (Rs. Crore) 18490 49 11561 29 14288 43 12746 39 13227 37

Greater Market Share for BSE (Rs. Crore) 19530 51 27985 71 19264 57 19855 61 22681 63
Web site : http : / / www.nse.co.in

Total 38020 39546 33552 32601 35909

* Sundaram Finance Ltd. not traded on the BSE

Sensex Securities Aug-98 Sep-98 Oct-98 Nov-98 Dec-98

MC MS % MC MS % MC MS % MC MS % MC MS %

Greater Market Share for NSE (Rs. Crore) 110871 75 115642 73 100478 70 107662 71 117811 72

Greater Market Share for BSE (Rs. Crore) 37916 25 43031 27 42470 30 43341 29 46718 28

Total 148787 158672 142948 151003 164529


18

Summary of Traded Value Comparison between NSE and BSE - Market Capitalisation wise

BSE ‘A’ Grp Securities Aug-98 Sep-98 Oct-98 Nov-98 Dec-98

MC MS % MC MS % MC MS % MC MS % MC MS %

Greater Market Share for NSE (Rs. Crore) 172117 69 155769 59 149891 62 139298 58 151727 58

Greater Market Share for BSE (Rs. Crore) 79031 31 110470 41 93699 38 102505 42 110225 42

Total 251148 266239 243591 241803 261952

BSE ‘B1’ Grp Securities Aug-98 Sep-98 Oct-98 Nov-98 Dec-98

MC MS % MC MS % MC MS % MC MS % MC MS %

Greater Market Share for NSE (Rs. Crore) 100222 86 93190 78 70912 62 96029 85 102924 86

Greater Market Share for BSE (Rs. Crore) 16566 14 25563 22 43822 38 17592 15 17366 14

Total 116789 118754 114734 113621 120291

Aug 98 - Mkt Cap (in Rs. crs) as on Aug 31, 1998


Sep 98 - Mkt Cap (in Rs. crs) as on Sep 30, 1998
Oct 98 - Mkt Cap (in Rs. crs) as on Oct 31, 1998
Nov 98 - Mkt Cap (In Rs.crs ) as on Nov 30, 1998
Dec 98 - Mkt Cap (In Rs.crs ) as on Dec 31, 1998
Web site : http : / / www.nse.co.in
19
ANNEXURE III B COMPARISON OF TRADED VALUE IN SECURITIES BETWEEN NSE & BSE
COMPARISON OF TRADED VALUE IN SECURITIES BETWEEN NSE & BSE
Frequency Table - Commonly Traded Securities Frequency Table - SENSEX Securities
Sep ‘98 Oct ‘98 Nov ‘98 Dec ‘98 Sep ‘98 Oct ‘98 Nov ‘98 Dec ‘98

% NSE Market No. of % Market Cap No. of % Market Cap No. of % Market Cap No. of % Market Cap % NSE Market No. of % Market Cap No. of % Market Cap No. of % Market Cap No. of % Market Cap
Share Securities to Total Securities to Total Securities to Total Securities to Total Share Securities to Total Securities to Total Securities to Total Securities to Total

>= 90% 99 0.78% 125 1.26% 104 1.35% 87 1.08% >= 90% - - - - - - - -

>= 80% 267 4.22% 302 5.29% 259 8.26% 262 8.02% >= 80% - - - - - - - -

>= 70% 476 25.40% 504 15.87% 475 12.79% 473 19.38% >= 70% - - - - - - 1 1.76%

>= 60% 673 34.76% 667 25.88% 652 24.73% 640 33.04% >= 60% 3 9.96% 1 0.88% 3 7.28% 2 21.92%

>= 50% 818 65.26% 806 61.59% 799 67.23% 804 67.26% >= 50% 14 72.88% 13 70.29% 15 71.30% 15 71.60%

Total 1156 100.00% 1123 100.00% 1158 100.00% 1145 100.00% Total 30 100.00% 30 100.00% 30 100.00% 30 100.00%

Frequency Table - S&P CNX NIFTY Securities Frequency Table - “A” GROUP Securities
Sep ‘98 Oct ‘98 Nov ‘98 Dec ‘98 Sep ‘98 Oct ‘98 Nov ‘98 Dec ‘98

% NSE Market No. of % Market Cap No. of % Market Cap No. of % Market Cap No. of % Market Cap % NSE Market No. of % Market Cap No. of % Market Cap No. of % Market Cap No. of % Market Cap
Share Securities to Total Securities to Total Securities to Total Securities to Total Share Securities to Total Securities to Total Securities to Total Securities to Total

>= 90% - - - - - - - - >= 90% - - - - - - - -

>= 80% - - - - - - - - >= 80% - - 1 0.08% - - - -

>= 70% 7 5.74% 6 3.38% - - 5 6.74%


>= 70% 2 1.39% 1 1.14% 1 1.11% 3 3.29%
>= 60% 16 13.67% 16 9.23% 13 11.18% 19 23.20%
>= 60% 7 12.15% 5 4.79% 6 8.56% 7 22.64%
>= 50% 45 58.51% 52 61.53% 44 57.61% 46 57.92%
>= 50% 22 68.99% 24 68.82% 21 64.95% 24 68.34%

Total 50 100.00% 50 100.00% 50 100.00% 50 100.00% Total 150 100.00% 150 100.00% 150 100.00% 150 100.00%

Frequency Table - CNX NIFTY JUNIOR Securities Frequency Table - “B1” GROUP Securities
Sep ‘98 Oct ‘98 Nov ‘98 Dec ‘98 Sep ‘98 Oct ‘98 Nov ‘98 Dec ‘98
% NSE Market No. of % Market Cap No. of % Market Cap No. of % Market Cap No. of % Market Cap % NSE Market No. of % Market Cap No. of % Market Cap No. of % Market Cap No. of % Market Cap
Share Securities to Total Securities to Total Securities to Total Securities to Total Share Securities to Total Securities to Total Securities to Total Securities to Total

>= 90% 1 0.78% - - - - 1 0.81% >= 90% 41 1.68% 51 3.16% 45 2.40% 39 2.75%

>= 80% 2 1.64% 3 4.22% 3 4.10% 4 4.33% >= 80% 138 12.26% 163 14.56% 124 23.86% 139 24.74%

>= 70% 7 8.10% 5 6.93% 5 8.30% 5 5.27% >= 70% 267 63.52% 295 41.66% 276 36.98% 274 38.14%

>= 60% 14 15.46% 9 13.38% 8 11.88% 11 19.70% >= 60% 388 74.06% 400 56.23% 382 49.26% 366 47.20%

>= 50% 19 29.24% 21 42.58% 20 39.10% 20 36.84% >= 50% 462 78.47% 460 61.81% 456 84.52% 455 85.56%

Total 572 100.00% 566 100.00% 579 100.00% 575 100.00%

Web site : http : / / www.nse.co.in 20 Web site : http : / / www.nse.co.in 21


ANNEXURE III C
DELIVERY COMPARISION BETWEEN NSE AND BSE - VALUE WISE

BSE NSE Total (NSE+BSE)


Traded Delivered Traded Delivered Traded Delivered % Traded % Traded % Delivery % Delivery
Value (Rs. Value (Rs. Value (Rs. Value (Rs. Value (Rs. Value (Rs. NSE to BSE to NSE to BSE to
Month crs.) crs.) crs.) crs.) crs.) crs.) Total Total Total Total

1997-98
Apr-Jun’97 41793 3278 87225 14039 129017 17317 68% 32% 81% 19%
Jul-Sep’97 58607 5027 104396 18306 163003 23333 64.05% 35.95% 78.45% 21.55%
Oct-Dec’97 50046 5901 95060 13218 145106 19119 57.06% 30.59% 61.91% 29.57%
Jan-Mar’98 56868 8306 79924 13529 136792 21835 41.23% 30.07% 38.73% 21.61%
Total (1997-98) 207314 22513 366604 59091 573918 81604 63.88% 36.12% 72.41% 27.59%

1998-99
Apr-98 26529 4766 29719 6520 56248 11286 52.84% 47.16% 57.77% 42.23%
May-98 23425 5334 41243 6889 64668 12223 63.78% 36.22% 56.36% 43.64%
Jun-98 22464 4992 24557 4998 47021 9990 52.23% 47.77% 50.03% 49.97%
Total (Apr-Jun’98) 72417 15092 95519 18407 167936 33499 56.88% 43.12% 54.95% 45.05%

Jul-98 21183 3818 25230 3940 46413 7758 54.36% 45.64% 50.78% 49.22%
Aug-98 18176 2848 28313 4024 46488 6872 60.90% 39.10% 58.56% 41.44%
Sep-98 27518 4441 28077 4180 55595 8621 50.50% 49.50% 48.49% 51.51%
Total (Jul-Sep’98) 66877 11107 81619 12144 148497 23251 54.96% 45.04% 52.23% 47.77%

Oct-98 22188 4016 34615 5281 56802 9298 60.94% 39.06% 56.80% 43.20%
Nov-98 20089 3907 23977 3000 44066 6907 54.41% 45.59% 43.43% 56.57%

For the month of September 1998, 5 settlments were considered for BSE, For the said period, 4 settlements were considered for NSE

Web site : http : / / www.nse.co.in


22
City
Date

BHUJ
PUNE

SURAT
JAIPUR

RAJKOT
INDORE
MUMBAI

OTHERS
BARODA
KANPUR

NAGPUR
CHENNAI
31-Dec-98
30-Dec-98
29-Dec-98
28-Dec-98
24-Dec-98
23-Dec-98
22-Dec-98
21-Dec-98
18-Dec-98
17-Dec-98
16-Dec-98
15-Dec-98
14-Dec-98
11-Dec-98
10-Dec-98
09-Dec-98
08-Dec-98
07-Dec-98
04-Dec-98
03-Dec-98
02-Dec-98
01-Dec-98

LUDHIANA

LUCKNOW
GURGAON
CALCUTTA

VIJAYAWADA
BANGALORE
AHMEDABAD

COIMBATORE
DELHI/GHAZIABAD

COCHIN / ERNAKULAM
GAJUWAKA/VISHAKHAPATNAM
HYDERABAD/SECUNDERABAD

CHANDIGARH/MOHALI/PANCHKULA
369
809
477
679
456
627
399
646
513
227
585
277
371
475
386
556
487
550
453
353
610
447
Advances

0.28%
1.03%

0.56%
0.63%

0.25%
0.28%
0.57%
0.90%
1.25%
4.04%

8.32%
2.49%

0.23%
0.29%
0.38%
0.78%
1.03%
3.08%

1.09%
2.28%

0.77%
0.72%
19.06%
39.38%

10.31%

100.00%
Dec 98 %
613
184
537
294
495
323
607
309
414
710
326
739
574
416
530
391
504
389
436
563
318
513
Declines

ANNEXURE V
ANNEXURE IV

0.60
4.40
0.89
2.31
0.92
1.94
0.66
2.09
1.24
0.32
1.79
0.37
0.65
1.14
0.73
1.42
0.97
1.41
1.04
0.63
1.92
0.87

0.15%
0.67%
1.02%
4.26%

0.24%
0.31%
0.58%

0.26%

7.25%
0.22%
0.77%
1.30%
3.02%

0.50%
1.04%

0.28%
1.28%
2.75%

0.71%
0.96%
1.92%

0.66%
19.39%
10.61%
39.85%

100.00%
CITYWISE CONTRIBUTION TO THE TURNOVER - DECEMBER 1998
ADVANCE DECLINE RATIO FOR THE MONTH OF DECEMBER 1998

Dec 97 to Nov 98 %
Advance / Decline ratio

Web site : http : / / www.nse.co.in


23
ANNEXURE VI

903.85
812.25
884.25

1549.50
1373.45

0.01%
1519.00
4055
11.74%

151
Dec-98

1306
5
4551792

419865

NIL
151
NIL
1565
206900

34539

629
34438

677
FIs/FIIs TURNOVER FOR THE MONTH OF DECEMBER 1998
FI Buy FI Sell Net FI Buy FII Buy FII Sell Net FII Buy
Date Vaue (Rs. lakhs) Value (Rs. lakhs) Value (Rs. lakhs) Value (Rs. lakhs) Value (Rs. lakhs) Value (Rs. lakhs)

882.10
800.10
817.75

1475.70
1355.15

0.00%
1379.50
3000
12.51%

1357

78
4
Nov-98

NIL
NIL
3685797

389442

78
175514
1154

23977

626
24239

731
01-Dec-98 638.72 289.67 349.05 458.39 1183.39 -725.00
02-Dec-98 683.20 805.93 -122.73 394.75 1014.93 -620.18
03-Dec-98 822.04 828.40 -6.36 295.73 1344.01 -1048.28

904.75
803.30
824.00

1573.40 1534.70

0.00%
1442.25 1359.50
1538.50 1419.75
5281
15.26%

NIL
1355
5

NIL
NIL
Oct-98

4169950 3596208

NIL
179810

394316
1435

34615

620
28696

735
04-Dec-98 522.11 698.34 -176.23 3184.14 2590.77 593.37
07-Dec-98 940.11 728.46 211.65 2473.38 637.11 1836.27
08-Dec-98 630.60 638.73 -8.13 6659.67 3431.50 3228.17

945.25
832.05
904.95

0.00%
3441
13.98%

NIL
4

1357

NIL
NIL
Sep-98

NIL
189543
1422

425100
24603

620
31288
09-Dec-98 900.45 1323.57 -423.12 4401.32 2403.82 1997.50

737
10-Dec-98 363.84 1910.33 -1546.49 4048.97 1604.55 2444.42
11-Dec-98 551.85 1615.64 -1063.79 5262.65 2008.10 3254.55

PERFORMANCE DATA FOR THE MONTH OF DECEMBER 1998


14-Dec-98 1099.90 345.94 753.96 4959.75 728.99 4230.76

930.80
830.15
852.80

1502.10 1548.60
1280.15 1412.95

0.13%
1450.45 1483.65
3239

21
Aug-98

14.12%

1354

NIL
NIL
21
3979446 3379663

168983
1151

406291
22940

617
15-Dec-98 564.54 579.52 -14.98 2500.03 3871.38 -1371.35

23015

737
16-Dec-98 339.44 863.64 -524.20 4665.44 3406.25 1259.19
17-Dec-98 705.64 371.98 333.66 3727.12 7418.78 -3691.66

1015.55
895.85
931.40

0.16%
3940

70
4
Jul-98

15.62%

1356

NIL
NIL
70
173019
1284

425006
25230

615
29531
18-Dec-98 833.06 1927.35 -1094.29 4912.32 2537.06 2375.26

741
21-Dec-98 585.65 574.51 11.14 655.57 1167.12 -511.55
22-Dec-98 501.39 811.34 -309.95 4063.18 965.16 3098.02
23-Dec-98 806.55 697.31 109.24 806.90 1296.75 -489.85

1100.00
853.05
941.65

1669.30

0.45%
1177.20
1342.20
4998
Jun-98

NIL
20.35%

1355

NIL
NIL
NIL
4098481

186295
1343

24557

424697
619
29542

736
24-Dec-98 827.11 431.30 395.81 911.23 563.73 347.50
28-Dec-98 445.35 382.16 63.19 823.32 536.68 286.64

ANNEXURE VIII A
29-Dec-98 746.59 356.66 389.93 1314.15 592.55 721.60

1196.70
1037.95
1063.15

1684.60
1467.30

0.27%
1620.20
6889

NIL
May-98

1355
16.70%

NIL
NIL
NIL
4264737

224460
1792

41243

617
502014
30-Dec-98 230.42 1606.00 -1375.58 519.44 3378.99 -2859.55

34047

738
31-Dec-98 972.89 2868.69 -1895.80 384.93 405.36 -20.43

ANNEXURE VII

1156.70 1247.15
1046.75 1117.15
1116.90 1159.35

1384.30 1791.70

0.20%
1194.00 1339.75
NIL
Apr-98

6520

1339.40 1588.90
4

1358

100
NIL
21.94%

NIL
4014404 4662273

233114
1634

29719

615
32672

516805

743
TRADE STATISTICS FOR THE MONTH OF DECEMBER 1998
Date No. of No. of Securities Net Traded Qty. Net Traded Val.

NIL

0.14%
Mar-98

6129
5

NIL
1357

NIL
17.75%

NIL
191162
1460

34535

612
30669

745
481503
Trades Traded (Lakh Shares) (Rs. Crores)
1-Dec-98 188742 1072 577.16 1240.03
2-Dec-98 181295 1019 569.50 1047.27

1102.15 1064.15
929.05 949.65
963.45 1060.75

1241.90 1217.25
123
Feb-98

1076.20 1051.55

0.07%
1106.30 1213.15
4

3584

1363

123

NIL
16.59%

NIL
3185741 2625859

138203
1189

21607

611
22593

752
457166
3-Dec-98 142169 1028 398.60 871.24
4-Dec-98 168081 1009 499.87 1294.38
7-Dec-98 184649 1023 532.50 1260.13

Jan-98

160

0.00%
4

3816

NIL
1363

160
NIL
16.04%
151702
1244

23782

607
26114

756
427517
8-Dec-98 199913 1111 577.48 1388.78
9-Dec-98 195894 1067 608.44 1538.94
10-Dec-98 152343 1048 465.48 1077.42
11-Dec-98 182597 1013 578.44 1338.25
14-Dec-98 185088 1065 552.38 1346.45
15-Dec-98 209483 1125 658.26 1622.85

On the last day of the month (Rs. Crores)


16-Dec-98 192389 1011 606.82 1449.40
17-Dec-98 226923 1056 700.91 1834.81
18-Dec-98 207115 1058 595.39 1761.18

Amount raised (Rs. Crores)


21-Dec-98 219616 1076 648.19 1771.69

No. of Companies permitted


Delivered Val. (Rs.Crores)
22-Dec-98 222664 1134 686.53 1779.62

NSE-50 Dividend Yield


No. of Companies listed
Net Trd Val (Rs. Crores)
Net Trd Val (Rs.Crores)
Net Trd Val (Rs.Crores)

Market Capitalisation

Debt (PCD,NCD,other)

S&P CNX Nifty Index


23-Dec-98 239758 1053 759.08 1778.40

CNX Nifty Jr. Index


% of delivery/trade
No. of Settlements
24-Dec-98 220711 1080 695.70 1665.35

Trading Volume

Average Daily
28-Dec-98 256592 1069 812.65 1989.83

No. of Trades

No. of Trades
29-Dec-98 255626 1135 759.69 2023.54

Deliveries

Equities
30-Dec-98 263806 1072 832.88 2157.68

Others

Close

Close
Total
Total

High

High
31-Dec-98 256338 1072 734.23 2201.19

Low

Low
Web site : http : / / www.nse.co.in 24 Web site : http : / / www.nse.co.in 25
ITC

SBIN

TISCO
TELCO
ZEETELE

CASTROL
Securities

RELIANCE

SILVERLINE
SATYAMCOMP

PENTSFWARE

724
529
970

871
819

844
1487
618

1136

127
(lakh shares)
Net Trd Qty
ANNEXURE VIII B

691
3104
5890

1355
4637

875
4415

1739

881
1675
(Rs. crs.)
Net Trd Val

31
141
268

62
211

40
201

79

40
76
Avg. Daily Trd
Val (Rs. crs.)
TOP TEN SECURITIES ON THE CM SEGMENT FOR DECEMBER 1998

Web site : http : / / www.nse.co.in


205273
195677
291514

188857
181312

187184
57208
293354
286399

260820
No. of Trades
for the month

26
ANNEXURE IX
SETTLEMENT DATA FOR THE MONTH OF DECEMBER 1998

Settlement No. 1998047 1998048 1998049 1998050 1998051


Trading Period Nov 25 - Dec 02 - Dec 09 - Dec 16 - Dec 23 -
Dec 01, 1998 Dec 08, 1998 Dec 15, 1998 Dec 22, 1998 Dec 29, 1998

No of scrips traded 1200 1210 1228 1185 1186


No of Trades 876093 875231 924365 1067189 971030
No. of Shares Traded (lakhs) 2619.68 2568.56 2838.33 3208.72 3011.20
Value of Shares Traded (Rs.cr) 5813.24 5832.86 6893.77 8562.02 7437.53
Funds-In (Rs.cr) 123.02 147.92 178.37 204.49 162.53
No. of Shares Delivered (lakhs) 285.67 317.95 387.59 390.33 437.12
Value of shares delivered (Rs.cr) 536.27 674.19 894.97 950.67 999.40
No. of Shares Delivered in demat mode (lakhs) 97.66 81.11 103.81 123.43 90.03
Value of shares delivered in demat mode (Rs.cr) 119.05 136.36 205.73 238.49 142.11
Short delivery (auctioned) 246235 295020 357270 490886 450437

Net delivery to total traded (shares) 10.90% 12.38% 13.66% 12.16% 14.52%

% demat delivery to total delivery (shares) 34.19% 25.51% 26.78% 31.62% 20.60%
% short delivery to net delivery 0.86 0.93 0.92 1.26 1.03

Note : N.A. :- Not available

Cumulative figures for Settlement no. 1998051 for


the FY 1998-99 (April 1, 1998 to December 29, 1998)
Securities traded 1445
No. of Trades 35827790
Net traded quantity (lakh shares) 106496
Net traded value (Rs. crs.) 261422
Net delivered quantity (lakh shares) 17788
Net delivered value (Rs. crs.) 41364
% Net delivered to net traded value 15.82%
Web site : http : / / www.nse.co.in
27
ANNEXURE X ANNEXURE XI
BUSINESS GROWTH ON THE CAPITAL MARKET SEGMENT DEBENTURE VOLUME FOR THE MONTH OF DECEMBER 1998

Month Net Trd Val Daily Avg. Val No. of Trades Net Trd Qty Date Net Traded Net Traded Val No. of Trades
(Rs. crs) (Rs. crs) (lakh shares) Qty. (in Rs.)

Apr-95 606 34 121480 477 1-Dec-98 84809 5635563.60 308


May-95 1204 57 184141 775
Jun-95 1915 87 228821 1173 2-Dec-98 27291 1957777.80 145
Jul-95 2077 99 271085 1425
Aug-95 2061 103 261901 1567 3-Dec-98 38682 2965158.70 162
Sep-95 2371 113 379828 2053
Oct-95 2987 149 378967 1972 4-Dec-98 40364 3025359.95 167
Nov-95 5719 260 611197 3290
Dec-95 7348 367 725786 4239 7-Dec-98 57901 3940791.85 225
Jan-96 9838 447 928832 6111
Feb-96 18490 925 1499522 9630 8-Dec-98 68496 5561231.70 357
Mar-96 12672 667 1037349 7201
Apr-96 18137 864 1728430 9049 9-Dec-98 32093 2031697.65 139
May-96 25289 1100 1911485 11601
Jun-96 29828 1491 2217505 13208 10-Dec-98 36512 2416291.75 189
Jul-96 39047 1698 2765610 17278
Aug-96 18092 862 1851633 8980 11-Dec-98 41392 2767723.45 167
Sep-96 18472 880 1891395 9577
Oct-96 22338 1117 2090396 11504 14-Dec-98 51593 3730191.55 225
Nov-96 17269 822 1751348 8716
Dec-96 16299 858 1838505 8137 15-Dec-98 82275 5537473.65 346
Jan-97 32743 1488 3092619 14514
Feb-97 26954 1348 2497481 10950 16-Dec-98 37390 2552559.00 171
Mar-97 30035 1581 2718715 12048
Apr-97 22308 1174 2271916 9222 17-Dec-98 43840 2828400.65 205
May-97 25342 1207 2746078 10500
Jun-97 39009 1858 3553781 13702 18-Dec-98 39177 2565632.80 169
Jul-97 41006 1864 4120749 15328
Aug-97 33095 1655 3443271 12373 21-Dec-98 80764 5946535.60 261
Sep-97 33254 1512 3220958 11338
Oct-97 34282 2017 2799456 10500 22-Dec-98 334303 20697493.60 510
Nov-97 29974 1578 2826878 10227
Dec-97 32549 1480 3333947 11148 23-Dec-98 35132 2273304.60 172
Jan-98 26114 1244 3185741 10486
Feb-98 22593 1189 2625859 8174 24-Dec-98 39980 2783637.95 187
Mar-98 30669 1460 4014404 12686
Apr-98 32672 1634 4662273 14369 28-Dec-98 60037 4049428.25 287
May-98 34047 1792 4264737 12798
Jun-98 29542 1343 4098481 13265 29-Dec-98 215608 13565985.50 388
Jul-98 29531 1284 3979446 10797
Aug-98 23015 1151 3379663 9259 30-Dec-98 24409 2051355.35 159
Sep-98 31288 1422 4169950 12593
Oct-98 28696 1435 3596208 10721 31-Dec-98 20651 1798985.00 158
Nov-98 24239 1154 3685797 11659
Dec-98 34438 1565 4551792 13850

Web site : http : / / www.nse.co.in 28 Web site : http : / / www.nse.co.in 29


TOTAL

31-Dec-98

30-Dec-98

29-Dec-98

28-Dec-98

24-Dec-98

23-Dec-98

22-Dec-98

21-Dec-98

18-Dec-98

17-Dec-98

16-Dec-98

15-Dec-98

14-Dec-98

11-Dec-98

10-Dec-98

9-Dec-98

8-Dec-98

7-Dec-98

4-Dec-98

3-Dec-98

2-Dec-98

1-Dec-98

Date

DEPOSITORY VOLUMES FOR THE MONTH OF DECEMBER 1998


Net Traded Qty.
6086678

1066298
340378

205658

753493

353525

112371

478587

351203

171264

218035

308487

104322

131283

178465

540818

272298

156974

170507
24407

37558

39957

70790

ANNEXURE XII
Net Traded Val
37379984.70

12950951.40

24353037.80

50318416.50

12781556.00

13772600.80

29000574.30

49494949.90

48296849.10

26179209.80

26690011.30

21607627.20

18108703.80

77805546.00

13075248.50

35913989.20

24691266.90

24563550.70
70469181.70

42076391.20
67.5601653

6527957.15

9544049.00
675601653

(in Rs.)
Web site : http : / / www.nse.co.in

No. of Trades
5547

164
135

190

641

441

277

284

402

274

338

270

210

202

170

195

159

184

201
162

246

245

157
30

ANNEXURE XIII
NEW SECURITIES ADDED FOR TRADING IN THE MONTH OF DECEMBER 1998

SECURITIES IN THE DEPOSITORY SEGMENT

SYMBOL NAME OF COMPANY SERIES


APCOTEXLAT Apcotex Lattices Ltd AE / BE
CENTEXTRU Century Extrusions Ltd AE / BE
GARWALLROP Garware Wall Ropes Ltd. AE / BE
PRECOTMILL Precot Mills Ltd AE / BE+
SATYAMCOMP Satyam Computer Services Ltd AE / BE
SQRDSFWARE DSQ Software Limited AE / BE
UNIVCABLES Universal Cables Ltd AE / BE
BALMLAWRIE Balmer Lawrie & Co. Ltd AE / BE
BHEL Bharat Heavy Electricals Ltd AE / BE
ESABINDIA Esab India Ltd AE / BE
FEDERALBNK The Federal Bank Ltd AE / BE
HINDZINC Hindustan Zinc Ltd. AE / BE
RECKCOLMAN Reckitt & Colman India Ltd. AE / BE
SWARAJENG Swaraj Engines Ltd AE / BE
TITAN Titan Industries Ltd. AE / BE
TITANOCOMP TITANOR COMPONENTS LTD AE / BE
MASTERSHAR UTI - Master Share AE / BE
MASTGAIN92 UTI - Master Gain ‘92 AE / BE
MASTGROW93 UTI - Master Growth 93 AE / BE
MASTPLUS91 UTI - Master Plus ‘91 AE / BE
ESSARSHIP Essar Shipping Ltd. AE / BE
MAHSCOOTER Maharashtra Scooters Ltd AE / BE
NAHARSPG Nahar Spinning Mills Ltd. AE / BE
ROLTA Rolta India Ltd. AE / BE
Web site : http : / / www.nse.co.in

GOODRICKE Goodricke Group Ltd AE / BE


NAHARENTP Nahar Industrial Enterprises Ltd AE / BE
UTIBANK UTI BANK LTD V1/R1

Notes :
AE : Fully paid up pari passu equity shares for depository segment, market lot
BE : Fully paid up pari passu equity shares for depository segment, odd lot 1
V1 : Fully paid up non pari passu equity shares for depository segment, market lot
R1 : Fully paid up non pari passu equity shares for depository segment, odd lot 1
31
EQUITY SHARES
SYMBOL NAME OF COMPANY SERIES DESCRIPTION SECURITIES ISSUE FUNDS
ISSUED PRICE RAISED
Initial Public Offering
SOUTHBANK The South Indian Bank Limited EQ Existing equity shares and public issue of 1,60,00,000 35800460 32 114.56
equity shares of Rs 10 each for cash at a premium of
Rs 22 per share aggregating Rs 51.20 crores
UTIMVUP98 Unit Trust of India - EQ Units of Master Value Unit Plan 1998 100098700 10 100.10
Master Value Unit Plan 1998
Total Amt. Raised Rs in crs 214.66
Listed on Other Exchanges
AGREVOIND Agrevo India Limited EQ Equity Shares
CIBASPEC Ciba Speciality Chemicals Limited EQ Equity Shares

EQUITY SHARES (FURTHER ISSUES OF COMPANIES)


SYMBOL NAME OF COMPANY SERIES DESCRIPTION SECURITIES ISSUE FUNDS
ISSUED PRICE RAISED
Funds Raised
HINDMOTOR Hindustan Motors Ltd. EQ Rights issue of 16% FCDs of Rs 100 each in 257570 10 0.26
the ratio 1:20 or equity shares of Rs 10 each
for cash at par in the ratio 1:2
SKMEGGPROD SKM Egg Products Export EQ Equity shares issued on preferential basis 1072400 10 1.07
(India) Ltd.
KERALACHEM Kerala Chemicals & Proteins Ltd EQ Rights equity shares of Rs. 10 each issued 1787700 10 1.79
at a premium of Rs. 65
Total Amt. Raised Rs in crs 3.12
Others
CONCOR Container Corporation of EQ Equity shares disinvested by Govt of India
India Limited in dematerialised mode
BASF BASF India Ltd EQ Bonus Non pari pasu equity shares issued
in the ratio 1:2
AARTIIND Aarti Industries Ltd. EQ Equity shares issued on amalgamation of
Mahaval Organic Limited with Aarti Industries Limited
EASUNREYRL Easun Reyrolle Ltd EQ Equity shares from the bonus issue that were
kept in abeyance
JBCHEPHARM J B Chemicals & EQ Bonus equity shares in the ratio 1:1
Pharmaceuticals Ltd

Web site : http : / / www.nse.co.in


32
DEBT ISSUES
SYMBOL NAME OF COMPANY SERIES DESCRIPTION SECURITIES ISSUE FUNDS
ISSUED PRICE RAISED
Funds Raised
ICICI1298 ICICI Ltd N1 11% 1st year, 12% 2nd year, 13.5% 3rd year, 15% 4th year, 51794 5000 25.90
16% 5th year, 17% 6th year and 18% 7th year
ICICI1298 ICICI Ltd N2 Tax Saving Bond- Option 1 (benefit under section 88) 108406 5000 54.20
ICICI1298 ICICI Ltd N3 Tax Saving Bond - Option 2 ( benefit under section 88 ) 51786 5000 25.89
in the form of Deep Discount Bond
ICICI1298 ICICI Ltd N4 Tax Saving Bond - Option 3 (benefit under section 54EA) 80005 5000 40.00
ICICI1298 ICICI Ltd N5 Tax Saving Bond- Option 4 (benefit under section 54EB) 20294 5000 10.15
ICICI1298 ICICI Ltd N6 Regular Income Bond - Option 1 ( Interest on monthly basis) 51544 5000 25.77
ICICI1298 ICICI Ltd N7 Regular Income Bond - Option 2 (Half yearly interest payment) 30726 5000 15.36
ICICI1298 ICICI Ltd N8 Regular Income Bond - Option 3 ( Annual interest payment) 380851 5000 190.43
ICICI1298 ICICI Ltd N9 Money Multiplier Bond - Option 1 67384 4000 26.95
ICICI1298 ICICI Ltd NA Money Multiplier Bond - Option 2 15908 4000 6.36
ICICI1298 ICICI Ltd NB Money Multiplier Bond - Option 3 15285 4000 6.11
IDBI Industrial Development Bank of India NK DBI Regular Income Bond - Option A 2094806 5000 1047.40
IDBI Industrial Development Bank of India NL IDBI Regular Income Bond - Option B 228195 5000 114.10
IDBI Industrial Development Bank of India NM 1st yr - 11% p.a. 2nd yr - 12% p.a. 3rd yr - 13% p.a. 136118 5000 68.06
4th yr 14% p.a. 5th yr -16% p.a. 6th yr - 18% p.a. and
7th yr 20% p.a.
IDBI Industrial Development Bank of India NN IDBI Deep Discount Bond 102275 10000 102.28
IDBI Industrial Development Bank of India NO IDBI Education Bond - 5 year wait period 7896 5000 3.95
IDBI Industrial Development Bank of India NP IDBI Education Bond - 7 year wait period 6299 5000 3.15
IDBI Industrial Development Bank of India NQ IDBI Education Bond - 10 year wait period 6879 5000 3.44
Total Amt. Raised Rs in crs 1769.51
Others
BGFL Birla Global Finance Ltd N1 Secured / Unsecured Redeemable Non Convertible
Debentures issued on Private Placement Basis
BGFL Birla Global Finance Ltd N2 15% Secured Redeemable Non Convertible Debentures
of Rs 1000 issued on Private Placement Basis. (Series II)
BGFL Birla Global Finance Ltd N3 17.5% Secured Redeemable Non Convertible Debenture
of Rs 1000 each issued on Private Placement Basis. (Series III)
BGFL Birla Global Finance Ltd N4 17.5% Secured Redeemable Non Convertible Debentures
of Rs 1000 each issued on Private Placement Basis. (Series IV)
BGFL Birla Global Finance Ltd N5 15% Secured Redeemable Non Convertible Debentures
of Rs 1000 each issued on Private Placement Basis. (Series V)
BGFL Birla Global Finance Ltd N6 13.75% Secured Redeemable Non Convertible Debentures
of Rs 1000 each issued on Private Placement Basis. (Series A)
Web site : http : / / www.nse.co.in

BGFL Birla Global Finance Ltd N7 Secured / Unsecured Redeemable Non Convertible Debentures
issued on Private Placement Basis
33
ANNEXURE XIV

66.80
53.42

13.38
BUSINESS GROWTH ON THE WDM SEGMENT
Month Net traded Average daily Number of Average trade
value (Rs. Cr.) value (Rs. Cr.) trades size (Rs. Cr.)
Jun 94 -Mar 95 6,781.15 30.41 1021 6.64
100

10
Apr 95 - Mar 96 11,867.68 40.78 2991 3.97
Apr 96 -Mar 97 42,277.60 145.28 7804 5.42
Apr-97 9,512.44 432.38 1488 6.39
May-97 6,484.36 270.18 915 7.09
Jun-97 9,132.56 365.30 1515 6.03
13380179
5342201

Jul-97 15,545.40 597.90 2347 6.62


Aug-97 11,040.26 480.01 1477 7.47
Sep-97 6,788.28 271.53 1067 6.36
Oct-97 13,046.77 543.62 2081 6.27
Nov-97 8,779.22 381.71 1302 6.74
Shares (OCCPS) of Rs 10 each for cash at par issued on

Dec-97 7,752.52 298.17 1098 7.06


Rights basis to the existing shareholders in the ratio of
Rights issue of 16% FCDs of Rs 100 each in the ratio

Jan-98 8,823.34 352.93 1168 7.55


14% Optionally Convertible Cumulative Preference

Feb-98 6,065.27 275.69 948 6.39


1:20 or equity shares of Rs 10 each for cash a

Mar-98 8,292.86 345.54 1415 5.86


Apr-98 13,035.89 592.54 1935 6.74
1 OCCPS for every 1 equity share held.

May-98 9,131.83 397.04 1350 6.76


Jun-98 6,787.81 261.07 1081 6.28
Jul-98 7,287.15 280.28 1101 6.62
Total Amt. Raised Rs in crs

Aug-98 8,751.64 380.51 1371 6.38


Sep-98 5,475.36 210.59 835 6.56
Oct-98 5,500.77 250.04 820 6.71
par in the ratio 1:2

Nov-98 8,454.16 352.26 1315 6.43


DESCRIPTION

Dec-98 8,704.56 334.79 1310 6.64

ANNEXURE XV
SERIES

TEN MOST ACTIVE SECURITIES ON THE WDM SEGMENT


Q1
D1

DURING THE MONTH OF DECEMBER 1998

Sec type Security Issue name Traded Value (Rs. Cr.) Yield %

GS CG2000 11.40% 1087.00 11.32


Mangalam Cement Ltd
NAME OF COMPANY

Hindustan Motors Ltd.

GS CG2001 11.55% 1020.00 11.48


GC CG1999 12.00% 610.00 10.26
GC CG2001 11.75% 595.00 11.49
GZ CG2000B 0.00% 365.00 11.31
PREFERENCE SHARES

GC CG2004 12.50% 254.00 11.95


GZ CG1999 0.00% 228.00 9.4
MANGLMCEM
Funds Raised

GS CG2008 12.25% 178.00 12.21


HINDMOTOR

GZ CG2000 0.00% 170.00 10.75


SYMBOL

GS CG2000 11.64% 170.00 11.25


Total 4677.00

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ANNEXURE XVI ANNEXURE XVII
NSE MIBID/MIBOR RATES FOR DECEMBER 1998 LIST OF TOWNS AND CITIES

OVERNIGHT 14 DAY AT 1 MONTH RATE 3 MONTH RATE STATE LIST OF TOWNS AND CITIES TOTAL NO. TOTAL NO. OF
OF CITIES VSATs
AT 9.40 a.m. 11.30 a.m. AT 11.30 a.m. AT 11.30 a.m.
Andhra Pradesh Bhimavaram, Cuddapah, Eluru, Gujuwaka,Guntur, *Hyderabad, Kakinada, 28 102
Date Mibid Mibor Mibid Mibor Mibid Mibor Mibid Mibor Karimnagar, Khammam, Kothagundem, Kurnool, Mirialguda, Nalgonda, Nellore,
Ongole, Palakol, Proddatur, Rajamundry, Secundarabad, Suryapet, Tanuku,
1-Dec-98 8.00 8.06 8.44 8.97 9.20 9.83 10.28 10.94 Tenali, Tirupathi, Vijayawada, Vizag, Vizianagaram, Warangal, **Dharamavaram

2-Dec-98 8.00 8.06 8.44 9.02 9.01 9.74 10.12 10.96 Assam Dibrugarh, *Guwahati, Jorhat, Silchar, 4 6
Bihar Bhagalpur, Dhanbad, Jamshedpur, *Patna, Ranchi 5 16
3-Dec-98 8.00 8.06 8.41 8.93 9.09 9.78 10.17 10.93
Delhi *Delhi 1 295
4-Dec-98 6.26 7.09 8.45 8.89 9.08 9.73 10.25 10.98 Goa Panaji 1 4

5-Dec-98 8.03 8.11 8.47 8.92 9.12 9.76 10.21 10.89 Gujarat *Ahmedabad,Anand,*Baroda,Bhavnagar,Bhuj, Botad, Borsad, Dahod, 29 144
Gandhinagar, Gandhidham, Jamnagar,Junagadh, Kalol, Mandvi, Mehsana,
7-Dec-98 8.00 8.08 8.38 8.86 9.04 9.76 10.03 10.84 Morbi, Nadiad, Navsari, Patan, Palanpur, Petlad, *Rajkot, Savarkundla, Surat,
Surendranagar,Unjha,Veraval, Vallabh Vidyanagar, Visnagar,
8-Dec-98 8.01 8.07 8.40 8.87 9.00 9.65 10.08 10.82 Haryana Ambala Cantt, Bhiwani, Faridabad, Gurgaon, Hissar, Jagadhri, Jind, Karnal, 17 39
Kurukshetra, Nabha, Panipat, Rewari, Rohtak, Sirsa, Yamuna Nagar,
9-Dec-98 8.00 8.06 8.41 8.90 8.96 9.67 10.05 10.87 Sonepat, **Kaithal
Himachal Pradesh Shimla 1 1
10-Dec-98 8.00 8.06 8.37 8.82 8.98 9.65 10.07 10.82
Jammu & Kashmir Jammu, Srinagar 2 5
11-Dec-98
Karnataka *Bangalore, Belgaum, Chickmagalur, Davangere, Hubli, Madikeri, *Mangalore,
Mysore, Shimoga, Udupi, 10 56
12-Dec-98 8.01 8.09 8.42 8.93 9.05 9.76 10.08 10.82
Kerala Alappuza, Alwaye, Angamaly, Calicut, *Kochi, Ernakulam, Iringalakuda, 23 50
14-Dec-98 8.21 8.35 8.55 9.05 9.17 9.86 10.23 10.94 Kanjirapally, Kannur, Kodungallore, Kollam, Kothamangalam, Kottayam,
Kunnamkulam, Muvattupuzha, Pala, Palakad, Pathanamthitta, Thalassery,
15-Dec-98 8.63 8.82 8.76 9.28 9.23 9.95 10.20 11.01 Thiruvalla, Thodupuzha, Trichur, Trivandrum
Madhya Pradesh Bhilai, Bhopal, Bilaspur, Guna, Gwalior, *Indore, Jabalpur, Katni, Korba, 16 49
16-Dec-98 8.82 8.95 9.02 9.42 9.39 9.98 10.33 11.03
Mandsaur, Nagda, Neemuch, Raipur, Ratlam, Sagar, Ujjain

17-Dec-98 8.23 8.41 8.68 9.22 9.22 9.83 10.21 10.94 Maharashtra Ahmednagar, Akola, Amravati, Dhule, Jalgaon, Kolhapur, *Mumbai, Nagpur, 12 570
Nashik, *Pune, Sangli, Satara
18-Dec-98 5.95 6.68 8.66 9.23 9.22 9.91 10.29 11.02
Orissa *Bhubaneshwar, Rourkela, **Cuttak 3 5

19-Dec-98 8.45 8.71 8.88 9.34 9.31 9.96 10.37 11.11 Punjab Amritsar, Bathinda, Chandigarh, Hoshiyarpur, Jalandhar, Khanna, *Ludhiana, 15 52
Mandi Gobinagarh, Mansa, Modinagar, Moga, Mohali, Pathankot,
21-Dec-98 8.90 9.11 8.93 9.43 9.49 10.13 10.41 11.14 Patiala, **Barnal
Rajasthan Ajmera, Alwar, Bharatpur, Bhilwara, Bikaner, Chittorgarh, Hindaun, *Jaipur, 12 44
22-Dec-98 9.03 9.16 9.00 9.48 9.45 10.17 10.37 11.15 Jodhpur, Kota, Sikar, Udaipur

23-Dec-98 9.06 9.17 8.98 9.52 9.41 10.18 10.44 11.21 Tamil Nadu *Chennai, Chidambaram, *Coimbatore, Cuddalore, Erode, Karaikal, Karaikudi, 22 124
Karur, Kovilpatti, Kumbakonam, Madurai, Nagercoil, Namakkal, Neyveli,
24-Dec-98 9.14 9.25 9.07 9.58 9.51 10.28 10.51 11.23 Rajapalayam, Salem, Sivakasi, Thanjavur, Tirunelveli, Tirupur, Trichy, Tuticorin
Uttar Pradesh Agra,Aligarh, Allahabad, Banda, Bareilly, Dehradun, Farukhabad, Firozabad, 29 102
26-Dec-98 9.57 9.83 9.20 9.82 9.55 10.31 10.52 11.28 Ghaziabad, Gorakhphur, Haldwani, Haridwar, Hathras, Jaunpur, Jhansi,
*Kanpur, Khatauli, Lucknow, Mathura, Meerut, Moradabad, Muradnagar,
28-Dec-98 9.62 9.85 9.28 9.94 9.51 10.35 10.49 11.29 Muzafararnagar, Najibabad, Panchkula, Rishikesh, Roorkee,
Saharanpur, Varanasi
29-Dec-98 9.16 9.32 9.14 9.72 9.45 10.18 10.45 11.21
West Bengal Asansol, *Calcutta, Siliguri, Jalpaiguri 4 145
30-Dec-98 8.37 8.58 8.89 9.5 9.40 10.15 10.43 11.22 Union Territory Pondicherry 1 2

31-Dec-98 8.87 9.45 9.45 10.24 10.43 11.28 *Indicates cities which have a Regional Stock Exchange 235 1811
**Cities activated in December 1998

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A study: Relative performance of Value and in the Indian markets. Since the NSE markets are much Growth Value Growth Value 1996-97 the value stocks in pharma sectors had a 0.138
1996-97 1997-98
Growth stocks deeper and liquid even for the smaller stocks, we S&P CNX 0.052 0.014
rate of return as against the negative rate of 0.478 for
conduct this study using the NSE prices. To control for Nifty Return growth stocks. During FY 1997-98, in both IT and
Banking -0.653 -0.12 -0.183 -0.019
The Exchange has carried out research regarding the industry effect, we select three types of stocks – pharma sector the value stocks outperformed the
(0.0326) (0.029) (0.034) (0.026)
working of the market. The research deals with the serial pharmaceuticals, banking and IT stocks. 16 stocks from IT -0.47 -0.001 0.313 0.508
growth stocks. The results also show hat the volatility

correlation factor in the index returns. We wish to share IT sector, 36 stocks from pharmaceuticals sector and (0.038) (0.031) (0.045) (0.043) in terms of standard deviations of returns was lower
Pharma -0.478 0.138 0.006 0.19
the same with our readers. Synopsis of the same is 8 stocks from banking sector were selected. for value stocks than the growth stocks for both the
(0.034) (0.0256) (0.036) (0.028)
presented below. We classify a stock as a “Value” stock or a “Growth” years and for all three sectors.

The discussion on relative performance of “Growth- stock based on the P/E ratio in November 1995. If the

stocks” vis-à-vis “Value-stocks” has invited considerable stock’s P/E ratio is greater than the average of all the The table show the average returns with the standard The results are in consonance with most of other

attention in financial literature. Typically, value stocks stocks selected in that industry, then we classify the deviations in the parenthesis below the returns. The studies which show that vlaue stocks on average,

are defined in various studies as those in which the stocks as a “Growth” stock. For example, we had return on the S&P CNX Nifty is also reported to facilitate outperform the growth stocks. Of course, we check the

market price is low relative to earnings per share, cash selected 36 stocks in the Pharmaceutical sector and comparison. performance of only three industries, whereas a more

flow per share, book value per share and dividend per the average P/E ratio of the 36 stocks was 15.69. All broad industry sample is required to draw firm

share. In contrast growth stocks have been defined as stocks whose P/E ratio is greater than 15.69 are It may be seen from the table that for both the years, conclusions. Also, the ‘small firm effect’ i.e. tendency of

one having relatively high price in relation to these classified as “Growth” stocks and the rest as “Value” the rate of return was higher in respect of value stocks Small firm returns to exceed those on large firm need

fundamental factors. Empirical evidence in the US stocks. than the growth stocks, for all three sectors. During both to be anllysed in greater details.

markets (Bauman and Miller) suggests that the value the years 1996-97 and 1997-98, banking sector
stocks have produced higher returns than the growth We study the gains of holding these stocks till the experienced negative rate of return. The rate of decline However this study shows that the Indian markets in

stocks. A possible reason for the superior performance financial year 1997-98. The performance of value however, was less pronounced in case of value stocks general are efficient in the sense that the prices on

of value stocks is that international analysts and stocks was compared with that of growth stocks in terms for both these years. In 1996-97 IT sector too, witnessed these markets conform to theory. The study also

investors tend to overreact to the past corporate of: negative returns, while at the same time the value provides some support for UTI’s idea to invest in small-

earnings, i.e. if any stock shows a higher earnings stocks were less affected than the growth stocks. In cap stocks.
1. Returns on these stocks and
growth, investors rush in to buy the stock. An added
2. The volatility of the returns.
attraction is that the market prices of such stocks is
quite low. To accommodate the effect of incoming trading holidays,

A number of funds in the US and other developed ‘compound returns’ are considered. Volatility of the stock

markets offer investors a wide portfolio of value stocks. is calculated in terms of standard deviation of daily

However in India, there is relatively little awareness in returns.

value stocks, possibly due to the lack of any empirical The study carried out for a period of two years yields

study. interesting insights. The table below shows the return

This paper presents a preliminary study to analyse the and volatility of the “Value” and “Growth” stocks for the

relative performance of such value and growth stocks three industries as above:

Web site : http : / / www.nse.co.in 38 Web site : http : / / www.nse.co.in 39