NSE excludes Akruti City from F&O segment

National Stock Exchange (NSE) has excluded Akruti City from futures and options (F&O) segment. In a circular to its members, the exchange said that fresh monthly contracts will not be introduced in Akruti for expiry month June 2009 on expiration of March 2009 contracts. Accordingly, no F&O contract will be available in Akruti fror trading from March 27, 2009 onwards.

"However, the security will continue to be traded in cash market," said NSE.

Akruti City surged 10.07 per cent today on the NSE to close at Rs 2,210.85. The scrip had hit an intra-day high of Rs 2,359.95. 81,04,735 shares of Akruti City were traded today on NSE.

NSE's circular comes after Mumbai-based real estate developer's stock price doubled in five trading sessions. The scrip has risen 290 per cent since January 15 this year when it touched a 52 week low of Rs 550. The sharp surge in Akruti's stock came at a time when other real estate stocks have touched new lows.

Promoters hold 90 per cent in Akruti followed by institutions — DLF retail developers, Pacific Corporate Services and Citigroup Global Markets Mauritius — which holds another 5.6 per cent. Since January 15, Akruti has been put under F&O curbs for 29 out of 40 trading sessions.