Cse Badla Average At 33 Per Cent

Official carryforward rates on the Calcutta Stock Exchange (CSE) averaged at 33 per cent, holding volumes close to last week's level of Rs 948 crore. Badla rates opened at around 40 per cent but crashed to as low as 18 per cent in the closing minutes of trading. Closing rates hovered around 22-23 per cent.

According to a section of CSE badla operators, the increased volumes in the official market have not seen a reciprocal lowering in the unofficial market.

"Rates at yesterday's unofficial market averaged at

75 per cent, going up to even as high as 100 per cent on a certain counter," said a leading CSE badla dealer.

However, dealers conceded that some of the outside volumes have begun to come back into the official system, after CSE authorities got tough with badla operators some weeks ago. But, explained a dealer, "The lower official rates this week again point to the fact that positions have shifted outside in a big way. This has largely been a fallout of the high badla margins imposed recently by the authorities." Meanwhile, barely two months after CSE effected a refinement in the calculation of official badla rates to prevent miscalculations, the concerned authorities goofed up again last week.