Low Profile Centres Post Good Volumes On Nse

Though plagued by strife and battered by militancy, Srinagar has a facility, set up by National Stock Exchange (NSE), through which locals can trade in stocks and securities. The facility is surprisingly doing brisk business.

The business attracted by NSE terminals at other small and far-flung centres can partly explain the surging volumes of the exchange.

Low profile locations such as Srinagar, Jammu, Rishikesh, Hardwar and Tirupati, pop up in the good performers list.

Srinagar recorded a turnover of Rs 11.47 crore in December 1997, a sharp increase from Rs 1 lakh recorded in July 1997. Jammu posted a turnover of Rs 17.48 crore in December '97, although the figure declined from an all-time high of Rs 55.42 crore registered in October the same year.

 

Pilgrimage centre Rishikesh has been a real stunner, with trading volumes surging to Rs 63.19 crore in December 1997 from Rs 9.98 crore in January 1997.

Hardwar has achieved a turnover of Rs 13.07 crore in July 1997, a significant growth from Rs 2 lakh in March 1997.

The figure however fell to Rs 2.62 crore in December 1997.

Tirupati recorded a turnover of Rs 48.35 crore in October 1997, up from Rs 8.89 crore in April 1997.

The volume, however, declined to Rs 21.88 crore in December 1997.

The NSE turnover at these centres may appear measly in comparison to the volumes recorded at Mumbai (Rs 12,735.37 crore in December 1997), Delhi (Rs 6,719.03 crore), Calcutta (Rs 4,012.03 crore) and Chennai (Rs 1,504.27 crore)

However, they are quite competitive in comparison to some other centres generally expected to notch high volumes, such as Surat (Rs 96.25 crore in December 1997), Patna (Rs 23.21 crore), Patiala (Rs 15.90 crore), Noida (Rs 16.20 crore), Meerut (Rs 28.14 crore), Mangalore (Rs 29.87 crore), Ludhiana (Rs 61.11 crore), Jamshedpur (Rs 7.96 crore), Jamnagar (Rs 28.81 crore), Gwalior (Rs 63.27 crore), Bhopal (Rs 38.92 crore) and Agra (Rs 12.75 crore).

Among the other lesser developed centres responsible for the surge in NSE trading volumes are Alappuzha, which recorded a turnover of Rs 4.05 crore in December 1997, up from Rs 81 lakh in August 1997; Banda (Rs 3.44 crore in December 1997, up from Rs 5 lakh in July 1997); Bhatinda (Rs 19.19 crore in December 1997, against Rs 1.10 crore in August 1997); Bhimavaram (Rs 25.90 crore in June 1997, against zero the previous month); Botad (Rs 5.99 crore in December 1997 against Rs 2.46 crore in October); Erode (Rs 41.70 crore in December 1997 against Rs 4.82 crore in January); Karur (Rs 34.50 crore in November 1997 against Rs 7.75 crore in August); Petlad (Rs 4.49 crore in December 1997 against zero in June); Sangli (Rs 4.97 crore in December 1997 against zero in June); and Veraval (Rs 14.71 crore in December 1997 against zero in July). With the NSE planning to set up trading terminals in as many as 250 centres, many more of such unheralded performers seem set to burst in to the fore.