In a rush to cash in on the buoyancy in mid-cap and small-cap stocks, promoters of companies that are suspended from trading for not fulfilling listing norms are now queuing up to get their stocks re-listed.
The promoters of as many as 47 companies have complied with the listing norms in the last four months, according to Bombay Stock Exchange data.
These 47 companies have now been re-listed on the BSE after being in the list of suspended companies for periods varying between two and nine years. Since January 2004, as many as 115 companies have got themselves re-listed.
In the last 15 days alone, ACE India, Bijlee Trading, Sainik Finance, NEPC India and Ranjit Securities have got themselves re-listed on the BSE after a gap of two years.
Pasupati Fabrics and Gujarat Organic have got themselves re-listed on the BSE after a gap of nine years.
They were last traded in 1995. Pioneer Distilleries, Sunline Tubes and Bihar Sponge Iron have re-listed after eight years, while Vikram Thermo, International Conveyors, Laser Dot and Jayavant Production have re-listed after seven years.
Karur KCP Packaging, Sunrise Investment, Living Room Lifestyle and Sinhal Holdings have after five years and Osian LPG Bottling, Kamanwala Industries, Ventura Textile, Orind Exports, New Bombay Print and Ramsons Projects are back on the BSE after four years.
Most of these stocks were delisted by the exchange for non-compliance with various clauses of the listing agreement.
A few of them failed to submit their quarterly results, and some failed to declare their book-closure dates.
Of the 115 companies that have re-listed during this calendar year, 81 scrips are from the B group and the remaining 33 are from the Z group.
The sudden spurt in valuations of mid-cap stocks has also led to an increase in the average number of B and Z group stocks traded on the BSE. The average number of companies traded in these two groups on the BSE increased from 942 in August to 1,084 this month.
NEPC India started trading on the BSE from Tuesday, and hit the upper 20 per cent circuit filter in the last three days. The stock moved from Rs 1.74 to Rs 2.49. The scrip was earlier traded at Rs 1.45 in September 2001.
ACE India , which last traded in October 1999 at Rs 2, also closed at the 20 per cent upper circuit filter in the last two days to close at Rs 2.88 on the BSE.
