Descending from Alps

STREET SIGNS

Emerging Fund's appetite for the Alps Industries stock seems to have come to an end. The fund has been gobbling up the stock in the recent past.

Apparently, the buyer was impressed with the turnaround in the company's fortunes (Alps reported a net profit of Rs 5.32 crore, as against a loss of Rs 0.14 crore in the corresponding quarter in FY04).

But with the stock appreciating by more than 300 per cent in the past year, Emerging Fund has decided to book profits at the counter at Rs 164 levels.

More sugar please
We thought we have seen the last of buyers at Dhampur Sugar. Not yet. In the footsteps of a distinguished list of buyers at the counter, which included German Fund and All Cap Fund, St Charter Fund has also made purchases at the counter.

Apparently German Fund had another round of purchases at the counter, pocketing some five lakh shares at Rs 167, following an earlier entry at Rs 157. Meanwhile, St Charter Fund is said to have bought the stock at Rs 176 levels.

While many experts have been crying hoarse about the not-so-sweet state of affairs of the sugar industry in the country, the foreigners obviously think otherwise. The stock has risen nearly 60 per cent in the past two months alone.

Busy buys
Following news of Usha Martin's expansion plans, the stock has been a no-holds barred rise. Since the company announced that it has lined up a capital expenditure of Rs 462 crore to expand its steel capacity to half a million tonne from the current 340,000 tonne, there has been a big demand for the stock, which has pushed up the stock price by 48 per cent in a span of three weeks.

Usha Martin, a leading producer of specialty steel and one of the largest wire rope manufacturers, will also be looking at greenfield options in the US market, which was one of the largest wire rope consumers. Seeing the rise in stock price in the recent past, HS Busy couldn't resist the temptation any more and has bought the stock at Rs 146 levels.

In other news
Following Metro Fund's interest in residential housing colony developer DS Kulkarni Developers' stock, there have been a lot of buyers roaming about the counter.

All this buying interest has resulted in the stock surging nearly 60 per cent in the past three months. Marshall Fund was among the latest to visit the counter, picking up a lakh of shares at Rs 135.

Big Boy Fund was a buyer at Heritage Foods counter at Rs 143 levels, while Merry Lunch was a seller at the Srei Infrastructuure Finance counter at Rs 65.