Emerging Fund exits Mirza Intl

STREET SIGNS

Close on the heels of Mirza Tanners' decision to change its name to Mirza International - apparently, in view of the company's expansion-cum-diversification plan in non-core areas - comes news that Emerging Fund has dumped the stock.

Whether the dissatisfaction with the stock has anything to do with the name change is not certain, but the fund sold more than two lakh shares of Mirza Tanners at Rs 192 levels. Mirza Tanners is one of the largest shoe manufacturers in the country and is also the largest shoe exporter.

The company's leading brands include Red Tape, Ozark and OakRidge. But those in the know say that with the stock price stuck in a 190-200 band for most of the month, Emerging might have simply decided to book profits, considering the 189 per cent appreciation in stock price over the past year.

Getting off the train
Profit booking also seems to be the motive behind Founding father fund's activities. The fund is said to have sold a block of shares at Kalindee Rail Nirman Engineers counter at Rs 182 levels. The stock has been on fire in the past four months, witnessing a 280 per cent rise in price.

Metro Fund was among the most prominent buyers at the counter recently and had bought the shares at Rs 166 levels. Kalindee Rail, a profit-making public limited company, implements railway projects on a turnkey basis in signalling, telecommunications, gauge conversion, laying new railway lines.

The recent kicker for the stock seems to be reports that the company had entered into a joint venture with Malaysian company, Sithru, to bid for a $150 million railway project from Chachoengsao to Laem Chabang in Thailand.

Will stone turn into gold?
Trust HS Busy to be where the action is. The fund was seen buying a bagful of shares of electrical equipment manufacturer, Stone India at Rs 134.

HS Busy is betting on the fact that the Duncans Goenka group company's decision to set up a green-field manufacturing project in Baddi, Himachal Pradesh will bring in long-term benefits. Never mind the fact that the stock has risen from Rs 5 levels one year back to where it is now.

In other news...
Home Maker Fund was a seller at Ascent Exim (India) counter. The fund sold more than 50,000 shares at Rs 44 levels. The stock has been on a steady rise since February, after the company received the export order of confectionery fats from a European Company worth Rs 3.3 crore. The stock has appreciated by 72 per cent during the past six months.