Emerging pulls plug on Lyka

STREET SIGNS

There has been a lot of activity happening at the Lyka Labs counter. Market buzz has it that the company is planning to tap the GDR markets soon, which has kept the buyers interested. The buying interest has resulted in the scrip moving up to Rs 80 from Rs 65 levels three weeks back.

For those who have experienced astronomical surges in stock prices over the past year or so, this is nothing to write home about. Emerging Fund is seemingly one of them. The fund decided to sell some 50,000 shares of Lyka Labs to a domestic buyer at Rs 77 levels.

Not so Reliable
The fund managers at desi Reliable fund are known for their keen eye. The fund is also known to churn its portfolio quite a bit. The latest stock to get the axe is Anant Raj Industries, a company which is into ceramic tiles and sanitaryware.

Apparently the company has decided to make a foray into the construction business, obviously impressed by the size of the opportunity in that segment. The company also wants to get into the business of running hotels and motels. Now there may be many who might think of that as a wise decision, as it signals an intention to integrate the business.

But Reliable fund is none too impressed by that piece of news, which explains their decision to cut their exposure in the stock at Rs 147 levels. May be it is just profit motive which prompted Reliable to sell, as the stock had risen from Rs 96 levels in a fortnight's time.

Merry goes for gold
Last week, we had spoken about how foreigners have taken a shine to the Vaibhav Gems stock. While German Fund was the big buyer last week, the counter was earlier visited by biggies such as Uncle Sam and Clive Lloyd Fund.

Not wanting to be left out, Merry Lunch made a foray into the counter, buying more than three lakh shares at Rs 260. Actually, Merry Lunch can't be blamed because the stock has risen more than 640 per cent in the past year and by the looks of it, is set to go up further.

In other news.
The recent spate of news flow at the Videocon Industries counter had many foreigners interested. With the company going on a foreign buying spree (Thomson SA, AB Electrolux etc), it was natural.

The big deal at the counter involved a well-known Dutch bank which was the buyer, while HS Busy was said to be the seller. Several stocks, which has been in the forefront of activity of late, continued to attract interest, Aptech, ITI and Crew BOS among them.