The bourses were less volatile today after witnessing a dizzy ride over the last three trading sessions. Foreign portfolio investors were active as witnessed over the past few months.
Massacred Zee
The market was agog with talks that Sony's talks with a potential partner AOL Time-Warner might prove to be a threat for Zee. The rumours made Asasbe a seller in Zee. Market players said the sell order could be in the region of about 10 lakh shares.
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The more interesting thing is that Asasbe has been a buyer in Zee for quite some time now and this shift to the sell side has raised eyebrows of many. Zee was to pick its advisor and looks like that the Asasbe has felt dejected on not being selected with Universal Banking being finally selected.
Merry-go-round
Of late, Satyam Computer Services has been witnessing contradictory interests from various funds. The difference in opinion is primarily on its investment in subsidiaries, which are making losses.
Market whispers have that Savvy Fund Manager had been a major seller in Satyam counter yesterday. It is said that Savvy shed off over 5 lakh shares. This is surprising given the positive statements he had been making on this company recently. The Sovereign Singaporean Fund was also reported to be in the sellers list, albeit in small quantities.
On the other hand Big Bull brokerage and Asasbe figured in the buying list and are said to have picked up around 3 lakh and 1 lakh shares. The main contention is that Satyam is amongst the few likely to benefit from the US slowdown.
It not only has the technical capabilities and marketing team in place, the order flow has been quite regular. The company is believed to be getting quite aggressive in seeking more business. The current downfall has been more because of external reasons and hence provides good entry opportunity.
Right prescription
Error! Bookmark not defined.Error! Bookmark not defined.Dr Reddy's Laboratories has emerged one of the most sought after pharma stock. Market talks were that Asian House picked up 1 lakh shares of Dr Reddys.
The grapevine is that there is good reason for the rush after Dr Reddys. Secondly developments on research front has taken Dr Reddy's one step ahead of other Indian pharma companies.
Also, generic exports is expected to contribute handsomely to the bottomline in the short term. The company has now made its debut in the biotechnology market as well, which holds good potential.
It might witness further fancy similar to the biotechnology run witnessed on the Nasdaq in the medium to long term. It also has received marketing approval for one of its biotec products.
Moreover, buyers are licking their wounds inflicted by Pioneering Fund initially and now the Big Daddy.