Indiabulls still on a rampage

STREET SIGNS

The bears have something to cheer about finally, as the tired bulls descended from the peak.

Once again the impact that the Brothers hold over the markets was fully evident, as Reliance Industries turned around to announce that proposed demerger of its three businesses were still under consideration.

Don't know what the younger brother thinks of that piece of news. Other mundane matters such as weakness in global markets and rising oil prices only added to the gloom.

A helping hand
Even the Teledata Informatics stock, which should rank among the big non-performers of the past year (the stock has actually declined from Rs 37 levels in early August 2004 to Rs 33 currently), has found some takers at last.

Foreign fund, TRP was the one to walk into the counter where angels fear to tread, buying some 15 lakh shares at Rs 30 levels. Of course, TRP fund's decision to buy into the counter has come on the back of a surge of positive news flow about the company.

Apart from reporting a 117 per cent jump in June quarter net profit to Rs 34 crore, the company has also decided to issue GDRs/ FCCBs of up to $150 million. Whether the markets follow TRP's lead remains to be seen.

Merry on a spree
Can anybody stop Indiabulls? The stock has become a 10-bagger since its listing last year, with the price surging to Rs 234 levels.

The latest push is learnt to have come from Merry Lunch whose fascination for the stock is well known. A little over a month back, Merry Lunch had bought 27 lakh shares in the company, which took its total holding to more than 73 lakh shares aggregating to 5.50 per cent of the share capital of the company.

In other news
Clive Lloyd fund who has been missing in action for some time was back again, this time at the Sakthi Sugar counter. The fund bought more than three lakh shares of the company at Rs 93 levels.

The stock has seen solid appreciation in the past year, with its price going up from Rs 32 levels to above Rs 100 as of now. Kodak Bank's UK arm was also in action, buying a lakh shares of Ramkrishna Forgings at Rs 95.

Following Metro Fund's buying into Ruchi Soya, HS Busy also made a visit to the counter. HS Busy is said to have bought nearly five lakh shares at Rs 275 levels. Another stock which has been witnessing lot of action of late is Sah Petroleum.

The stock has been among the few stocks, which have not done well since its listing last year, with the stock price currently at Rs 31, slightly below its listing price of Rs 33.