Kesoram has a star presence

STREET SIGNS

The Dutch Bank's desi fund was a buyer at the Kesoram Industries counter. The fund is said to have bought more than 70,000 shares at Rs 176 levels.

Kesoram Industries, a B K Birla group company with diverse presence in cement, auto tyres, rayon, heavy chemicals and refractory, has been on the radar of many prominent players recently.

Pearl Brokerage had recently recommended a `buy' on the stock, with a price target of Rs 260. According to the brokerage, the company is all set to benefit from the buoyancy in its key businesses-cement and tyres.

Besides, there is significant potential to unlock value from investments in associate companies. Pearl also notes that the stock is ripe for re-rating.

Wooing Visaka
The South Asian investment arm of the Paris Bank has bought nearly one lakh shares of Visaka Industries at Rs 162. Visaka Industries is a Hyderabad-based company manufacturing asbestos cement products and textiles yarn.

Considering the increase in government's budget outlay for housing in rural areas and the bright prospects of the textiles industry, Paris Bank's decision seems reasonable. On its part, Visaka Industries has been on a high growth path, recording a 42 per cent jump in June quarter revenues.

Moreover, the company has planned an expansion in its building materials and textiles business at an investment of Rs 228 crore, spread over three years.

Emerging exits
Continuing with the textile story, one Emerging Advisor has decided to book profits at the Suryalakshmi Cotton Mills counter. The fund is said to have sold the shares at Rs 478 levels. In the past five months, the scrip has appreciated more than 185 per cent.

While that may be a good thing for the Advisor, analysts note that the company's shift in focus to denim and fashion garments may just be the beginning of its success story.

Hyderabad-based Suryalakshmi Cotton Mills is increasingly focusing on its denim business apart from venturing into garment manufacturing.

The company clocked gross sales of Rs 252 crore last fiscal and now has lined up a Rs 200 crore capex plan to tap the growing textiles market, both in India and abroad.

In other news...
Following its investments in Silver Smith India last week, ABCDC Fund has decided to buy some shares of Melstar Information Technology. The fund has bought 75,000 shares at Rs 28 levels.

However, the investment arm of the Paris Bank recently offloaded some of its holding in the company at Rs 26 levels. Another one which turned to the sell mode was Home Maker Corporation, which dumped more than two lakh shares of Can Fin Homes at Rs 50 levels.