| Finally that day was upon us when the Sensex crossed the 8,000 mark on Thursday. While the new mark prompted many to warn about climbing valuations (Swiss Bank Brokerage, for one, thinks that India is the second-most overvalued market in Asia), desi fund managers - who are eternally optimistic - noted that the long-term story is still intact. In other words, expect more upsides. Following its selling earlier in the week, Uncle Sam has decided to book further profits at the Amtek India counter - this time at Rs 513 levels. Street talk about a possible merger with Amtek Auto has fired up the stock recently (it gained more than 90 per cent in the past four months). But Uncle Sam's actions don't seem to have influenced the thinking of Kodak Brokerage. In fact, it has gone ahead and announced a price target of Rs 630 levels for the stock, citing the company's strong presence in the engine components space with the focus on manufacture of castings like cylinder heads and blocks. Clive Lloyd Fund was a seller at the Scandent Solutions counter. The fund is said to have sold more than two lakh shares at Rs 299 levels. Probably a bit late, considering the fact that the stock was ruling at Rs 331 levels just a few days ago. Prudent Fund has taken a liking to chemicals stock India Glycols, as evidenced by its purchases at the counter. The stock has been on a vertical climb in the past few weeks and has seen a 79 per cent appreciation in the past month alone to Rs 259. Apparently what has caught the attention of Prudent is the fact that molasses prices has been falling. |
Stock of the week
Scandent Solutions witnessed heavy volatility after the company announced a reverse merger with back-offices entity Cambridge Services Holdings LLC, another arm of the Singapore-headquartered Scandent Group. The stock price posted a weekly high of Rs 356.50 and a low of Rs 239.18, before closing at Rs 244.25 on Friday. The merged company will be renamed Cambridge Solutions. The new entity has combined revenues of around $275 million, and it will be targeting a turnover of more than $300 million in the year to March 2006. Meanwhile, Scandent's board of directors has approved a plan to raise additional capital of up to $75 million. | ||||||||||||||||||