Uncle Sam dumps Reliance Cap

STREET SIGNS

The bulls were well and truly back in business after a three-day hiatus. This despite the fact that US Fed announced a 25 basis point increase in US rates.

But lack of aggression from the Mr Greenspan & Co, who signalled their intentions to stick with a steady pace of rate hikes, is said to have calmed the Bull's nerves.

Smelling Coffee
CCL Products is one stock that seems to be on everybody's radar. The big debt fund manager's recently launched equity fund was the latest to get into the counter. The share price has been on the rise for the past one month, on the back of an expansion in company's varied coffee products and impressive June quarter results.

Apart from clocking a 94 per cent rise in net profit to Rs 7 crore during the quarter, CCL is also expanding its product pipeline in a big way, with new products such as freeze-dried and freeze concentrated liquid coffee on the cards.

More of the same
Some days back we had reported that AB Amre was buying into Bank of Punjab at Rs 38.47. Now there seems to be more takers to the theory that the merger with Centurion Bank may not be such a bad idea. The latest one to joint the bandwagon is Prudent Fund's Singapore arm, who bought more than five lakh shares at Rs 39 levels.

Uncle Sam in action
Uncle Sam was also in action, this time at the Reliance Capital counter. The fund is said to have sold more than 10 lakh shares of the company at Rs 460 levels, with the deal coming in the wake of the demerger proposals announced by Reliance Industries.

In other news...
In desi action, Reliable Mutual Fund bought five lakh shares of Tamil Nadu Newprint and Papers at Rs 80 from Home Maker fund. Given the growing demand for newsprint and the price increase in the international market, Reliable's decision comes as no surprise.

The interest in Crew B.O.S Products continues unabated. The Dutch fund's desi arm was one of the prominent buyers at the counter picking up the stock at Rs 157 levels. Emerging fund was also a buyer at the counter.

Several other side counters has also been witnessing activity of late, prominent among them being Sakthi Sugars, Himachal Futuristic and Wednesday's Writing Products.

Following Metro Fund's interest in residential housing colony developer DS Kulkarni Developers, domestic buyers are making a beeline to the counter too. Metro had recently bought nearly a lakh of shares of the company at Rs 123.