Copped-It-All has no Logix

STREET SIGNS

The interest in Escorts' stock continues unabated. Last week, we had reported interest heavyweights such as HS Busy and Copped-It-All fund are showing at the counter.

Well-informed market watchers have noted that the buzz in the counter is all because of a reported restructuring of the company which is expected to be completed within a month. But the point to be noted is that nobody knows for sure whether it is actually happening or not.

Operators have used this opportunity to enter into the stock which has climbed up from Rs 77 levels in early May to its current price of Rs 106. Swiss Bank Brokerage is said to be the latest to get in, buying more than three lakh shares.

Logical move
As is the case mostly, by the time general public gets wind of things at a counter, the little story is already over. By the looks of it investors who failed to book profits at the technology counter Logix Microsystems can repent at leisure.

The stock, which was one of those 'immovable objects, ' meaning the stock was stuck in a band of Rs 20-30 for most of the past three years, suddenly came to life in the past two months, surging from Rs 29 levels to Rs 95 levels earlier in the week.

The news of a preferential issue had many making a beeline to the counter, Copped-It-All fund among them. True to form, by the time news was out, the fund was already out of the counter, having sold its more than a lakh of shares at Rs 85 levels.

The bargain hunter
One piece of advice that is being dished out freely these days is to 'buy on dips.' The problem is there are not enough stocks that 'dip' enough to allow a safe entry in the first place.

Unless you spot stocks such as Salora International. The stock has come down from its early March highs of Rs 178 levels to Rs 110 levels this week. Disadvantage fund, which also happened to be scouting for good bargains, spotted the stock and decided to get in at Rs 123 levels.

The fund has bought a lakh of shares at the counter. The buying interest in the stock has apparently come on the back of news that 'Iriver' the globally recognised brand of portable digital, audio - visual devices, from ReignCom Korea, has entered into a joint venture with Salora.

In other news...
Metro fund has sold more than two lakh shares of Kesoram Industries at Rs 130. ITI, which has been one of the big gainers in the past few days, is still buzzing, though many have started booking profits at the counter, with most of the selling occurring at Rs 85 levels.

Meanwhile, desi fund Tumble Ton has bought a big chunk of Deepak Fertilizers stock at Rs 75 levels.