Feeder Fund falls for SRF

STREET SIGNS

Prudent Fund was a seller at Bharat Gears counter. The fund is said to have sold some 47,000 shares at the counter at Rs 86 levels. Bharat Gears, a leading automotive gear manufacturer, saw big buying interest after the company announced that it has approved a rights issue to its existing shareholders.

The shareholders will be allotted three equity shares for every 10 existing shares of Rs 10 each, at a premium of Rs 30 per share.

The share price has also seen a spike in the recent past with the price moving up from Rs 73 levels at the end of October to above Rs 93 levels now.

The company is also planning to use Ramco Enterprise Series, an enterprise resource planning (ERP) solution arm of Ramco Systems, a Chennai-based software company.

The solution to be implemented would comprise financials, manufacturing, inventory, purchase, sales and human resource management system at Bharat Gears' manufacturing facilities and zonal offices.

Party at Prithvi
There was a flurry of activity at the newly listed Prithvi Information Solutions Ltd. The stock made its debut on the bourses on Wednesday, listing on the NSE at Rs 338, at a 25 per cent premium to its offer price of Rs 270. Domestic operators were roaming around the counter pushing the stock up. However, most were interested in only trading gains at the counter.

The Hyderabad-based company provides customized IT solutions and software services across a host of technologies and platforms. The company has software solutions design and development centres in the US apart from five marketing offices.

The offshore delivery centres are situated in Hyderabad and Bangalore. The company posted a 23.86 per cent growth in revenues in FY05 (Rs 305 crore) over FY04, while net profit (Rs 28.84 crore) rose 58.55 per cent. The CAGR revenue growth over FY01 to FY05 amounts to 84 per cent.

Foreigners in action
There was a deal between two foreign funds at the IVRCL Infrastructures counter. While Cop-It-All fund bought more than 1.1 lakh shares at Rs 740 levels, Grand Ham Fund was the seller. The stock has seen a sharp appreciation in the past three weeks, advancing from Rs 630 levels to the current levels.

IVRCL Infrastructures reported a growth of 36.59 per cent in income at Rs 257 crore and 63.27 per cent in net profit at Rs 11.20 crore for the second quarter of current fiscal ended September 2005. Moreover, the company is planning to raise $140 million by way of FCCBs/ADRs/GDRs.

In other news...
Cop-It-All's other big deal came at the Oriental Bank counter, where it sold more than 14 lakh shares at Rs 261 levels to a Mauritius-based foreign fund. These two were involved in another deal at the pharma counter, Strides Arcolab where again Cop-It-All sold more than two lakh shares.