Old Economy rule the roost

STREET SIGNS

Infy results disappointed many and expectedly the stock got its due punishment. While the company did well to beat its own June guidance, the markets were apparently expecting more.

Who can ever satisfy them? Nevertheless, after an early slump the markets did well to bounce back, carefully shunning New Economy counters and riding on the back of Old Economy stocks such as ONGC and Reliance Industries to reach the shores of safety.

All over the place

Mauritius-based Feeder Fund has been making hay while the sun is shining. The fund is said to be on a big buying spree in several stocks including SRF Ltd, Gateway Distriparks.

The fund bought more than four lakh shares of SRF at Rs 246 levels. SRF has been in the limelight recently with the counter witnessing a lot of buying interest. The buzz is that SRF, a manufacturer of industrial synthetics and flourochemicals, stands to benefit in a major way from carbon credits in the future.

The stock has gained more than 70 per cent in the past month or so. Gateway Distriparks was another counter where Feeder Fund was in action, buying more than five lakh shares at Rs 164 levels.

But the big bang came at the debutant Yes Bank counter. Feeder is said to have purchased more than 38 lakh shares of Yes Bank at Rs 62 levels. Earlier the stock got listed at a 46 per cent premium at Rs 65.90.

All that glitters

The German Fund seems to have woken up a little late to the charms of the Vaibhav Gems stock. The fund bought nearly two lakh shares of the India's largest exporter of coloured gems at Rs 238 levels.

Nothing wrong in it, especially considering that gems and jewellery has been identified by many as one of the fastest growing sectors in the country. The problem is that the stock has already appreciated by nearly 630 per cent in the past one year. Not that German fund is alone in its affections for the stock.

Apparently, Uncle Sam had purchased nearly three lakh shares of Vaibhav Gems in mid-June. Another frangipani which has taken an active interest in the stock is Clive Lloyd Fund, which had bought 4.5 lakh shares in late May.

Coming back to the German Fund, the lure of the yellow metal has proved so intoxicating that it also decided to buy a small chunk of shares at the Rajesh Exports counter at Rs 681 levels. The appreciation in the stock over the past year? A mere 342 per cent. Better late than never!

In other news

A big debt fund, which recently launched their first equity fund, made some purchases at the Emco counter at Rs 334.92.

Prominent Japanese investor No More Fund has bought 1.7 lakh shares of Voltas, whereas Lending Brokerage has bought a chunk of Hexaware stock from Metro Fund.