Operators get busy with Ador Welding

STREET SIGNS

All the good work done by the foreign and domestic funds in the past three aweeks were undone by a certain Lalu Prasad Yadav's troubles in Bihar.

Bulls cited the changing political scenario as an excuse to book profits, thus dragging the markets lower for the second day in succession. Concerns are that Yadav's travails in his home state could spell trouble for the current government at the Centre.

Those in the know point out that foreign funds, whose main concern about Indian equities is the political uncertainty in the country, might see the latest election results as a negative.

Foreigners in south
Jeweller Fund was busy looking for quick profits, while it stumbled upon the Shriram Investments stock. Jeweller bought the stock at the Rs 92.25-levels, before selling some shares at Rs 92.34.

Many foreign equity firms have been making a beeline to the Chennai-based Shriram group companies, including Shriram Investments in the recent past.

In September, 2005, private equity firm, Newbridge Capital invested $100 million (Rs 448 crore) in the group's truck finance companies-Shriram Investments, Shriram Transport Finance Company and Shriram Overseas Finance through a holding company.

Even earlier, in February 2005, Chryscapital III, Mauritius had invested Rs 100 crore in three Shriram group companies, including Shriram Investments (Rs 43.72 crore). Citicorp Finance had also invested Rs 15 crore in the company along with Shriram Transport Finance Company in September 2002.

While these funds seem to be in it for the long haul, hoping to benefit from Shriram group's foray into working capital finance segment, Jeweller Fund's intentions seems to be purely driven by trading profits.

Titan titbits
Mathews was a buyer at the consumer durables counter, Titan Industries. The fund bought more than two lakh shares at the Rs 638-levels. The stock has been among the biggest gainers at the bourses in the recent past.

The company posted a net profit of Rs 20.6 crore for the quarter ended September 30, 2005 as compared to Rs 10.33 crore for the same period in 2004. Total income also increased from Rs 273.61 crore in Q2 FY05 to Rs 349.4 crore for the past quarter.

The stock trackers are bullish about the company's growth prospects and fundamentals. Titan's ambitious plans of foraying into foreign markets are also expected to pay dividends going forward. The company is also said to be looking at the US markets for marketing its jewellery.

Welding gains
Domestic operators are having a gala time at the Ador Welding counter. Apparently, good quarterly numbers have ignited investor interest at the counter, with the stock touching a 52-week high last week. In the last month alone, the stock has seen a near 73 per cent rise.

The company reported a net profit of Rs 14.82 crore for the quarter, more than double the earlier quarter's. With the industrial activity picking up across the country, the company is expected to have a smooth ride going forward.