Uncle Jam was a calm customer at the Zee Telefilms counter on Tuesday, while King Kong was in an aggressive mode on the stock. The share, backed by the reversal in trend, bounced back substantially from the lows of the previous day.
The stock gained around 23 per cent, something which it has not witnessed before. King Kong is rumoured to have bought around eight lakh shares on Tuesday. However, with several issues surrounding the company, its performance on the bourses is bound to be under strain. King Kong was also active at the Grasim Industries counter, but the activity seemed more to be in the nature of a gamble, with the firm taking a call on the quarterly results due to be announced.
Another show stealer
Reliance Industries yo-yoed following the announcement of its quarterly results. The Jordan Flaming Brokerage had earlier downgraded stocks belonging to this sector on the back of falling petrochemical prices. Anticipating poor results, the brokerage sold off around three lakh shares in early trade driving the counter down to the lows of the day to around Rs 305.
However, the results, which were announced later, were received favourably and buying from several quarters pushed the share towards a shade below the Rs 320-mark-- a sizable gain in Tuesday's scenario.
Litigation shot
Dr Reddy's Laboratories provided punters with an overdose of good news. First, a litigation in the US courts over a few patent disputes was decided in the company's favour. The market was also expecting Dr Reddy's to announce a stock-split and this added to the flurry of activity. The Dutch Brokerage was seen scouting for the stock and is rumoured to have picked up around 60,000 shares on Tuesday.
Finally, the quarterly results due to be announced later in the day was also a subject matter of speculation with market players expecting encouraging results especially since the effects of the company's merger with Cheminor and American Remedies would be fully felt.
