Prudent bets big on media

STREET SIGNS

Foreign investors are taking an active interest at the Lloyd Steel counter. A Mauritius -based, India - dedicated fund is said to have bought a big chunk of shares at the Lloyd Steel counter at Rs 20 levels.

Several domestic analysts have been singing the company's praise of late, considering its turnaround. Sometimes back, Khandwala Securities had come out with a buy rating on the stock, with a two-year target price of Rs 47.

The research firm noted that increase in capacities, reduction in costs and the company's move towards being a fully integrated unit along with debt restructuring moves will improve its revenues and result in better profitability growth over the next three years. Chartists have also been backing the stock, noting that the stock is on a long-term uptrend.

Prudent gets media savvy
Prudent Fund seems to have been taken in by all the hype surrounding newspaper companies. The government decision to allow FIIs to invest up to 26 per cent in newspaper companies has led to big buying interest in the recent past.

Also, with big media initial public offerings (IPOs) such as HT getting a good response, investor interest in the sector is surely on the rise. Mid-Day Multimedia had risen some four times in the past one year.

Apparently, Prudent Fund is pretty impressed by the fact that Mid-Day has been able to maintain its advertising revenue despite the launch of three new newspapers in Mumbai, where it operates. Prudent is said to have bought more than two lakh shares at Rs 96 levels.

Crew cut
Buying interest at the Crew BOS counter continues, despite Emerging Fund's decision to book profits. Disadvantage Fund has apparently bought more than two lakh shares at Rs 163 levels.

The Crew BOS stock has appreciated more than 280 per cent in the past year, but considering its export potential and the list of customers, market watchers continue to be bullish on the stock.

In other news...
HS Busy has decided to book profits at the SSI counter. The fund is said to have sold more than a lakh of SSI shares at Rs 70 levels. HS Busy had bought the stock two weeks back at Rs 60 levels, which means a 16 per cent profit.

Profit booking by domestic investors has dragged the Vivimed stock to below Rs 200 levels. The scrip got listed at a whopping 64 per cent premium to its offer price of Rs 70 and the counter had been a beehive of activity ever since. Phoenix Fund was a seller at the Shree Vindhya Paper Mills counter. The fund sold 75,000 shares at Rs 7.26.