Reliance proved a dampener

STREET SIGNS

If the market failed to provide any fireworks, the blame can squarely be placed on the doorsteps of the Reliance Industries' high offices. There were a lot of talk about an acquisition that the company was about to make and was meant to be announced on Wednesday.

But in the end, all the markets got was the brothers talking about their plans for their respective empires. But even then, the markets ended on a positive note, albeit marginally, posting another all-time high.

Jeweller for Karnataka
Following on the footsteps of Big Hammer Fund, Jeweller Fund has taking an interest in Karnataka Bank. Jeweller bought nearly eight lakh shares of the bank at Rs 132 levels.

Big Hammer had made its foray into the counter two days back and had bought the stock at Rs 126 levels. The stock has appreciated by nearly 225 per cent in the past year and 65 per cent in the past two months alone.

Rico on the rise
There was a lot of desi fund action too. The one between Tumble Ton and Kodak involved the auto ancillary stock Rico Auto, where the former bought a chunk of shares from the latter at Rs 79 levels.

Compared with stocks such as Walchandnagar Industries, Rico Auto stock had a rather sedate year as far as appreciation in stock price is concerned. The stock price went up by a mere 172 per cent in the past year.

While Kodak seems to have become annoyed of its lack of growth, Tumble Ton's take on this one seems to be a bit more positive. They have also found a supporter in All-Wise Securities, who had some time back designated Rico Auto as one of the top picks in the auto ancillary segment.

In other news
Metro fund seems to be tired of holding on to Lloyd Electric & Engineering stock. The fund sold a lakh of its holding in the stock at Rs 128, in what looks like a clear case of profit booking. And why not, considering that the stock has risen from a paltry Rs 7.25 one year back to the current levels.

Lloyd Electric is part of Fedders Llyod group and manufactures condensor coils and evaporator coils which are used in air conditioners and refrigerators. Not so long ago some analysts had put a price target of Rs 110 on the scrip. With the current price well above those levels, Metro can't be blamed for opting out.

There seems to be no dearth of buyers at the Walchandnagar Industries counter. The Disadvantage Fund is said to be buyer at the counter, pocketing some 40,000 shares at Rs 529. Castro Fund is getting its big hands into retail now. The fund bought nearly three lakh shares of Provogue at Rs 196 levels.