Street Signs

SMART EYE

Bonuses are the flavour of the season. Infosys celebrated crossing the $1billion revenue mark with a 3:1 bonus issue along with a special dividend of Rs 100 per share to set the mood.

Not to be outdone, Wipro issued a 2:1 bonus to add to a one-time special dividend of Rs 25. Technology scrips did their bit in pushing the Sensex above the 5,900 mark on Tuesday, though they slipped off their highs later.

Those who were expecting trouble at the HLL counter were disappointed. The markets almost ignored the company's restructuring. Technology biggies having made their mark, old economy counters are expected to keep up the momentum this week.

Benevolent bellwether
The much-awaited Infy results were in-line with expectations or slightly below that depending on whom you choose to listen to. But the company's guidance was the key which brought cheer to the markets - not to forget a liberal bonus issue and the one-time special dividend.

While many were thankful for the company's upbeat guidance, analysts were cautious in their outlook, post-results.

Home Maker Brokerage terms the scrip a "market performer," and expects the company to post an EPS of Rs 228 FY05E, which is more than the company itself expects to achieve. The buzz is that former poster boy Phoenix Fund, who is on a comeback trail, is busy picking up the stock.

The week after
Biocon's honeymoon couldn't have gone worse. The scrip did gain another 11 per cent last week, but had the mortification of seeing the stock sliding from Rs 760 to Rs 596.

Profit-booking was to be blamed, say pundits, noting that the scrip had already gained more than 100 per cent from its issue price. A Mauritius-based FII apparently sold 4.85 per cent shares at an average of Rs 605 per share, well-below Monday's closing price of Rs 694.

The FII had no difficulty in finding buyers at those levels though. Jeweller Fund was among them, picking up more than 34.50 lakh shares at Rs 605. HS Busy's Equity Fund and India Opportunities Fund also wasted no time in picking up 3 lakh and 1.5 lakh shares respectively.

In and out
It seems public interest in the fortunes of cement major ACC is on the wane. A look at the stats indicates that public holding in ACC has come down to 22.63 per cent by the end of FY04 from 35.48 per cent a year ago.

But here is the catch: The scrip still rose more than 80 per cent during the period, which means that institutions are still gung-ho about the stock. Desi funds and FIIs have increased their stake in the counter, betting on the cement growth story.

While the foreign brothers of HS Busy Fund and Merry Lunch Fund are among the new entrants at the counter, our own Life Boy Corp continues to be the leading institutional investor in ACC with 16.74 per cent.

Tail piece
Talk is that Mr Know All is getting ready to investigate DPs (depository participants) following complaints from some Heavyweight investors that shares are missing from their DP accounts.

If you can help solve the mystery, do let us know at streetsigns@business-standard.com