MFs, HNIs lap up textile stocks on rally hopes
SOME mutual funds and high net worth investors (HNIs) are believed to be accumulating shares of textile companies, including Alok Industries. The stock rose 4.5% to Rs 20.40 in a weak market. Analysts expect shares of textile firms to firm up further supported by China’s pledge to let the yuan appreciate.
A stronger yuan would make China’s textile exports costlier and dent its pricing advantage over its competitors. But some brokers feel investors should use recent upsides to book profits, as China is unlikely to allow any major appreciation in its currency.
PMS heads of fund houses on the move
THE portfolio management services (PMS) divisions of select mutual funds are seeing changes at the top. Shahzad Madon, a senior official at ICICI Prudential Asset Management, is believed to have put in his papers. But it’s not clear where Madon, who was in charge of real estate fund and the PMS business at ICICI Prudential AMC, is headed.
Madon could not be reached for comment. Meanwhile, Mohit Mirchandani, who quit as head of equity at Taurus Mutual Fund recently, is learnt to have joined Religare PMS. It is also rumoured that Ashish Ranade, a fund manager at the PMS unit of UTI Mutual Fund, is joining the mutual fund joint venture between state-owned Union Bank of India and Belgium’s KBC Group.
Supreme Infra gains 35% in a month on FIs’ support
SHARES of Mumbai-based Supreme Infrastructure have gained close to 35% a month, driven by interest from some institutional investors and HNIs. The buzz is that the company is expected to bag some major orders shortly. It recently submitted its request for quotation (RFQ) for projects worth Rs 2,000 crore, which includes two road projects in Maharashtra and other projects in northern and central India.
The company’s current order book is about Rs 1,500 crore. The bids are expected to open in the next few weeks. A senior company official declined to comment. The stock rose 4% to Rs 260 on Tuesday. The company has recently issued fresh shares to fund part of its equity requirement towards one of its BOT projects, which it bagged recently.
Contributed by Harish Rao, Nishanth Vasudevan & Apurv Gupta
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STOCK ANALYSIS: BEML
STOCK ANALYSIS: Larsen & Toubro
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Src: ET and DP blog and etc
SOME mutual funds and high net worth investors (HNIs) are believed to be accumulating shares of textile companies, including Alok Industries. The stock rose 4.5% to Rs 20.40 in a weak market. Analysts expect shares of textile firms to firm up further supported by China’s pledge to let the yuan appreciate.
A stronger yuan would make China’s textile exports costlier and dent its pricing advantage over its competitors. But some brokers feel investors should use recent upsides to book profits, as China is unlikely to allow any major appreciation in its currency.
PMS heads of fund houses on the move
THE portfolio management services (PMS) divisions of select mutual funds are seeing changes at the top. Shahzad Madon, a senior official at ICICI Prudential Asset Management, is believed to have put in his papers. But it’s not clear where Madon, who was in charge of real estate fund and the PMS business at ICICI Prudential AMC, is headed.
Madon could not be reached for comment. Meanwhile, Mohit Mirchandani, who quit as head of equity at Taurus Mutual Fund recently, is learnt to have joined Religare PMS. It is also rumoured that Ashish Ranade, a fund manager at the PMS unit of UTI Mutual Fund, is joining the mutual fund joint venture between state-owned Union Bank of India and Belgium’s KBC Group.
Supreme Infra gains 35% in a month on FIs’ support
SHARES of Mumbai-based Supreme Infrastructure have gained close to 35% a month, driven by interest from some institutional investors and HNIs. The buzz is that the company is expected to bag some major orders shortly. It recently submitted its request for quotation (RFQ) for projects worth Rs 2,000 crore, which includes two road projects in Maharashtra and other projects in northern and central India.
The company’s current order book is about Rs 1,500 crore. The bids are expected to open in the next few weeks. A senior company official declined to comment. The stock rose 4% to Rs 260 on Tuesday. The company has recently issued fresh shares to fund part of its equity requirement towards one of its BOT projects, which it bagged recently.
Contributed by Harish Rao, Nishanth Vasudevan & Apurv Gupta
//////////////////////////////////////////
STOCK ANALYSIS: BEML
STOCK ANALYSIS: Larsen & Toubro
Analysts' corner
Hindalco: A new perspective
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Src: ET and DP blog and etc
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