Heard on the Street

Shrenuj & Co basks in diamond glory

Shares of Shrenuj & Company rose 5% to close at Rs 29 in a weak market on Friday. According to dealers,
the stock is being accumulated by "friendly" circles. Buzz is that the company has gained access to high- quality rough diamonds from DTC Botswana, by acquiring a facility there. This will result in direct access to rough diamonds from the mining source. According to analysts tracking the counter, there is a renewed interest in jewellery by consumers, which augurs well for the company. The firm is also looking to up its retail presence in China. When contacted, Group ED Vishal Doshi said that the company is planning to beef up its retail presence and had a robust order book position due to a busy season ahead. He, however, declined to elaborate on the numbers.

Insurance biggie snaps up RIL, Grasim

Disgruntled investors may be offloading their positions in Reliance Industries (RIL) but the ���big daddy��� of insurance companies seems to be having a different view on the stock. According to sources, the insurance behemoth was seen buying RIL in large quantities at lower levels. Big Daddy is also said to have been accumulating Reliance Capital and Grasim in the past few sessions, both stocks not in favour with most investors at the moment.

Anchor investors escape ���power��� shock

Investors who had subscribed to the Indiabulls Power IPO were left licking their wounds after a dismal debut on the bourses by the energy firm. But, a handful of investors must have had a smile on their faces at the end of the day. These are some of the anchor investors who had bid for the issue, but were refunded their money as the company had "forgotten" to mention the anchor investor clause in its draft prospectus filed with the regulator. The stock closed at Rs 39.25, a discount of 13% to the issue price.

Telecom counters on mayday alert

Shares of telecom came in for another round of pounding, as investors are stampeding out, fearing further pressure in operating margins as the tariff war intensifies. In fact, these stocks were down even though the market was firm during the first half of the day. Dealers tracking the counter said an exchange traded-fund managed by Bark-Laze was a heavy seller in Reliance Communications and Bharti Airtel.


(Contributed by Apurv Gupta, Shailesh Menon & Vijay Gurav)