| As is the case with new listings this year, there were any number of buyers at the Kernex Microsystems counter. The stock which was offered at a price of Rs 250 per share touched a high of Rs 399 on the opening day.
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| Metro Fund was among the buyers at the counter, picking up one lakh shares at Rs 331 levels. Kernex Microsystems is a manufacturer of railway safety product. The company, which has a technical collaboration with the Konkan Railways, plans to expand capacity of its existing product lines, develop marketing offices abroad and enhance its R&D facility.
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| All the projects are to be completed by May 2007. The company posted a 342 per cent jump in net sales in FY05 to Rs 52.56 crore, while net profits surged 289 per cent to Rs 8.95 crore. Kernex is also planning to set up a manufacturing facility on a 20-acre land in the hardware park located near the upcoming Hyderabad international airport at a cost of Rs 20 crore.
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| Kernex, which was incorporated as a software company in 1991, later got into the development of software-embedded hardware products, for the railways. However, it was not buyers all the way at the counter. Prominent sellers included Pheonix Bank and the Princpled fund.
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| High fliers at Triveni
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| Uncle Sam who has been lying low for a while was seen buying into the Triveni Engineering counter. The fund bought more than 12 lakh shares at Rs 72 levels. The recently listed scrip had also caught the attention of Tumble Ton. Some days back, the fund bought a huge chunk of shares at the counter at Rs 58 levels. Triveni Engineering operates mainly in the sugar and engineering space. The sugar segment is the core business of the company, contributing towards 80-85 per cent of sales and profits. This segment also included co-generation of power and retail agri-business.
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| Triveni's engineering division includes, manufacturing of small turbines, gears and gear-boxes. Besides, it is also engaged in the business of water treatment. Taking into consideration the expected firmness in sugar prices due to the prevailing demand-supply imbalance and the company's scale of operations, those in the know feel bullish about the stock.
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| The company has sugar plants at Khatauli, with a 16,000-tonne capacity per day (TCD) and Deoband having 14000 TCD in western Uttar Pradesh (UP) and 3,500 TCD in Eastern UP, Ramkola.
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| In other news...
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| Merry Lunch was a seller at the Aptech counter where it sold more than two lakh shares at Rs 139 levels. The foreign fund which tracks only small companies, turned seller at the Sakthi Sugars counter. The fund sold more than two lakh shares at Rs 119 levels.
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| Flaming Morgan was a buyer at the logistics counter Gateway Distriparks, where it bought in excess of four lakh shares at Rs 287 levels. Gateway Distriparks operates container freight stations (CFSs) and has offices in strategic locations like Navi Mumbai, Chennai and Visakhapatnam, apart from Garhi Harsaru near Delhi.
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| The company had recently raised $8.46 million through the issue of 1.66 million GDRs. |
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