A South-based bank that had been ignored by the market for most part of the rally in the bank stocks appears to be making a comeback with a vengeance. Things have been on the mend for the bank since the March quarter, but it is only now that some investors are taking notice, having run out of stories in the sector, which continues to do well. Leading the charge of the bulls at the counter is the Chennai Petro King-popularly known in market circles as the alter ego of his better half-and his associates. Five months back, this group had loaded up on petroleum stocks, including one from the home city of Petro King, and let it be known to the world. But the government’s decision to impose windfall tax on refiners caused those bets to go south. Those looking for an easy ride along with big ticket investors should bear in mind that smart money can get it wrong too.
