Indian Markets : Are we at the end of the mayhem?

Just like optimism is at its highest during the last phase of a bull market could this be the lowest point that is common during the end of a bear market? I can't see how more pessimistic one can be! How can one explain blue chips falling 10% or more in a day! The markets are now purely fear driven and no one can talk about fundamentals anymore. Just sit and watch and hope!

Just a while ago Mr. Deepak Parekh said on CNBC that even 100 Crores were not available in the market today. You could feel the pain in his voice when he was talking and he went to the extent of blaming RBI for the mayhem today because of their rigidity in infusing liquidity in the market.

RK

Gujarat Mineral Development Corporation finally fixes record date for bonus!!!

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The wait is over!! GMDC has finally fixed the record date for the 1:1 bonus it declared in Jan 2008. The stock is heavily beaten down already so not sure how much of a help this is going to be! Anyhow the following is the news report on this issue.

Gujarat Mineral Development Corporation Ltd (GMDC) has informed that the shareholders in the adjourned Annual General Meeting held on September 24, 2008 have approved issuance of Bonus shares in the ratio of 1:1 and authorized the Board of Directors to fix a record date to decide the entitlement of Bonus. Accordingly, the Board has decided October 17, 2008, as the record date for the purpose of deciding entitlement of shareholders for Bonus.

House in US sells for $1.75 on eBay - Weird but true!!

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This is something I came across today which sounded totally untrue but it seems to be for real

New York: In the midst of the housing mortgage crisis gripping the US, a Chicago woman has won an online bid to acquire a home in Michigan for just $1.75.

Noting that the price of the home in Saginaw, Michigan, was less than the price of a McDonald's value meal, a media report said that it received total eight bids on eBay.com and was sold for $1.75 on Wednesday evening.

However, the winner of the bid, 30-year-old Joanne Smith of Chicago, would have to pay about $850 towards pending taxes yard clean-up costs, the Saginaw News reported.

The winner herself, however, does not want to move to the house and wants to sell it further.

"I am going to try and sell it," she told the newspaper, adding, "I don't have any plans to move to Saginaw. I don't have any plans of moving out from Chicago."

Smith has not yet seen the property. "People from whom I bought the house are not giving me any information about it," the report quoted her saying.

"I know that the property is abandoned and that there are taxes owed on the house, but all I have is their e-mail," she added.

The newspaper reported that it could not reach the seller, Southern Investments LLC, for comment.

"I was trying to go and see it, but I am not going to make a 300-mile trip if I can't go in the house and see inside," Smith told the daily, adding, "It could be haunted or something."

"She will pay additional charges, aside from the dollar and change it cost her, to win the auction. Back taxes and a trash/weed clean-up will set the final price tag around $850. The fee is due by Tuesday, March 31, or the city will foreclose on the property," the report said.

My stock picks for the month of september and october

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I had listed the stocks that I am looking during this month at http://theindiastockmarket.blogspot.com/2008/09/stocks-to-invest-during-month-of.html

There I had listed Tata Steel, Hotels and Reliance Communications as the ones which I am trying to get into. I got in Reliance Communications and Tata Steel in the first week but as you know Lehmann brothers and AIG screwed the entire financial industry and the Indian stock market went for a spin. They are atleast 10% down from where I bought them. I got into Indian Hotels as well and its stuck at the price where I bought which was after the crisis. They still remain my choices esp Indian Hotels and Tata Steel, I am looking to add some more of them.

In the mean time I took this meltdown to get into Reliance Industries and also used the bounced back after 700 bn Fed package to get out Infosys which proved to be a wise choice. I still have a major portion of my portfolio in technology and I know for sure that I am stuck with them for another couple of years.

I am also looking at Tata Chemicals, I already have it in my portfolio but only a meager number of shares. I added in few and will add some more. ICICI and DLF are at mouth watering price but already made a significant investment there so got to wait for few more weeks to add on more.

And I am going to use any upswing to get out of technology. I will keep cash and wait. Thats what I am going to do for the moment. Hope its not a long wait!!

RK

16 Sep 2008 - My Investment Portfolio and How I Suck!!!

This is my portfolio. I had started investing from Nov 2007, the peak of Sensex. I am down by about 21% so far. I decided why the hell shouldn't I just publish my portfolio and see how it performs publicly. I have to see if I am as bad or as good, depending on your view, as the analysts in picking stocks. I am negative in almost all except for Infosys and Reliance Industries which I just picked up yesterday. About 40% of my portfolio was built during Nov '07 - Jan '08 period and I just started that's one of the reason why I feel not so bad about this performance. I intend to post this weekly (try!!).

MARUTI -17.02%

TATA MOTORS -42.51%

ICICI BANK -33.23%

IDFC -10.32%

ACC -25.18%

TATA CHEMICALS -3.59%

DLF -21.07%

BARTRONICS -19.27%

INFOSYS +4.90%

NIIT -38.48%

NIIT TECH -49.75%

SATYAM COMP -3.13%

TCS -26.41%

GUJARAT MINERAL -62.45%

TATA STEEL -8.33%

PFIZER -14.84%

NTPC -3.24%

SUZLON -32.85%

INDIAN OIL -18.95%

RELIANCE IND + 4.96%

RELIANCE PETROL -20.18%

RELIANCE COMM -9.18%


RK