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End of an era... - Views on News from Equitymaster
 
 
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  • Jun 29, 2001

    End of an era...

    Badla will breathe its last today. We hope that the new era that dawns on the 2nd of July will be quite unlike the one that fades into obscurity.

    We hope that in the new era the retail investor, armed with the power of information, will be able to make wise investment decisions. Thus, avoiding 'overnight-riches' dream merchants. They will no longer fall prey to the sharks. And the capital market will be a far safer place to invest. But more importantly those who have burnt their fingers will come back and that will be a real victory for those working to clean up the bourses.

    The outstanding positions on the bourses have been almost unwound. On the 28th of June the outstanding position on the NSE was just Rs 1.8 bn. However, the volumes in the derivatives markets have not shown a significant rise. At least not in proportion to the decline in the badla markets. This could be due to the fact that people are still not very comfortable with the these instruments. It will take some time and experience before they are at ease with new products. Also, some instruments like individual stock options are yet to kick off.

    The top gainers for the past week have been the sector stalwarts like Infosys, Reliance, Ranbaxy, ICICI and Nestle. There has been an obvious shift towards value stocks. And this sentiment is unlikely to change in the near future. But Zee Tele, Pentamedia and Global Tele still figure in the list. This could be attributed to the fact that people are stuck with huge quantities of these stocks are and exiting at all levels. These stocks may have reached rock bottom valuations. But of course distance is the best policy.

    Let us once again look at the flop ten over a year. The list is exclusive to the TMT sector. But these stocks have some thing more in common. Most of them, barring a few, have managements that are financial wizards - too good for the naïve investor to make what is going on in these companies. So much so that the department of company affairs wants to take a closer look at their books of accounts.

    COMPANY PRICE ON PRICE ON % CHANGE 52-WEEK
    Jun 28, 2001 (Rs) June 28, 2000 (Rs) H/L (Rs)
    TRIGYN TECHNOLOGIES 41 897 -95.4% 925 / 37
    HFCL 83 1,490 -94.4% 1,820 / 59
    DSQ SOFTWARE 58 988 -94.1% 1,087 / 44
    APTECH LTD. 93 929 -90.0% 960 / 85
    SSI LTD. 300 2,902 -89.7% 3,240 / 245
    TELEVISION 18 68 603 -88.8% 754 / 64
    GLOBAL TELE 152 1,349 -88.8% 1,674 / 98
    MASTEK 100 795 -87.4% 1,485 / 71
    PENTAMEDIA 77 613 -87.4% 662 / 51
    SILVERLINE TECH 62 472 -86.9% 490 / 51

    The list above itself is a comprehensive guide on what to do in the stock markets. We sincerely hope that you will take a clue and invest very wisely. To close, a very clichéd statement but one that has stood the test of time: there is no short cut to success or riches.

     

     

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