Query - on the reported 'Eduardo' chants by Villa fans ...( Aston Villa football fans where trying to take advantage of Arsenal players mentallity post that horrendous tackle on Arsenal center forward Eduardo by chanting Eduardo...
Wenger's quid pro quo reply to the query -
"You expect better from people who come to football stadiums. It looks that intelligence and stupidity can have no limits. Unfortunately stupidity has won."
Monday, March 03, 2008
Friday, February 29, 2008
Why is Budget presented on the last working day of February?
Some more interesting facts on Indian Budget...Source - rediff.com
If it's February, it's time for the Budget. Budgets have always been presented on the last day of February. So B-day is always on February 28, except on leap years when it is presented on February 29.
This year, the Budget will be presented on February 29. This will be Chidambaram's first Budget on February 29 (all his other six Budgets were presented on February 28). Morarji Desai has presented two Budgets on February 29.
Why Budget is tabled on the last working day of February?
The finance minister is required to submit the Budget to the Parliament usually on the last working day of February so that the Lok Sabha has one month to review and modify the Budget proposals.
The Budget proposed by the finance minister comes into effect after parliamentary discussion on the Budget has been completed by April 1.
Who decides the Budget day?
In India, the Budget is presented in Parliament on a date fixed by the President.
The Budget speech of the finance minister is usually divided in two parts. Part A deals with general economic survey of the country while Part B relates to taxation proposals.
The General Budget is presented at 11 a.m. on the last working day of February, i.e. about a month before the commencement of the financial year except in the year when general elections are held.
In an election year, Budget may be presented twice -- first to secure vote on account for a few months and later in full.
If it's February, it's time for the Budget. Budgets have always been presented on the last day of February. So B-day is always on February 28, except on leap years when it is presented on February 29.
This year, the Budget will be presented on February 29. This will be Chidambaram's first Budget on February 29 (all his other six Budgets were presented on February 28). Morarji Desai has presented two Budgets on February 29.
Why Budget is tabled on the last working day of February?
The finance minister is required to submit the Budget to the Parliament usually on the last working day of February so that the Lok Sabha has one month to review and modify the Budget proposals.
The Budget proposed by the finance minister comes into effect after parliamentary discussion on the Budget has been completed by April 1.
Who decides the Budget day?
In India, the Budget is presented in Parliament on a date fixed by the President.
The Budget speech of the finance minister is usually divided in two parts. Part A deals with general economic survey of the country while Part B relates to taxation proposals.
The General Budget is presented at 11 a.m. on the last working day of February, i.e. about a month before the commencement of the financial year except in the year when general elections are held.
In an election year, Budget may be presented twice -- first to secure vote on account for a few months and later in full.
Monday, February 25, 2008
How the Sensex (Indian Stock Barometer) is calculated
A very interesting and informative article....Source - Rediff and Commodity Online
For the premier Bombay Stock Exchange that pioneered the stock broking activity in India, 128 years of experience seems to be a proud milestone. A lot has changed since 1875 when 318 persons became members of what today is called The Stock Exchange, Mumbai by paying a princely amount of Re 1.
Since then, the country's capital markets have passed through both good and bad periods. The journey in the 20th century has not been an easy one. Till the decade of eighties, there was no scale to measure the ups and downs in the Indian stock market. The Stock Exchange, Mumbai in 1986 came out with a stock index that subsequently became the barometer of the Indian stock market.
Sensex is not only scientifically designed but also based on globally accepted construction and review methodology. First compiled in 1986, Sensex is a basket of 30 constituent stocks representing a sample of large, liquid and representative companies.
The base year of Sensex is 1978-79 and the base value is 100. The index is widely reported in both domestic and international markets through print as well as electronic media.
The Index was initially calculated based on the "Full Market Capitalization" methodology but was shifted to the free-float methodology with effect from September 1, 2003. The "Free-float Market Capitalization" methodology of index construction is regarded as an industry best practice globally. All major index providers like MSCI, FTSE, STOXX, S&P and Dow Jones use the Free-float methodology. (See below: Explanation with an example)
Due to is wide acceptance amongst the Indian investors; Sensex is regarded to be the pulse of the Indian stock market. As the oldest index in the country, it provides the time series data over a fairly long period of time (From 1979 onwards). Small wonder, the Sensex has over the years become one of the most prominent brands in the country.
The growth of equity markets in India has been phenomenal in the decade gone by. Right from early nineties the stock market witnessed heightened activity in terms of various bull and bear runs. The Sensex captured all these events in the most judicial manner. One can identify the booms and busts of the Indian stock market through Sensex.
Sensex Calculation Methodology
Sensex is calculated using the "Free-float Market Capitalization" methodology. As per this methodology, the level of index at any point of time reflects the Free-float market value of 30 component stocks relative to a base period. The market capitalization of a company is determined by multiplying the price of its stock by the number of shares issued by the company. This market capitalization is further multiplied by the free-float factor to determine the free-float market capitalization.
The base period of Sensex is 1978-79 and the base value is 100 index points. This is often indicated by the notation 1978-79=100. The calculation of Sensex involves dividing the Free-float market capitalization of 30 companies in the Index by a number called the Index Divisor.
The Divisor is the only link to the original base period value of the Sensex. It keeps the Index comparable over time and is the adjustment point for all Index adjustments arising out of corporate actions, replacement of scrips etc. During market hours, prices of the index scrips, at which latest trades are executed, are used by the trading system to calculate Sensex every 15 seconds and disseminated in real time.
Dollex-30
BSE also calculates a dollar-linked version of Sensex and historical values of this index are available since its inception.
Understanding Free-float Methodology
Free-float Methodology refers to an index construction methodology that takes into consideration only the free-float market capitalisation of a company for the purpose of index calculation and assigning weight to stocks in Index. Free-float market capitalization is defined as that proportion of total shares issued by the company that are readily available for trading in the market.
It generally excludes promoters' holding, government holding, strategic holding and other locked-in shares that will not come to the market for trading in the normal course. In other words, the market capitalization of each company in a Free-float index is reduced to the extent of its readily available shares in the market.
In India, BSE pioneered the concept of Free-float by launching BSE TECk in July 2001 and Bankex in June 2003. While BSE TECk Index is a TMT benchmark, Bankex is positioned as a benchmark for the banking sector stocks. Sensex becomes the third index in India to be based on the globally accepted Free-float Methodology.
--------------------------------------------------------------------------------
Example (provided by rediff.com reader Munish Oberoi):
Suppose the Index consists of only 2 stocks: Stock A and Stock B.
Suppose company A has 1,000 shares in total, of which 200 are held by the promoters, so that only 800 shares are available for trading to the general public. These 800 shares are the so-called 'free-floating' shares.
Similarly, company B has 2,000 shares in total, of which 1,000 are held by the promoters and the rest 1,000 are free-floating.
Now suppose the current market price of stock A is Rs 120. Thus, the 'total' market capitalisation of company A is Rs 120,000 (1,000 x 120), but its free-float market capitalisation is Rs 96,000 (800 x 120).
Similarly, suppose the current market price of stock B is Rs 200. The total market capitalisation of company B will thus be Rs 400,000 (2,000 x 200), but its free-float market cap is only Rs 200,000 (1,000 x 200).
So as of today the market capitalisation of the index (i.e. stocks A and B) is Rs 520,000 (Rs 120,000 + Rs 400,000); while the free-float market capitalisation of the index is Rs 296,000. (Rs 96,000 + Rs 200,000).
The year 1978-79 is considered the base year of the index with a value set to 100. What this means is that suppose at that time the market capitalisation of the stocks that comprised the index then was, say, 60,000 (remember at that time there may have been some other stocks in the index, not A and B, but that does not matter), then we assume that an index market cap of 60,000 is equal to an index-value of 100.
Thus the value of the index today is = 296,000 x 100/60,000 = 493.33
This is how the Sensex is calculated.
The factor 100/60000 is called index divisor.
--------------------------------------------------------------------------------
The 30 Sensex stocks are:
ACC, Ambuja Cements, Bajaj Auto [Get Quote], BHEL, Bharti Airtel [Get Quote], Cipla, DLF, Grasim Industries [Get Quote], HDFC [Get Quote], HDFC Bank, Hindalco Industries [Get Quote], Hindustan Lever [Get Quote], ICICI Bank [Get Quote], Infosys [Get Quote], ITC, Larsen & Toubro, Mahindra & Mahindra, Maruti Udyog [Get Quote], NTPC, ONGC [Get Quote], Ranbaxy Laboratories [Get Quote], Reliance Communications [Get Quote], Reliance Energy [Get Quote], Reliance Industries [Get Quote], Satyam Computer Services [Get Quote], State Bank of India [Get Quote], Tata Consultancy Services [Get Quote], Tata Motors [Get Quote], Tata Steel [Get Quote], and Wipro [Get Quote].
For the premier Bombay Stock Exchange that pioneered the stock broking activity in India, 128 years of experience seems to be a proud milestone. A lot has changed since 1875 when 318 persons became members of what today is called The Stock Exchange, Mumbai by paying a princely amount of Re 1.
Since then, the country's capital markets have passed through both good and bad periods. The journey in the 20th century has not been an easy one. Till the decade of eighties, there was no scale to measure the ups and downs in the Indian stock market. The Stock Exchange, Mumbai in 1986 came out with a stock index that subsequently became the barometer of the Indian stock market.
Sensex is not only scientifically designed but also based on globally accepted construction and review methodology. First compiled in 1986, Sensex is a basket of 30 constituent stocks representing a sample of large, liquid and representative companies.
The base year of Sensex is 1978-79 and the base value is 100. The index is widely reported in both domestic and international markets through print as well as electronic media.
The Index was initially calculated based on the "Full Market Capitalization" methodology but was shifted to the free-float methodology with effect from September 1, 2003. The "Free-float Market Capitalization" methodology of index construction is regarded as an industry best practice globally. All major index providers like MSCI, FTSE, STOXX, S&P and Dow Jones use the Free-float methodology. (See below: Explanation with an example)
Due to is wide acceptance amongst the Indian investors; Sensex is regarded to be the pulse of the Indian stock market. As the oldest index in the country, it provides the time series data over a fairly long period of time (From 1979 onwards). Small wonder, the Sensex has over the years become one of the most prominent brands in the country.
The growth of equity markets in India has been phenomenal in the decade gone by. Right from early nineties the stock market witnessed heightened activity in terms of various bull and bear runs. The Sensex captured all these events in the most judicial manner. One can identify the booms and busts of the Indian stock market through Sensex.
Sensex Calculation Methodology
Sensex is calculated using the "Free-float Market Capitalization" methodology. As per this methodology, the level of index at any point of time reflects the Free-float market value of 30 component stocks relative to a base period. The market capitalization of a company is determined by multiplying the price of its stock by the number of shares issued by the company. This market capitalization is further multiplied by the free-float factor to determine the free-float market capitalization.
The base period of Sensex is 1978-79 and the base value is 100 index points. This is often indicated by the notation 1978-79=100. The calculation of Sensex involves dividing the Free-float market capitalization of 30 companies in the Index by a number called the Index Divisor.
The Divisor is the only link to the original base period value of the Sensex. It keeps the Index comparable over time and is the adjustment point for all Index adjustments arising out of corporate actions, replacement of scrips etc. During market hours, prices of the index scrips, at which latest trades are executed, are used by the trading system to calculate Sensex every 15 seconds and disseminated in real time.
Dollex-30
BSE also calculates a dollar-linked version of Sensex and historical values of this index are available since its inception.
Understanding Free-float Methodology
Free-float Methodology refers to an index construction methodology that takes into consideration only the free-float market capitalisation of a company for the purpose of index calculation and assigning weight to stocks in Index. Free-float market capitalization is defined as that proportion of total shares issued by the company that are readily available for trading in the market.
It generally excludes promoters' holding, government holding, strategic holding and other locked-in shares that will not come to the market for trading in the normal course. In other words, the market capitalization of each company in a Free-float index is reduced to the extent of its readily available shares in the market.
In India, BSE pioneered the concept of Free-float by launching BSE TECk in July 2001 and Bankex in June 2003. While BSE TECk Index is a TMT benchmark, Bankex is positioned as a benchmark for the banking sector stocks. Sensex becomes the third index in India to be based on the globally accepted Free-float Methodology.
--------------------------------------------------------------------------------
Example (provided by rediff.com reader Munish Oberoi):
Suppose the Index consists of only 2 stocks: Stock A and Stock B.
Suppose company A has 1,000 shares in total, of which 200 are held by the promoters, so that only 800 shares are available for trading to the general public. These 800 shares are the so-called 'free-floating' shares.
Similarly, company B has 2,000 shares in total, of which 1,000 are held by the promoters and the rest 1,000 are free-floating.
Now suppose the current market price of stock A is Rs 120. Thus, the 'total' market capitalisation of company A is Rs 120,000 (1,000 x 120), but its free-float market capitalisation is Rs 96,000 (800 x 120).
Similarly, suppose the current market price of stock B is Rs 200. The total market capitalisation of company B will thus be Rs 400,000 (2,000 x 200), but its free-float market cap is only Rs 200,000 (1,000 x 200).
So as of today the market capitalisation of the index (i.e. stocks A and B) is Rs 520,000 (Rs 120,000 + Rs 400,000); while the free-float market capitalisation of the index is Rs 296,000. (Rs 96,000 + Rs 200,000).
The year 1978-79 is considered the base year of the index with a value set to 100. What this means is that suppose at that time the market capitalisation of the stocks that comprised the index then was, say, 60,000 (remember at that time there may have been some other stocks in the index, not A and B, but that does not matter), then we assume that an index market cap of 60,000 is equal to an index-value of 100.
Thus the value of the index today is = 296,000 x 100/60,000 = 493.33
This is how the Sensex is calculated.
The factor 100/60000 is called index divisor.
--------------------------------------------------------------------------------
The 30 Sensex stocks are:
ACC, Ambuja Cements, Bajaj Auto [Get Quote], BHEL, Bharti Airtel [Get Quote], Cipla, DLF, Grasim Industries [Get Quote], HDFC [Get Quote], HDFC Bank, Hindalco Industries [Get Quote], Hindustan Lever [Get Quote], ICICI Bank [Get Quote], Infosys [Get Quote], ITC, Larsen & Toubro, Mahindra & Mahindra, Maruti Udyog [Get Quote], NTPC, ONGC [Get Quote], Ranbaxy Laboratories [Get Quote], Reliance Communications [Get Quote], Reliance Energy [Get Quote], Reliance Industries [Get Quote], Satyam Computer Services [Get Quote], State Bank of India [Get Quote], Tata Consultancy Services [Get Quote], Tata Motors [Get Quote], Tata Steel [Get Quote], and Wipro [Get Quote].
Tuesday, February 19, 2008
A world-class Hyderabad airport? Not too sure
Something Interesting on our new Hyderabad Airport
While the media celebrates the creation of a truly world-class airport at Hyderabad, spare a moment for the toll, literally, this will take on users, right from the couple of hours it'll take to get there from the centre of town to the Rs 700 that each passenger will pay as user development fee each time he/she flies.
Given the existing airport is in the centre of town and there's no UDF, it's easy to see why passengers are up in arms. Indeed, if you think the goings on in the Delhi airport are a scandal, what's happening in Hyderabad is a lot worse.
In Delhi, the problems stem from the GMR group's interpretation of the concession; in Hyderabad, the problems stem from the huge post-bid concessions given to the GMR group.
To begin with, the bidding itself was curious. The state government owned the land of the new airport and so carried out the bidding. But since the concession (more on this later) was signed with the government of India's ministry of civil aviation, the actual negotiations took place with the GoI!
So, the state government selected the GMR group on the basis of its bidding and, in the process of negotiating with the GoI, a host of additional concessions were added on. Needless to say, if these concessions were known earlier, others would have liked to bid as well, and perhaps a lot more than GMR, which is going to give just 4 per cent of its revenues to the AAI.
As in the case of the Delhi airport, the GMR group has a host of subsidiaries (six) to help reduce the divisible pool of revenues, which include, if you please, those from a 308-room hotel.
What were these post-bid sweeteners? For one, the government promised that the existing Airports Authority of India airport, which serviced around 6 million passengers and gave AAI annual revenues of around Rs 150 crore (Rs 1.5 billion), would be closed down. It also promised no new airport was going to be set up within 150 km of the GMR one for 25 years. The aviation policy, on the other hand, allows such airports to be set up, with some concessions though.
So, in Delhi, for instance, if a new airport is to be set up, the GMR group gets the right of first refusal if it bids up to 10 per cent less than the top bidder. Then, to help make the new concessionaire make some more money, the concession allowed charging of a user development fee.
On the face of it, a UDF seems fair enough and is equivalent to paying tolls to help fund an expressway. But since a UDF is based on the cost of a project, it's important to ensure this cost is not over-stated. There is nothing in the concession that deals with this. All it says is that the final cost will be audited by the ministry of civil aviation.
But auditing, as we know, is just about ensuring there's a bill to match each item of expenditure; it's not about ensuring all parts of a project are competitively bid out or benchmarking of costs with other projects. The concession is also silent on whether this UDF will take into account the earnings the GMR group will make from other airport-related operations.
Essentially, in sectors where cost-plus regimes are still in vogue, such as in power, there are elaborate rules/guidelines on how costs are to be determined/apportioned, but there is nothing of the sort for the UDF in the concession agreement.
Sadly, the central government's dubious role extends even further. The ministry of civil aviation, which granted the Hyderabad concession, has actually no right to do so since it doesn't even own the airport/land! In Delhi and Mumbai, the AAI signed the concession since it, not the ministry, owned the airports. In this case, since the AAI couldn't sign, the ministry helpfully stepped in!
Big deal, some will say since, under the law, only the central government has the right to grant licences for setting up new airports -- so, concession or licence, they're both really the same thing. Well, not really since a licence does not entail any obligations on the part of the licensor while a concession does.
It was under the concession, for instance, that the central government promised to shut down the existing airport, to give GMR monopoly rights and UDF -- and since all these are in the concession, GMR has a legal right to them. None of these sweeteners could have been given under a licence.
Postscript: Several of the irregularities in the Delhi airport are now being fixed thanks to media and other pressures. It'll be interesting to see if the same happens in Hyderabad.
Source - Rediff.com; Business Standard
While the media celebrates the creation of a truly world-class airport at Hyderabad, spare a moment for the toll, literally, this will take on users, right from the couple of hours it'll take to get there from the centre of town to the Rs 700 that each passenger will pay as user development fee each time he/she flies.
Given the existing airport is in the centre of town and there's no UDF, it's easy to see why passengers are up in arms. Indeed, if you think the goings on in the Delhi airport are a scandal, what's happening in Hyderabad is a lot worse.
In Delhi, the problems stem from the GMR group's interpretation of the concession; in Hyderabad, the problems stem from the huge post-bid concessions given to the GMR group.
To begin with, the bidding itself was curious. The state government owned the land of the new airport and so carried out the bidding. But since the concession (more on this later) was signed with the government of India's ministry of civil aviation, the actual negotiations took place with the GoI!
So, the state government selected the GMR group on the basis of its bidding and, in the process of negotiating with the GoI, a host of additional concessions were added on. Needless to say, if these concessions were known earlier, others would have liked to bid as well, and perhaps a lot more than GMR, which is going to give just 4 per cent of its revenues to the AAI.
As in the case of the Delhi airport, the GMR group has a host of subsidiaries (six) to help reduce the divisible pool of revenues, which include, if you please, those from a 308-room hotel.
What were these post-bid sweeteners? For one, the government promised that the existing Airports Authority of India airport, which serviced around 6 million passengers and gave AAI annual revenues of around Rs 150 crore (Rs 1.5 billion), would be closed down. It also promised no new airport was going to be set up within 150 km of the GMR one for 25 years. The aviation policy, on the other hand, allows such airports to be set up, with some concessions though.
So, in Delhi, for instance, if a new airport is to be set up, the GMR group gets the right of first refusal if it bids up to 10 per cent less than the top bidder. Then, to help make the new concessionaire make some more money, the concession allowed charging of a user development fee.
On the face of it, a UDF seems fair enough and is equivalent to paying tolls to help fund an expressway. But since a UDF is based on the cost of a project, it's important to ensure this cost is not over-stated. There is nothing in the concession that deals with this. All it says is that the final cost will be audited by the ministry of civil aviation.
But auditing, as we know, is just about ensuring there's a bill to match each item of expenditure; it's not about ensuring all parts of a project are competitively bid out or benchmarking of costs with other projects. The concession is also silent on whether this UDF will take into account the earnings the GMR group will make from other airport-related operations.
Essentially, in sectors where cost-plus regimes are still in vogue, such as in power, there are elaborate rules/guidelines on how costs are to be determined/apportioned, but there is nothing of the sort for the UDF in the concession agreement.
Sadly, the central government's dubious role extends even further. The ministry of civil aviation, which granted the Hyderabad concession, has actually no right to do so since it doesn't even own the airport/land! In Delhi and Mumbai, the AAI signed the concession since it, not the ministry, owned the airports. In this case, since the AAI couldn't sign, the ministry helpfully stepped in!
Big deal, some will say since, under the law, only the central government has the right to grant licences for setting up new airports -- so, concession or licence, they're both really the same thing. Well, not really since a licence does not entail any obligations on the part of the licensor while a concession does.
It was under the concession, for instance, that the central government promised to shut down the existing airport, to give GMR monopoly rights and UDF -- and since all these are in the concession, GMR has a legal right to them. None of these sweeteners could have been given under a licence.
Postscript: Several of the irregularities in the Delhi airport are now being fixed thanks to media and other pressures. It'll be interesting to see if the same happens in Hyderabad.
Source - Rediff.com; Business Standard
Tuesday, November 27, 2007
Tuesday, October 30, 2007
Some observations from me on Arsenal rom the Arsenal Liverpool match
Being an ardent Arsenal fan, was relieved and excited with the way our young boys matched/competed against the so called men a.k.a Liverpool in the crunch match to come away with a deserved draw. I was very tensed the whole of 93 odd minutes in Hyderabad,India and was howling as if something grave had happened personally. Some of my key observations from the match for Arsenal being -
Gilberto Silva - i think he is one of the most important players in Arsene Wenger's disposal and his role along with Toure, Gallas and Flamini is very important for the team's long run to challenge for the league and other titles. I would love to see Arsenal win all 4 competitions and bet for it now but is a toguh task at hand, be it for any club.
Coming back to Gilberto Silva, who to me is the only other player other thank Kolo Toure to have played in the 2004 invincibles squad and knows the Arsenal culture in and out more than anyone else. I just hope Arsene hands him a contract extension by another 3 or 4 years and ensure he finishes his career in Arsenal. Gilberto is those kind who has that unnerving presence and relentlessely works like a well oiled machine. I remember his contribution in the Arsenal- Liverpool match@Anfield recently when he made that full body tackle on Stephen Gerrard when Gerrard was free right in front of the 18 yard circle with the ball perfectly placed for a stinging shot at the goal. But there was Gilberto at full stretch ensuring minimum room for Gerrard to try for the goal. Gilberto does similar crucial tackles at least couple of times each game and hence his presence is very important for the team. But in last weeks crucial match between Arsenal and Manchester United once the game was over i could see many of the Arsenal players pumped but did not see that match fire in Gilberto, which quickly send soem doubting thomasses through my mind. He also that calming confidence which influences his fellow colleagues. But i am little apprehensive that he can continue sitting in the bench when he is being linked with many European clubs. So please Arsene find a way out by giving more first team opportunities to Gilberto.
Gilberto Silva - i think he is one of the most important players in Arsene Wenger's disposal and his role along with Toure, Gallas and Flamini is very important for the team's long run to challenge for the league and other titles. I would love to see Arsenal win all 4 competitions and bet for it now but is a toguh task at hand, be it for any club.
Coming back to Gilberto Silva, who to me is the only other player other thank Kolo Toure to have played in the 2004 invincibles squad and knows the Arsenal culture in and out more than anyone else. I just hope Arsene hands him a contract extension by another 3 or 4 years and ensure he finishes his career in Arsenal. Gilberto is those kind who has that unnerving presence and relentlessely works like a well oiled machine. I remember his contribution in the Arsenal- Liverpool match@Anfield recently when he made that full body tackle on Stephen Gerrard when Gerrard was free right in front of the 18 yard circle with the ball perfectly placed for a stinging shot at the goal. But there was Gilberto at full stretch ensuring minimum room for Gerrard to try for the goal. Gilberto does similar crucial tackles at least couple of times each game and hence his presence is very important for the team. But in last weeks crucial match between Arsenal and Manchester United once the game was over i could see many of the Arsenal players pumped but did not see that match fire in Gilberto, which quickly send soem doubting thomasses through my mind. He also that calming confidence which influences his fellow colleagues. But i am little apprehensive that he can continue sitting in the bench when he is being linked with many European clubs. So please Arsene find a way out by giving more first team opportunities to Gilberto.
Monday, October 29, 2007
Should we be proud of Bobby Jindal?
The election of Bobby Jindal as governor of the US state of Louisiana has been greeted exultantly by Indians and Indian-A m e r i c a n s around the world. There’s no question that this is an extraordinary accomplishment: a young Indian-American, just 36 years old, not merely winning an election but doing so on the first ballot by receiving more votes than his 11 rivals combined, and that too in a state not noticeably friendly to minorities. Bobby Jindal will now be the first Indian-American governor in US history, and the youngest currently serving chief executive of an American state. These are distinctions of which he can legitimately be proud of. But is our pride misplaced? Who is Bobby Jindal and what does he really stand for? There are, broadly speaking, two kinds of Indian migrants in America: though no sociologist, i’ll call them the atavists and the assimilationists. The atavists hold on to their original identities as much as possible, especially outside the workplace; in speech, dress, food habits, cultural preferences, they are still much more Indian than American. The assimilationists, on the other hand, seek assiduously to merge into the American mainstream; they acquire a new accent along with their visa, and adopt the ways, clothes, diet and recreational preferences of the Americans they see around them. (Of course, there are the in-betweens, but we’ll leave them aside for now.) Class has something to do with which of the two major categories an Indian immigrant falls into; so does age, since the newer generation of Indians, especially those born in America, inevitably tend to gravitate to the latter category. Bobby Jindal is an assimilationist’s dream. Born to relatively affluent professionals in Louisiana, he rejected his Indian name (Piyush) as a very young child, insisting that he be called Bobby, after a (white) character on the popular TV show ‘The Brady Bunch’. His desire to fit in to the majority-white society he saw around him soon manifested itself in another act of rejection: Bobby spurned the Hindusim into which he was born and, as a teenager, converted to Roman Catholicism, the faith of most white Louisianans. There is, of course, nothing wrong with any of this, and it is a measure of his precocity that his parents did not balk at his wishes despite his extreme youth. The boy was clearly gifted, and he soon had a Rhodes scholarship to prove it. But he was also ambivalent about his identity: he wanted to be seen as a Louisianan, but his mirror told him he was also an Indian. The two of us won something called an ‘Excelsior Award’ once from the Network of Indian Professionals in the US, and his acceptance speech on the occasion was striking — obligatory references to the Indian values of his parents, but a speech so American in tone and intonation that he mangled the Indian name of his own brother. But there are many ways to be American, and it’s interesting which one Bobby chose. Many Indians born in America have tended to sympathise with other people of colour, identifying their lot with other immigrants, the poor, the underclass. Vinita Gupta, in Oklahoma, another largely white state, won her reputation as a crusading lawyer by taking up the case of illegal immigrants exploited by a factory owner (her story will shortly be depicted by Hollywood, with Halle Berry playing the Indian heroine). Bhairavi Desai leads a taxi drivers’ union; Preeta Bansal, who grew up as the only non-white child in her school in Nebraska, became New York’s Solicitor General and now serves on the Commission for Religious Freedom. None of this for Bobby. Louisiana’s most famous city, New Orleans, was a majority black town, at least until Hurricane Katrina destroyed so many black lives and homes, but there is no record of Bobby identifying himself with the needs or issues of his state’s black people. Instead, he sought, in a state with fewer than 10,000 Indians, not to draw attention to his race by supporting racial causes. Indeed, he went well beyond trying to be non-racial (in a state that harboured notorious racists like the Ku Klux Klansman David Duke); he cultivated the most conservative elements of white Louisiana society. With his widely-advertised piety (he asked his Indian wife, Supriya, to convert as well, and the two are regular churchgoers), Bobby Jindal adopted positions on hot-button issues that place him on the most conservative fringe of the Republican Party. Most Indian-Americans are in favour of gun control, support a woman’s right to choose abortion, advocate immigrants’ rights, and oppose school prayer (for fear that it would marginalise non-Christians). On every one of these issues, Bobby Jindal is on the opposite side. That hasn’t stopped him, however, from seeking the support of Indian-Americans. Bobby Jindal has raised a small fortune from them, and when he last ran (unsuccessfully) for governor in 2004, an army of Indian-American volunteers from outside the state turned up to campaign for him. Many seemed unaware of his political views; it was enough for them that he was Indian. At his Indian-American fundraising events, Bobby is careful to downplay his extreme positions and play up his heritage. Indian-Americans, by and large, accept this as the price of political success in white America: it’s just good to have “someone like us” in such high office, whatever views he professes to get himself there. So Indians beam proudly at another Indian-American success story to go along with Kalpana Chawla and Sunita Williams, Hargobind Khorana and Subramaniam Chandrasekhar, Kal Penn and Jhumpa Lahiri. But none of these Indian Americans expressed attitudes and beliefs so much at variance with the prevailing values of their community. Let us be proud that a brown-skinned man with an Indian name has achieved what Bobby Jindal has.
(Courtesy - ShashiTharoor, Times of India)
(Courtesy - ShashiTharoor, Times of India)
The Sensex story: From 1K to 20K
It was a terrific day for the Indian markets. The Sensex conquered the 20,000-mark on the back of frantic buying by foreign and local investors in blue-chip stocks. The Sensex made history after it hit an all-time intra-day high of 20,024.87 points during the last five minutes of trading on Monday.The index took only 10 days to gain 1,000 points after it crossed the 19,000-mark on October 15.
The major drivers of Monday's rally were index heavyweights Larsen and Toubro, Reliance Industries , ICICI Bank, HDFC Bank and SBI among others.
With today's landmark, Sensex has joined the 20,000-point club, whose other members are Hong Kong's Hang Seng, Brazil's Bovespa and Mexico's Bolsa among others.The Sensex crossed three milestones in October as it breached the 18K on October 9, 19K on October 15 and 20K today!
(See below for the timeline)
Following is the timeline on the rise and rise of the Sensex through Indian stock market history.
1000, July 25, 1990
On July 25, 1990, the Sensex touched the magical four-digit figure for the first time and closed at 1,001 in the wake of a good monsoon and excellent corporate results.
2000, January 15, 1992
On January 15, 1992, the Sensex crossed the 2,000-mark and closed at 2,020 followed by the liberal economic policy initiatives undertaken by the then finance minister and current Prime Minister Dr Manmohan Singh.
3000, February 29, 1992
On February 29, 1992, the Sensex surged past the 3000 mark in the wake of the market-friendly Budget announced by the then Finance Minister, Dr Manmohan Singh.
4000, March 30, 1992
On March 30, 1992, the Sensex crossed the 4,000-mark and closed at 4,091 on the expectations of a liberal export-import policy. It was then that the Harshad Mehta scam hit the markets and Sensex witnessed unabated selling.
5000, October 8, 1999
On October 8, 1999, the Sensex crossed the 5,000-mark as the BJP-led coalition won the majority in the 13th Lok Sabha election.
6000, February 11, 2000
On February 11, 2000, the infotech boom helped the Sensex to cross the 6,000-mark and hit and all time high of 6,006.
7000, June 20, 2005
On June 20, 2005, the news of the settlement between the Ambani brothers boosted investor sentiments and the scrips of RIL, Reliance Energy, Reliance Capital , and IPCL made huge gains. This helped the Sensex crossed 7,000 points for the first time.
8000, September 8, 2005
On September 8, 2005, the Bombay Stock Exchange's benchmark 30-share index -- the Sensex -- crossed the 8000 level following brisk buying by foreign and domestic funds in early trading.
9000, November 28, 2005
The Sensex on November 28, 2005 crossed the magical figure of 9000 to touch 9000.32 points during mid-session at the Bombay Stock Exchange on the back of frantic buying spree by foreign institutional investors and well supported by local operators as well as retail investors.
10,000, February 6, 2006
The Sensex on February 6, 2006 touched 10,003 points during mid-session. The Sensex finally closed above the 10K-mark on February 7, 2006.
11,000, March 21, 2006
The Sensex on March 21, 2006 crossed the magical figure of 11,000 and touched a life-time peak of 11,001 points during mid-session at the Bombay Stock Exchange for the first time. However, it was on March 27, 2006 that the Sensex first closed at over 11,000 points.
12,000, April 20, 2006
The Sensex on April 20, 2006 crossed the 12,000-mark and closed at a peak of 12,040 points for the first time.
13,000, October 30, 2006
The Sensex on October 30, 2006 crossed the magical figure of 13,000 and closed at 13,024.26 points, up 117.45 points or 0.9%. It took 135 days for the Sensex to move from 12,000 to 13,000 and 123 days to move from 12,500 to 13,000.
14,000, December 5, 2006
The Sensex on December 5, 2006 crossed the 14,000-mark to touch 14,028 points. It took 36 days for the Sensex to move from 13,000 to the 14,000 mark.
15,000, July 6, 2007
The Sensex on July 6, 2007 crossed the magical figure of 15,000 to touch 15,005 points in afternoon trade. It took seven months for the Sensex to move from 14,000 to 15,000 points. 16,000, September 19, 2007The Sensex scaled yet another milestone during early morning trade on September 19, 2007. Within minutes after trading began, the Sensex crossed 16,000, rising by 450 points from the previous close. The 30-share Bombay Stock Exchange's sensitive index took 53 days to reach 16,000 from 15,000. Nifty also touched a new high at 4659, up 113 points. The Sensex finally ended with its biggest-ever single day gain of 654 points at 16,323. The NSE Nifty gained 186 points to close at 4,732. 17,000, September 26, 2007The Sensex scaled yet another height during early morning trade on September 26, 2007. Within minutes after trading began, the Sensex crossed the 17,000-mark . Some profit taking towards the end, saw the index slip into red to 16,887 - down 187 points from the day's high. The Sensex ended with a gain of 22 points at 16,921.
18,000, October 09, 2007The BSE Sensex crossed the 18,000-mark on October 09, 2007. It took just 8 days to cross 18,000 points from the 17,000 mark. The index zoomed to a new all-time intra-day high of 18,327. It finally gained 789 points to close at an all-time high of 18,280. The market set several new records including the biggest single day gain of 789 points at close, as well as the largest intra-day gains of 993 points in absolute term backed by frenzied buying after the news of the UPA and Left meeting on October 22 put an end to the worries of an impending election.
19,000, October 15, 2007
The Sensex crossed the 19,000-mark backed by revival of funds-based buying in blue chip stocks in metal, capital goods and refinery sectors. The index gained the last 1,000 points in just four trading days. The index touched a fresh all-time intra-day high of 19,096, and finally ended with a smart gain of 640 points at 19,059.The Nifty gained 242 points to close at 5,670.
20,000, October 29, 2007
The Sensex crossed the 20,000 mark on the back of aggressive buying by funds ahead of the US Federal Reserve meeting. The index took only 10 trading days to gain 1,000 points after the index crossed the 19,000-mark on October 15. The major drivers of today's rally were index heavyweights Larsen and Toubro, Reliance Industries, ICICI Bank, HDFC Bank and SBI among others. The 30-share index spurted in the last five minutes of trade to fly-past the crucial level and scaled a new intra-day peak at 20,024.87 points before ending at its fresh closing high of 19,977.67, a gain of 734.50 points. The NSE Nifty rose to a record high 5,922.50 points before ending at 5,905.90, showing a hefty gain of 203.60 points.
Source - Rediff
The major drivers of Monday's rally were index heavyweights Larsen and Toubro, Reliance Industries , ICICI Bank, HDFC Bank and SBI among others.
With today's landmark, Sensex has joined the 20,000-point club, whose other members are Hong Kong's Hang Seng, Brazil's Bovespa and Mexico's Bolsa among others.The Sensex crossed three milestones in October as it breached the 18K on October 9, 19K on October 15 and 20K today!
(See below for the timeline)
Following is the timeline on the rise and rise of the Sensex through Indian stock market history.
1000, July 25, 1990
On July 25, 1990, the Sensex touched the magical four-digit figure for the first time and closed at 1,001 in the wake of a good monsoon and excellent corporate results.
2000, January 15, 1992
On January 15, 1992, the Sensex crossed the 2,000-mark and closed at 2,020 followed by the liberal economic policy initiatives undertaken by the then finance minister and current Prime Minister Dr Manmohan Singh.
3000, February 29, 1992
On February 29, 1992, the Sensex surged past the 3000 mark in the wake of the market-friendly Budget announced by the then Finance Minister, Dr Manmohan Singh.
4000, March 30, 1992
On March 30, 1992, the Sensex crossed the 4,000-mark and closed at 4,091 on the expectations of a liberal export-import policy. It was then that the Harshad Mehta scam hit the markets and Sensex witnessed unabated selling.
5000, October 8, 1999
On October 8, 1999, the Sensex crossed the 5,000-mark as the BJP-led coalition won the majority in the 13th Lok Sabha election.
6000, February 11, 2000
On February 11, 2000, the infotech boom helped the Sensex to cross the 6,000-mark and hit and all time high of 6,006.
7000, June 20, 2005
On June 20, 2005, the news of the settlement between the Ambani brothers boosted investor sentiments and the scrips of RIL, Reliance Energy, Reliance Capital , and IPCL made huge gains. This helped the Sensex crossed 7,000 points for the first time.
8000, September 8, 2005
On September 8, 2005, the Bombay Stock Exchange's benchmark 30-share index -- the Sensex -- crossed the 8000 level following brisk buying by foreign and domestic funds in early trading.
9000, November 28, 2005
The Sensex on November 28, 2005 crossed the magical figure of 9000 to touch 9000.32 points during mid-session at the Bombay Stock Exchange on the back of frantic buying spree by foreign institutional investors and well supported by local operators as well as retail investors.
10,000, February 6, 2006
The Sensex on February 6, 2006 touched 10,003 points during mid-session. The Sensex finally closed above the 10K-mark on February 7, 2006.
11,000, March 21, 2006
The Sensex on March 21, 2006 crossed the magical figure of 11,000 and touched a life-time peak of 11,001 points during mid-session at the Bombay Stock Exchange for the first time. However, it was on March 27, 2006 that the Sensex first closed at over 11,000 points.
12,000, April 20, 2006
The Sensex on April 20, 2006 crossed the 12,000-mark and closed at a peak of 12,040 points for the first time.
13,000, October 30, 2006
The Sensex on October 30, 2006 crossed the magical figure of 13,000 and closed at 13,024.26 points, up 117.45 points or 0.9%. It took 135 days for the Sensex to move from 12,000 to 13,000 and 123 days to move from 12,500 to 13,000.
14,000, December 5, 2006
The Sensex on December 5, 2006 crossed the 14,000-mark to touch 14,028 points. It took 36 days for the Sensex to move from 13,000 to the 14,000 mark.
15,000, July 6, 2007
The Sensex on July 6, 2007 crossed the magical figure of 15,000 to touch 15,005 points in afternoon trade. It took seven months for the Sensex to move from 14,000 to 15,000 points. 16,000, September 19, 2007The Sensex scaled yet another milestone during early morning trade on September 19, 2007. Within minutes after trading began, the Sensex crossed 16,000, rising by 450 points from the previous close. The 30-share Bombay Stock Exchange's sensitive index took 53 days to reach 16,000 from 15,000. Nifty also touched a new high at 4659, up 113 points. The Sensex finally ended with its biggest-ever single day gain of 654 points at 16,323. The NSE Nifty gained 186 points to close at 4,732. 17,000, September 26, 2007The Sensex scaled yet another height during early morning trade on September 26, 2007. Within minutes after trading began, the Sensex crossed the 17,000-mark . Some profit taking towards the end, saw the index slip into red to 16,887 - down 187 points from the day's high. The Sensex ended with a gain of 22 points at 16,921.
18,000, October 09, 2007The BSE Sensex crossed the 18,000-mark on October 09, 2007. It took just 8 days to cross 18,000 points from the 17,000 mark. The index zoomed to a new all-time intra-day high of 18,327. It finally gained 789 points to close at an all-time high of 18,280. The market set several new records including the biggest single day gain of 789 points at close, as well as the largest intra-day gains of 993 points in absolute term backed by frenzied buying after the news of the UPA and Left meeting on October 22 put an end to the worries of an impending election.
19,000, October 15, 2007
The Sensex crossed the 19,000-mark backed by revival of funds-based buying in blue chip stocks in metal, capital goods and refinery sectors. The index gained the last 1,000 points in just four trading days. The index touched a fresh all-time intra-day high of 19,096, and finally ended with a smart gain of 640 points at 19,059.The Nifty gained 242 points to close at 5,670.
20,000, October 29, 2007
The Sensex crossed the 20,000 mark on the back of aggressive buying by funds ahead of the US Federal Reserve meeting. The index took only 10 trading days to gain 1,000 points after the index crossed the 19,000-mark on October 15. The major drivers of today's rally were index heavyweights Larsen and Toubro, Reliance Industries, ICICI Bank, HDFC Bank and SBI among others. The 30-share index spurted in the last five minutes of trade to fly-past the crucial level and scaled a new intra-day peak at 20,024.87 points before ending at its fresh closing high of 19,977.67, a gain of 734.50 points. The NSE Nifty rose to a record high 5,922.50 points before ending at 5,905.90, showing a hefty gain of 203.60 points.
Source - Rediff
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