How (not) to negotiate a train crossing

Trying to out run a train at a crossing has never been a good idea. Most times the train wins, especially when you are driving a rickety old minibus laden to capacity. But the van driver and passengers decided otherwise, even after certain eyewitnesses claimed that they had warned the driver against making the crossing. I suppose one would like to make damn sure there isn't an approaching train on track before you cross. But when you are in a hurry to visit a temple, basic road sense and etiquette can be dispensed with.

To say that it ended badly is an understatement. But some how I am not so sure. You see the benevolent state government has this habit of doling out solatiums for morons who can’t seem to understand that standing in the path of an oncoming train usually gets you killed. A sheer waste of life and tax payer resources. Why I ask must the rest of us spend our taxes for the stupidity and gross negligence of a few? I am sure that there are other equally creative ways of committing mass suicide that does not involve a drain on the state exchequer. Rewarding people for this type of behaviour will only ensure that it happens again.

Vodkathon 2.0

Vodkathon 2.0 organized under much secrecy was held at Shioks on the 1st of April. It almost did not happen for me. I was attending a party at The Taj when I realized rather belatedly at 10.45 p.m. that Dabbler wouldn't be picking me up on his way to Central. After two large vodkas and a change of clothes I was off. I caught up Dabbler some ten minutes before the scheduled departure.

We spent the next day at Prabhu's place waiting for sundown when Vodkathon would commence. It was my first time at Vodkathon and at Shioks for that matter. I was very impressed by Mad Mans restaurant/lounge bar. The food and cocktails were top notch and the service excellent. There was a freewheeling discussion on all things blog related. A very pleasant and enjoyable evening spent in the company of friends. I had a great time and hope to repeat the experience.

Bob Woolmer passes away

Bob Woolmer is dead. A pioneer, he redefined the role of coaches in cricket and helped mould the second best team in the world. His passing away is a sad day for world cricket. Woolmer spoke about the pressures of his assignment and the toll it exacted on his personal/family life. It was clear that he was tottering on the edge, the question is whether he was pushed over?

That Five Letter Word

Further announcements eagerly anticipated.

Portfolio Game

And the game begins. So many stocks so little money sigh! The portfolio is as follows:

Andhra Petro – 1333 @ 15/-

Panacea Biotec – 48 @ 415/-

India Cements – 91 @ 219/-

SRF Ltd – 83 @ 240/-

Reliance Industries – 17 @ 1,175/-

Total Value 99,739/-

Andhra Petro – growth story, part of a well-diversified conglomerate. Net up five fold.

Panacea Biotech - diversified biotech play.

India Cements – has turned the corner, increase in sales and better capacity utilization are translating in to healthy bottom lines.

SRF Ltd – Again good quarterly results, net up by 643%.

Reliance Industries – Index bellweather. If the Sensex has to go up from here Reliance will have to participate in some fashion I imagine.

Vidya Balan bats for Moneybhai

Sex sells. A hot looking Vidya Balan is exhorting all us viewers of CNBC TV 18, to logon to Moneybhai.com where there is "no risk only kamayee." Moneybhai is only a game, but it sends all the wrong signals to newbie investors. Ask any seasoned investor "no risk only kamayee" is just that, hokum.

SEBI's PN Boruhaha Part Deux.

It has become fashionable for the securities market watchdog to raise the scepter of PNs from time to time. Maybe SEBI has run out to things to keep itself amused, so it has embarked on this venture to discipline FII's issuing PNs. Goldman Sachs is most definitely tickled pink by all of this and so is Citibank for that matter. Its (Goldman’s) total net revenues for FY 2005 were $24.782 billion. The fine of Rs.1 crore (approx $ 250,000) is to Goldman Sachs the equivalent of pocket change to you and me. But wait this gets better. Goldman’s pre tax earnings for 2005 were about $8.2 billion, as against the total FII inflows in 2005 (India) for $10.5 billion. I can imagine Goldman cowering before the wrath of SEBI can you?

SEBI is no stranger to making an fool of itself with respect to PNs; the case of UBS Securities does come to mind. SEBI is totally kicking ass and taking names as you can see:

"The 60-page order (SEBI's order) itself is an odd mix of innuendo and legal claims, endowed with more of an amateurish literary flavor than the professional competence of a legal department............... Instead, the SEBI order engages in elaborate innuendo that UBS tried to manipulate the market. SEBI then chickens out and does not actually charge UBS with market manipulation. The actual misdeed with which UBS is charged is delay in giving information."

It’s an open secret that a good portion of the so called FII inflow is dubious in origin. Infact a PN with its lack of transparency an ideal vehicle to launder ill gotten wealth. The final beneficiaries of a PN are hidden behind layers of shell companies and entities making it impossible to pin down the source of the money. Almost every one from promoters to politicians have money stashed abroad that is coming in through PNs. Further measures to curb the issuances of PNs and attempts to regulate them will yield precisely nothing. There is far too much at stake. This also the reason why the Finance Ministry is batting so aggressively on behalf of PNs. To further underline the hold of PNs on the markets as much has 52% of fresh FII inflows are through this route. So any attempts to curb this mode of investment in Indian markets will result in the markets imploding to the size not much larger that this full stop "." here.

Plans are afoot to bring about greater disclosure and transparency in PNs. It’s safe to assume that this will receive a quiet burial a few of months from now.