The Sheth brothers-Bharat Sheth and Ravi Sheth-are the promoters of GE Shipping.
Collectively, they own around 38 Lakh shares of Financial Technologies -around 8.24% of the company.
Today, Financial Tech crashed by an astounding 66%, a loss of Rs.356 per share due to rumours of a payment crisis at NSEL
This resulted in the Sheth brothers losing 135 Crores in a single day’s trading session.
Perhaps the oceans of the world are less stormy than India’s financial markets !
While researching for Investor Wisdom newsletter, I came across this interesting factoid: The TV18 group which runs the CNBC TV-18 channel owns around 1.78% of a company called Refex Refrigerants.
Apparently,this stake was bought way back in Jan 2008 (when markets were at its peak).The purchase price?A princely Rs.200 per share.
At that time, B. Sai Kumar, Group COO of TV18 Group said:“We are very happy with this partnership since we believe that Refex’s aggressive growth plans combined with our ability to reach them in an engaging way and the reach of our multi-platform media vehicle will ensure that Refex is a significant player in the fast-growing environmental friendly refrigeration market”
Fast forward, five years later, Refex is quoting at 3 Rs/share..a colossal wealth destruction of 98% of its purchase price!!And TV18 is still clinging on its shares.
So running a 24 hour news channel is no guarantee that you will make money on your investments.
Remember this the next time you watch CNBC TV18 !
BCCI conducted an investigation into the various shenanigans of its IPL and gave a clean chit to all the owners and powerful bosses who run it.
It’s difficult not be cynical about the whole exercise and the sheer chutzpah reminds me of this great scene “Round up the usual suspects” from Casablanca.
I had earlier blogged about how private bank stocks have been hammered over the last one week.
Well, yesterday,RBI went one step further-it added two more tightening measures:
Expect private bank stocks to get hit today
I had earlier blogged of how N Jayakumar of Prime Securities is in trouble.
Today’s ET has a cover story of how some of the clients of Prime Securities have filed a FIR against him.
Now, what is amusing is the twitter timeline of Jakes
In his tweets, there is no mention of the various troubles he is going thru.Instead, his tweets talk about cricket etc.
I am reminded of this great song from Chicago-Razzle Dazzle
The lyrics are simply wonderful
Give ’em the old razzle dazzle
Razzle Dazzle ’em
Give ’em an act with lots of flash in it
And the reaction will be passionate
Give ’em the old hocus pocus
Bead and feather ’em
How can they see with sequins in their eyes?
What if your hinges all are rusting?What if, in fact, you’re just disgusting?
Razzle dazzle ’em And they;ll never catch wise!
Give ’em the old Razzle Dazzle
BILLY AND COMPANY
Razzle dazzle ’em
Give ’em a show that’s so splendiferous
BILLY Row after row will grow vociferous
BILLY AND COMPANYGive ’em the old flim flam
flummox Fool and fracture ’em
How can they hear the truth above the roar?
COMPANY Roar, roar, roar!
BILLY AND COMPANY Throw ’em a fake and a finagle They’ll never know you’re just a bagel,
Razzle dazzle ’em
And they’ll beg you for more!
Give ’em the old double whammyDaze and dizzy ’em
Back since the days of old Methuselah Everyone loves the big bambooz-a-lah
Give ’em the old three ring circus Stun and stagger ’em When you’re in trouble, go into your dance
Though you are stiffer than a girderThey’ll let you get away with murder
Razzle dazzle ’em And you’ve got a romance
Give ’em the old Razzle Dazzle
Give ’em the old Razzle DazzleRazzle dazzle ’em
Show ’em the first rate sorcerer you are
Long as you keep ’em way off balance
How can they spot you’ve got no talents?
Razzle Dazzle ’em
Razzle Dazzle ’em Razzle Dazzle ’em
And they’ll make you a star!