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Linkfest:Oct 15,2013
Some stuff I am reading today morning:
Scott Adam’s secret of success:Failure (WSJ)
Marc Faber:The US is a corrupt system that rewards stupidity (DailyReckoning)
Rakesh Jhunjhunwala buys 6 Mumbai flats for 176 Crores (ET)
Reliance Q2 Turnover crosses 1 Lakh Crore (ET)
India inflation rises to 7 month high (Mint)
Mumbai police seeks powers to attach properties of Jignesh Shah (BS)
Singhanias blast BMC for blocking their 37 floor home (MumbaiMirror)
Few interesting micro caps (DalalStreet)
Musings about bubbles (IvanhoffCapital)
ABCs of financial planning (HumbleStudent)
Graph of a Thanksgiving Turkey and the equity curve of a trader that does not manage the risk of ruin. pic.twitter.com/QBM6VyfVEl
— Steve Burns (@SJosephBurns) October 13, 2013
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Board Proposes,Promoter Disposes
The company (Gitanjali Gems), however, is trying to hold on to whatever cash it has. Recently, its board agreed on a dividend but the promoters later opposed it, defeating the resolution by voting against it.
Exchange filings show at least some institutional shareholders were not in support of the move against the dividend but Gitanjali maintains it still has the backing of its institutional shareholders.
“It is incorrect to say institutional shareholders opposed it. At the moment, in the current scenario, money in the company is more necessary than money moving out,” said promoter Mehul Choksi.-from BS