A load of crap from an idle brainPersonal, Movies, Music, IT, India, Singapore, Politics, Fun

Blackburn have edged closer to opening up a new frontier in English football by becoming the first Premier League team to have Indian owners.

The club confirmed that talks with the Venky’s conglomerate over a £46million deal are close to conclusion and a takeover should be completed next month. The price includes £25m to buy the club from the family of the late Blackburn benefactor Jack Walker and a further £15m to clear debts.

Venky’s managing director Balaji Venkatesh Rao, whose father founded the company, said: ‘It’s very much confirmed and we will be announcing it formally in the next 10 days.

‘It’s a £46m deal. I wouldn’t say that is cheap or expensive but we will have to pump in some more money later on. The money is up front from our own sources. We are not here to compare with anybody but this is a first for India. It’s a prestigious moment for everybody and one we should cherish.’

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The BSE Sensex was around 18000 when Reliance Power came out with its IPO in February 2008.  The crash that followed the listing brought the markets down to around 8000.  It was the bloodiest bloodbath i ever experienced as an investor in the market.  I took that opportunity to buy a lot of good companies at ridiculous prices; and raked in good profits when the markets bounced back a year later.

More than 2 years later, we are staring at a similar situation.  The markets are hovering close to 20500.  The Public Sector Unit, Coal India is set to come with its mega 15,000 crore IPO.  The markets are at their all time highs. The pundits have been predicting a cooling down for some time now.

Will we see a correction again post the Coal India IPO launch?  Am watching from the sidelines to pick up some good bargain.

Above images courtesy: Topnews

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Been a while since i updated my equity portfolio.  Some of the stocks were already at their highs; and i felt it was appropriate time for me to liquidate them and invest in others.

Bought the following

Sold the following

Hoping for the markets to correct sharply once the much expected double dip recession hits the US economy.  There would be lots of great bargains out there then.

Above stock price history courtesy:  Yahoo Finance

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Mahindra & Mahindra Ltd said Wednesday it expects to complete the acquisition of South Korea’s Ssangyong Motor Co. Ltd in four months and that the two auto makers may share vehicle platforms, helping reduce vehicle development costs.

“While we will maintain a distinct identity between Mahindra and Ssangyong vehicles, there is a potential for sharing platforms,” Pawan Goenka, president incharge of Mahindra’s automobile and tractor business, told reporters at a news conference.

Mahindra was selected as the preferred bidder by Ssangyong’s creditors on Aug. 13 to acquire a majority stake in the Korean firm, which has been under court-led bankruptcy protection since early last year after experiencing a severe cash shortage due to a slump in sales of its mainstay SUVs.

Goenka said synergies between the two companies might help bring down vehicle development costs. He refused to elaborate on the likely deal size or on the stake it plans to buy in the Korean auto maker.

But Goenka said Mahindra may consider introducing in India Ssangyong’s new sport-utility vehicle, Korando C, which goes on sale in South Korea by December.

Ssangyong is likely to sell between 70,000 and 75,000 of its vehicles in its home market this year, more than double of the 35,000 units it sold in 2009, Goenka said.

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Above pictures courtesy: Businessweek & 4theloveofjeeps

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Iam a strong believer in the theory that the government has no business doing any business.  The government has no business running steel companies, textile mills, condom companies etc.  All that the government has to do is to manage the law and order machinery, keep the country safe and to create laws and an environment that is conductive for its people do do business and prosper.  The government exists so that the common man can use his skills to run his own business and employ people.  More than 60 years ago when the country got its independence, it was ok for the government to get into all the industries so as to kick start the process of industrialisation.  As time went by, the citizens of the country got into the business of making money and it was time for the government to sell off the businesses and do what it was mandated to….and that is to govern the country.

But under the socialist regime of our succesive governments, the economy has been screwed up badly and sadly even 63 years after independence, we have millions of our citizens going hungry every day while millions of tons of foodgrains rot in open grounds for lack of storage space.

Meanwhile we have a food and agricultural minister who is busy hobnobbing with the glamour of industry and entertainment and involving himself in cricket. Not to mention monopolising the sugar business in his home state of Maharashtra. All this at time when foodgrains have no place to be stored and are left to the mercy of rains and heat in some open lands.

Even though the Supreme Court has woken up late, its good to see that the apex court has now come out with a ruling stating that not a single grain should be wasted and if the government cant do the needful, it must distribute the food to the poor free of cost.

The Supreme Court has observed that not a single food grain should be wasted. In a strongly-worded ruling, the apex court has told the government that foodgrains are rotting and if you can’t do anything about it then distribute it among the poor. The court has also sought government’s response on this.

Meanwhile, as the government faces flak over letting close to 30 lakh tonnes of foodgrain rot across the country, the Empowered Group of Ministers (EGoM) on food has reportedly decided to sell an additional 30 lakh tonnes of rice and wheat to 11.5 crore Above-Poverty-Line (APL) families through ration shops.

Didnt such a though occur to the incompetent government and the food minister earlier?

PS: Remember the days of waiting for 2 years for a land line, booking periods for a Bajaj scooter or a Maruti car?  That’s the kind of pathetic performance only our government can do.  That’s why agriculture, retail and everything to do with logistics needs to be deregulated.  So that the private sector can do in a few years what our government hasn’t been able to do in decades.

Picture courtesy: Poonam

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