Found this funny email doing the rounds on the internet. It truly refects the state of the Bombay shock market.
Dear Shareholders,
Through self RELIANCE, you will have the POWER & ENERGY to bear all your losses. This COMMUNICATION is directly from our boss who is making CAPITAL on your behalf. Remember, you foolish investors are our NATURAL RESOURCES.
Yours Truly,
Aadhi Duniya Apna Group (ADAG)
Roz India Looto (RIL)
"The broker is not your friend. He is more like a doctor who charges patients on how frequently they change their medicine."
Forthcoming IPO from Reliance Group
RELIANCE NURSING HOME
RELIANCE SCHOOL
RELIANCE COLLEGE
RELIANCE JOB PLACEMENT
RELIANCE MALL
RELIANCE BANK
JEENA RELIANCE MARNA RELIANCE
THE HOT FAVOURITE STOCKS:
RPL (Raha Paisa to Lenge)
RNRL (Rona Nahi Fir Bhi Ro Lenge)
RIL (Risk in Life)
REL (Roz Ek Lafda)
Dear Shareholders,
Through self RELIANCE, you will have the POWER & ENERGY to bear all your losses. This COMMUNICATION is directly from our boss who is making CAPITAL on your behalf. Remember, you foolish investors are our NATURAL RESOURCES.
Yours Truly,
Aadhi Duniya Apna Group (ADAG)
Roz India Looto (RIL)
"The broker is not your friend. He is more like a doctor who charges patients on how frequently they change their medicine."
Forthcoming IPO from Reliance Group
RELIANCE NURSING HOME
RELIANCE SCHOOL
RELIANCE COLLEGE
RELIANCE JOB PLACEMENT
RELIANCE MALL
RELIANCE BANK
JEENA RELIANCE MARNA RELIANCE
THE HOT FAVOURITE STOCKS:
RPL (Raha Paisa to Lenge)
RNRL (Rona Nahi Fir Bhi Ro Lenge)
RIL (Risk in Life)
REL (Roz Ek Lafda)
25 comments:
Not sure whether the following is funny or not
http://www.business-standard.com/
india/storypage.php?autono=340253
Infosys exhorts employees to go on 1-yr sabbatical, work for NGOs
"They would continue to draw 50 per cent of their salary during the period."
It is just a coincidence that this move is being introduced at the time of global financial turmoil...
It is NOT funny for people who invested in Reliance Power IPO. It is worse than investing in real estate at its peak.
What bothers me is that people don't seem to learn from history. So, history repeats - whether it is investing in real estate or stock market.
On Reliance Power IPO, I bet most of the investors in it never read the IPO prospectus. The message from Anil Ambani in its prospectus was "I screw you if you invest with me" (basically Anil pocketing 90% of your money) was written all over, yet people rushed to invest in it.
New way of cost cutting!!!! What to tell about this?
Infosys exhorts employees to go on 1-yr sabbatical, work for NGOs
Bibhu Ranjan Mishra & Leslie D`Monte / Bangalore/new Delhi November 15, 2008, 0:17 IST
India’s second-largest information technlogy services provider, Infosys Technologies, has issued letters to its employees stating they could opt for a one-year sabbatical to engage themselves in philanthropic activities. They would continue to draw 50 per cent of their salary during the period. Infosys crossed the 100,000-employee mark in India in the quarter ended September 30, 2008.
The company said that while the move may have coincided with the global financial turmoil and slowing growth rates of IT firms, it should be perceived as a pure voluntary act by employees who are prompted by altruistic motives and inspired by the example of its chairman and chief mentor, NR Narayana Murthy.
The employees, an internal memo said, need to be on the company rolls for at least two consecutive years before they are eligible for the offer and a panel comprising senior members of the Infosys leadership team will decide each case. “This policy will promote volunteerism among employees and we believe that the value and benefits arising from it will have an impact on community, the employees and ultimately, the company,” it said.
Sources said that the policy came into force only a few days back and the company is working out the finer points like whether the employees will be given any salary or emolument during the sabbatical. However, it is understood that the company is planning to pay some amount of the salary, while the rest the employees can earn from the NGO they are working for.
An Infosys spokesperson confirmed the development: “We introduced this policy almost two months back, which allows the employees to go on up to one year of sabbatical to engage in philanthropic activities. All the employees have been communicated the policy internally.” When asked how much the employees will be paid during that time, the spokesperson said they will be given 50 per cent of the salary, while the other half will be given by the respective NGOs they work with.
“It’s a part of Narayana Murthy’s desire to give back to the society, which is driven by the fact that many employees quit their jobs to pursue philanthropic activities. This would give such employees an option to pursue their hobby while still continuing with the jobs, even if they will be paid a small amount by the company. The employees can go out with a cut in their salaries, even though the final details are being worked out by the company,” a source close to the development told Business Standard.
Infosys has a good deal of exposure to the sectors which have been worst hit by the current global economic meltdown such as banking and financial services, telecom and retail. In the last quarter, the company had announced that some of its clients in their sectors are coming back to re-negotiate. In a recent report, brokerage house CLSA had forecast that Infosys might miss its dollar revenue guidance for the third quarter, and may even post a sequential fall in the quarter.
The CLSA report also acknowledged that the flow of IT deals from the BFSI segment has “worsened substantially” and that long-term deals are being offered on “very tough terms”, thus putting pricing under serious threat as customers play one vendor against the other.
Reliance Cap to spin off home finance
http://economictimes.indiatimes.com/Personal_Finance/Loan_Centre/Home_Loans/Reliance_Cap_to_spin_off_home_finance/articleshow/3410645.cms
Another IPO. Guys, Ambanis really know to make money even during recession.!!!!!!!!!!!
I'm shocked that people were getting packages upto 40 lacs after doing a i month course in SAP or another ERP software. And these people thought they know everything. The industry norms were unprecendented stupidity to fulfill short term needs of the western customers.
Well, now when the shit is hitting the fan and when these high paid people are used to an expensive lifestyle, it would be interesting to watch in another 6 months how these people fare out with low salaries or even no jobs.
http://www.news.com.au/business/
story/0,27753,24662471-462,00.html
“Japan joins Germany and Italy on the list of Group of Eight major economies that are officially in recession, which is usually defined as two or more consecutive quarters of negative economic growth.”
The bellweather Indian IT companies seem be to coming out of slumber and facing the realities.
IT sector growth to slowdown: infy
http://economictimes.indiatimes.com/Infotech/
IT_sector_growth_to_slowdown_Infy/articleshow/3719429.cms
Zero pay hike likely in IT sector next fiscal
http://economictimes.indiatimes.com/articleshow/3718156.cms
Hello,
Have a questions.
1. Anyone know about Sadguru Developers in Mumbai. They have two projects in Mumbai SV road which are on stand still since last 8-9 months . Have they gone bust?
2. Yes the real estate industry are in denail mode. There will be a crash and the crash means the prices have to come down to 2005 levels. Like in Kandivali even in A grade buildings the price should not be more than 3000.00 psf.
beyond Vashi and beyond Dahisar where there is 8-10 hours. Travelling is hell . Prices should not be more than 850 psf
I checked a website for luxury homes in US. even the most expensive ones which have a fantastic view of blue ocean and fully furnished are at 9000.00 INR even after the ruppe being so low. So if in Mumbai Nepean sea road or Bandra sea face if some people are paying INR 40000-90000.00 . There is some thing seriously wrong
Major is the corruption in this country . Then the black money component which the goverment does not want to do anything about. and third the is dumb brokers who think the prices will only go up.
Brokers the Media and the builders try to create a paucity of apartments. Then project that there are no flats available anywhere.
Get some thinking cap on. Prices will go down down down down and down.
Some one is willing to pay 12000.00 psf in Goregoan east. Fair value = 2500.00 not a paisa more
In Byculla = 4500.00
In Kandivali 3000.00
DEAR VIK,
check this out
Indian real estate price can fall 60 to 70% from current levels in the next five years
http://www.indiadaily.com/editorial/20263.asp
Hello All,
I own a flat in hiranandani estate mumbai, thane and yesterday i went to a broker as a customer to ask about the home prices. I told him I am reading in newspapers that prices has fallen down to rs.4000/sq.ft. from rs.6500 sq.ft. earlier this year but he said its not like that at all for now and prices range between rs.5500 to rs.6200 sq. ft. and builder price is rs.6100.
So, why, when we are reading so much in newspaper about prices declining, premium properties like hiranandani still hold value and they are not yet declining?
Actually 3 years ago I wanted to buy home in bandra but due to price increase i was unable to do so and was only able to buy home in thane.
Now i am waiting for prices to decline in bandra.
@ mahi
Please ask him about actual deals conducted at these prices.
@mahi,
Try to put your house on the market and see what offers you get. Don't believe in RealtWhores.
There is a reason why builders like Hiranandani, Raheja etc do not want to lower the advertised prices. These builders have taken huge loans from kutchi businessmen, underworld dons & politicians. Devaluing the under construction/ready to occupy properties suddenly is like committing suicide. Just like stocks, people will rush to salvage their investment that may lead to a freefall and the primary investors who loose money in this process, may resort to violence as they can not recover it legally, most of the funds being black.
Prices will definitely come down as builders want the investors absorb the market reality. Traditional money lenders may write off the loss but the problem the builders face is the underworld who don't take business losses kindly.
Having worked in this sort of environment, I can assure you that the prices will come down drastically but it may take some time. Patience is the key. Save your money and buy when the prices reach 2003 level
My advice to youngsters who have high EMI and do not have sufficient resources to meet their future commitments, is to get rid of the overvalued asset they are holding.The sooner they do it , the better it is. Look at the stock market and learn the lesson. Several people who borrowed money based on the paper value of assets (stocks/real estate) they were holding are in deep shit. These are highly educated individuals who were sucked into the market by greed, and now they have nowhere to turn to.
Hold on to your money and you will get sound sleep every night. Investing now is just like gambling and there are few winners in gambling world
Job Market:
http://timesofindia.indiatimes.com/Citigroup_to_slash_50000_jobs_Report/articleshow/3724220.cms
Try to analyze the report. What does it tell you. Indian private/public sector industries will face a severe liquidity crunch and mass retrenchment is on the horizon. The government, nationalized banks will be spared as government is unlikely to change its socialistic policies and prop the up even though they make losses. All industries/businesses are interconnected in some way or the other and therefore everyone is going to be effect. The glib talk by BBC/CNN on our coutries development potential/growth , smooth talk of our economic pundits like chidambaram/manmohan to boost their political agenda is not going to change the real situation.
Looks like lot of people only read the news in real-estate market section in economicstimes. Media knows what people want to read & what builder want to advertise.
Please refer the scholarly article by Indian economist on the current turmoil in Indian financial system.
http://www.mayin.org/ajayshah/PDFDOCS/APS2008_crisis_and_response.pdf
This is the RBI report about housing bubble.
http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/73533.pdf
Today’s tight money market it self shows the current economic woes.
People should understand the credibility of information & stop discussing the stupid advice from 2% (do takka) broker.
Guys, let the market fall, then pick up whatever you want at half price.
Vulture.
ICICI Bank Ltd., India's second largest, has halved its target for growth
Following are few of the key points from the interview of CEO
'http://www.bloomberg.com/apps/
news?pid=20601087&sid=ahCB8Pzz6j4c&refer=home'
"High borrowing costs and a slowing economy are denting demand for loans"
"you are not very sure of what is happening in other countries and probably you are better off conserving your own capital than making an acquisition"
"Credit expansion in India is stalling even after the central bank cut borrowing costs twice in the past month to shield the economy from global recession."
"Bad loans may increase in India unless borrowing costs fall, prompting banks to further restrict lending"
This should certainly give the goose bump to the ones ( read Finance Minister, Commerce and Industry Minister ) who are peddling lies about the economy. The list includes the IT companies who are masquerading lay-off as employees voluntarily opting for social work with 50% salary (basic), real estate "EXPERTS" who in collusion with media spreading false propaganda of affordable housing.
Morgan Stanley stays bullish on Indian realty
http://economictimes.indiatimes.com/Markets/Real_Estate/Morgan_Stanley_stays_bullish_on_Indian_realty/articleshow/3725083.cms
Badshah
If after all that these guys (Morgan Stanley and all the other so called I Banks/M Banks) have achieved in terms of lies, bad investments and obfuscation of facts, you still believe waht they say? Ha! Ha!
http://profit.ndtv.com/2008/11/18143116/DLF-confirms-layoffs-freezes.html
DLF freezes projects, fires staff
NEW DELHI: The liquidity squeeze-induced slump in demand has forced real estate leader DLF to fire some employees, put a number of hotel and housing projects on hold and yearn for 7 per cent home loan rates.
"We must have laid off some employees somewhere," DLF Chairman KP Singh said on the sidelines of India Economic Summit, but did not give the number of jobs that were cut.
The company has also deferred some of its projects due to poor demand. "In hotels, residential and commercial everywhere... deferred because of lower demand and liquidity crisis," he said, again without sharing the specifics.
Can RBI spur real estate lending?
The Reserve Bank’s moves over the weekend were aimed at throwing a lifeline to the tormented real estate industry, which sits on the verge of a collapse. But come Monday, it seems that there is a discord between bankers and the realty sector with bankers exercising extreme caution and builders looking for cheaper loans.
The RBI announced yet another relief measure over the weekend as it reduced risk provisioning for the commercial real-estate industry to 100 per cent from 150 per cent.
But most banks are still reeling under the pressure from their exposure to the real estate and seem to be in no mood to follow RBI's cue and consider incremental lending.
OV Bundellu, Deputy Managing Director of IDBI Bank, said, " We have an exposure to real estate and are still cautious of lending to realty. So this will not make much of a difference."
As the slowdown is getting deeper and bankers are unwilling to take chances, the realty space is caught in a catch-22.
Moreover, with negative reactions both from the Bankex and Realty index, the RBI’s sop, it seems, is likely to hit a wall.
Meanwhile realtors continue to feel the pain and insist that they are paying through their noses for funds.
Shravan Gupta, CEO of Emaar MGF, said, "Our cost of borrowing has gone up by 300 to 350 basis points."
The Central Bank seems to be considering all the options in its kitty, but with the current loans under stress and the risk of increasing NPAs from the real estate, it does certainly have an arduous task at hand.
Mumbai developer pegs sales with ‘buyback’ offer
Another scam in making?
Builders in fix as bhais want money back
MUMBAI: Several builders are in deep trouble with the underworld which had invested heavily in their projects now demanding their money back.
Dawood Ibrahim, Chhota Rajan and other dons are known to have invested in real estate projects hoping to make a quick buck. "But with the downturn in the market they are not getting the returns they expected and are asking the builders concerned to return their monies immediately,'' sources in the industry told TOI on Wednesday.
The builders' problem is that they have already invested these funds in buying land and old buildings for redevelopment and have no liquidity to meet the demands of the gangsters. But the mafiosi is not known to take "no'' for an answer and is turning the heat on the builders.
'Mumbai developer pegs sales with ‘buyback’ offer'
I agree with Shailesh that this is a scam. Can a apartment owner take legal action against a builder? He may have to spend more money on lawyers than the cost of the apartment and a civil litigation can go on for decades.
The simplest answer to all problems is to let RE prices fall to sustainable levels. The economy would be fine again.
And what the fuck Indian Govt. is doing by not nabbing assets and money of these bhais. Bunch of sold politicians. What a shame on Chudambaram.
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