MARKET OPERATION......

In continuation to my earlier posting, we got an article from Business Standard, pls read and try to extrapolate the market operation…..

Number of illiquid stocks rises sharply

Deepak Korgaonkar & Abhishek Vasudev / Mumbai/new Delhi December 13, 2011, 0:54 IST

Consequence of ongoing bear market, with low volume and lack of investor interest; exchanges advise caution, patience.Macroeconomic headwinds on the global and domestic front and concerns over policy reforms are some factors that have resulted in volatile and uncertain market conditions through 2011. This has prompted investors to look for alternative sources of investment and, at times, remain fence-sitters on the equity markets.

A fallout has been a sharp decline in trading volume at the bourses, resulting in a rise in the number of illiquid stocks. Average combined monthly turnover of foreign institutional investors and domestic institutional investors in cash markets declined by a third, to Rs 6,804 crore from Rs 10,370 crore a year before. The average cash market turnover on the National Stock Exchange and the Bombay Stock Exchange is at five-year and six-year lows, respectively, the data suggests.

A sharp fall in mid-cap and small-cap stocks, as compared to large-cap ones, led the increase in number of illiquid stocks. The benchmark Sensex has fallen 20 per cent since its November 2010 highs, but the smaller indices have fallen more. The BSE mid-cap index has fallen 34 per cent during the same time, while the BSE small-cap index has declined 44 per cent.

“Investor interest in the mid-cap and small-cap stocks is on a decline, as they prefer their large-cap peers in these uncertain times. As a result, the liquidity and volumes are falling in these spaces,” says Ravi Shenoy, AVP (mid-cap research), Motilal Oswal Securities.The classification exercise was jointly carried out by members from BSE, NSE and the Securities and Exchange Board of India (Sebi). One out of two actively traded stocks on the BSE is illiquid, according to a list disclosed by the exchange on its website. Out of 3,344 actively traded stocks, a total of 1,717 remained illiquid in November.

As many as 325 stocks were ascertained by the National Stock Exchange (NSE) as illiquid ones last month, as compared to 148 a year before, when the markets peaked. Of these, 173 stocks have market capitalisation of more than Rs 100 crore each.Aventis Pharma, Wyeth, Hind National Glass and Responsive Industries from the mid-cap and Sutlej Textiles, Suashish Diamonds, Warren Tea, Kanoria Chemicals, Borosil Glass Works and Bhansali Engineering Polymers from the small-cap index are among the illiquid stocks named by the exchanges. Some stocks such as Scooters India, Jolly Boards, Marathon Next Realty, Chettinad Cement and Exedy India are illiquid due to low free-float. The promoters hold 88 per cent stake each in these companies.

“Illiquid stocks tend to increase in a bear market. Liquidity will come in once the markets enter a bull phase. More, the impact cost on illiquid stocks is high, compared to liquid counterparts,” states Alex Mathew, head of research at Geojit BNP Paribas Securities.

LYING LOW
	Turnover*		Price on BSE in Rs		% change
	Nov 2010	Nov 2011	Nov 30, 2010	Dec 12, 2011
Sampada Chem	196.2	1.4	415.4	11.9	-97.1
Gandhinagar Hotels	159.6	0.9	229.3	17.0	-92.6
Bheema Cements	157.4	1.6	91.8	14.9	-83.8
Murli Ind	1472.6	1.5	86.4	19.3	-77.7
AK Capital Service	170.0	1.8	718.9	190.0	-73.6
Jumbo Bag	242.5	1.0	48.7	14.0	-71.4
Rossell India	178.4	2.8	118.2	34.6	-70.7
Parenteral Drugs	412.6	2.9	320.8	112.1	-65.1
IMFAL	106.3	2.6	620.8	230.1	-62.9
JK Agri Genetic	154.9	2.2	721.4	290.0	-59.8
*Average monthly turnover in Rs lakh Source: BS Research Bureau

Advice
Sebi has cautioned investors before investing in these stocks. “The trading members are advised to exercise additional due diligence while trading in these, either on own account or on behalf of their clients,” the stock exchanges said in a recent note to members.

“In the current market conditions, even large-cap stocks are finding it tough to attract investors. One can do nothing much about these stocks right now,” states Jagannadham Thunuguntla, strategist and head of research at SMC Global Securities. However, all is not lost. “Stocks like Aventis Pharma and Wyeth have not seen much activity recently. From a long-term perspective, these companies are on a stable financial platform and one can hold on to these scrips,” says Shenoy of Motilal Oswal Securities.

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PLS build your portfolio with out fear and greed. Be systamatic, select with care. The future is for bright for India....

The cross roads??? or Consolidation!!!……

The markets are really in desperate conditions to move south wards. The current up move has really built some hope in the bulls failed to keep alive. But…there is always a chance to trap the bears now so that the Nifty could touch 5450 level with out any resistance. The tomorrow and next week market shall float above 4950 level.

The markets fail float will sink deeply .The Nifty will touch 4450 level with out any support. It will be like a free fall. In that case the bottoms are built only when M&M touch Rs 605 level. The Reliance will touch Rs640 level, even Rs590 level is not ruled out. The TataSteel will touch 320 level.

The market are bottomed out for a long-term investor.. because the quantity one would like to acquire will get honored once some deep-pocketed investor starts buying at this level. The mid cap and small cap acquisition has started now. There is a classic example: Take for example Cable Corporation of India. For the last two trading session, the counter is highly active. Earlier it used to trade 5000-8000 range in a day. Now on Thursday the counter traded 3.68 lakhs. The beauty part is, Friday also traded 3.5 lakhs. So what is surprise?. The real secret is up to 1.45pm, the quantity traded is ZERO, in the last two hours the quantity traded is 3.5 lakh that to the range H-21.5-21.0-L on Thursday and H-21.5- 20.90-L on Friday. So what is cooking???. One can say it is a stray example?. NO issue, but that is how things happen in stock market.

Now the upper side, the whole market gets the energy when RelInfra trades above 470 level. Don’t for get that it is one of the favoured scrip in many FIIs list. The other counter is Relcap which touched Rs 250-260 range in 7 years back now reached that level for a retest. There are some small and midcap scrips are available for through away price, can be acquired with out any doubt. There some turned around stories are making in the large caps for a secured multi-bagger returns. Now the market is strongly building the bottom for a big run in coming years. The daily or swing traders can see no big difference but those who can do a KOI-Keep On Investing, principle can start accumulating!!!!!.

FIRST TO COIN- ENA

I AM PROUD TO ANNOUNCE THAT I COINED ENA-EMOTIONAL NEURO ANALYSIS.


I AM WRITING MY SECOND YEAR EXAM IN PSYCHOLOGY. I PLAN TO DO ENA BASED STUDY FOR MY DOCTORATE.


IT IS ALSO TRUE THAT HAVING MASTER'S DEGREE IN PSYCHOLOGY, I SHALL EXCEL IN MARKET THAN OTHER PERSON CARRYING SIMILAR EXPERIENCE IN STOCK MARKET.


I HAVE TO INTEGRATE THE KNOWLEDGE TO APPLICATION WHILE I AM TAKING POSITIONS.

Diwali Dhamaka- stocks .....

LAST YEAR WAS A CLEAR WINNER FOR ME, AS MY BOTTOM FISHINNING APPROACH GAVE VERY DECENT MONEY.  BLOWING ONCE OWN TRUMPET is very common in stock market and I am doing the same to recapitulate the sweet memories….. 

People close to me who received my recommendations orally got benefited immensely as the rises in the stocks are very astonishing. The Diwali Dhamaka- stocks  are still available even in current grim scenario, despite global turmoil, rising inflation and lack of policy decisions favouring the markets... search, invest and reap the "Money from Markets"...

Normally I don’t offer stock specific recommendation in my blog but do consider reviewing the economic situation and overall Nifty direction. In my earlier publish, I suggested not to go short as the Nifty will take its’ up turn to 5280. Now yesterday it touched 5257 with 55 points premium.

I suggested my friends to buy Arvind at 52 and with a target of 93. It surpassed the level after touching 93 fell and bounced with vengeance to float at 110. It was my best pick and suggested to buy at 42 and the low is at 38. The stock rallied from 40 to 110 with in this year.

I also suggested to buy spic at 17-18 range and recommended after it crossed 21, went to 33 now languishing at 27 level. This stock has very good potential.

The best large cap stocks are all in the selling side. The best selling was Rel Infra at 1220-30 level came down to 400 level with out a threat.

The next best is the selling is Tata Motors identified at 1240 level to short but went to 1300 level and the journey started for the recommended target to touch 725. In the middle we did some “extra intelligent move and bought it and paid the penalty”.

The third best was SBIN when it was ruling at 3200 identified that it will touch 1900 level. The Bank Nifty fall was identified simultaneously. The other stock was TataSteel below 680 it will touch 420 level and the same was honoured.

The market was extremely bullish at 6280-6300 level and every body was talking about 6700-7000 level, suggested not to venture as there was a flaw in the stock movement. Then I was proved right carried till 4700 level. As a matter of fact it is only an intermediatary support. The rest of the time to time levels were published in my posts regularly.

The worst misfire was Moserbaer which was recommended at 68 level enjoyed some profits above 72-75 level but equally suggested to cut the exposure by 50% below 63 and exit below 58 level now came to 22-26 level without any respite. The other miss out was Suzlon, recommended to buy at 60 level but still bullish on the stock.

There are other short-term buys’ recommended are in M&M, recently when it was at 720 level recommended, even it came to 680 level also suggested to buy. The stock touched 820 and fell back to 770 levels. I once again recommended buying for a target of 860 level and the target achieved, yesterday 860, still got potential to touch 940 level. They are dozen penny stocks gave returns over 300-500 times in this season, especially last 6 months.

Anyway, the history is rosy and colorful to every market participant in dreams with"HAD IT BEEN SO"... It is very difficult to stick to the basic principle “sailing with the trend” to make decent money from the stock markets. The best way is simple but we make it complicated with our so called experience and extra intelligence, get trapped and book losses. Every participant can make money from the market, by studying the industry growth prospects and booking the profit when your call was reasonably honoured. The current market is in the consolidation period. People close to me know that I kept on saying and again saying for some more years it will be in consolidation phase. So select some out performing stocks and stick to the principle that 100% appreciation is very good in 6-9 months.

HAPPY DEWALI...

HAPPY DEEPAWALI TO READERS...

THE FESTIVAL OF LIGHTS SHALL BRING YOU PROSPERITY AND PEACE IN LIFE.

THE STOCKS WILL CHEER YOU NEVER BEFORE...

THE WAVE OF BULL RUN IS UNFOLDING.....

ENJOY PROSPERITY FROM STOCK MARKETS FROM MY RECOMMENDATIONS...

MARKET OPPORTUNITIES!!!!!!

24 OCT, 2011, 06.38AM IST, NIKHIL WALAVALKAR,ET BUREAU 

Diwali 2011: Don't trust PMS companies with your Diwali bonus

 

The festival of lights also means hard cash for some individuals. Sure, the Diwali bonus may not be that high this year because of the depressed economic scenario. Still, there is no denying that some people would see extra cash coming into their bank accounts. 

Of course, festival expenses may claim a part of it. But the wise folks would always look for ways to deploy the cash in avenues that would fetch them good returns. And portfolio management services (PMS), typically trying to corner the Diwali bonus, would tell you that the best way to deploy the money in the stock market is through them, especially at a time when stocks are available at attractive prices. 

Really? Does that mean you should bid adieu to your good old mutual fund distributor and opt for a new upmarket PMS manager? 

How they compare 

The similarity between an equity mutual fund and a portfolio management service is that both invest in stocks and related instruments on behalf of their clients or investors. 

But that is where the similarity ends. Take, for example, the minimum investment amount required for a mutual fund and a PMS scheme. You should have a minimum investment corpus of 5 lakh to get the service of a PMS. On the other hand, you can invest as little as a few thousand rupees in an equity mutual fund. Another big difference between a mutual fund and a portfolio management service is the nature of their holdings. You hold units in a mutual fund, whereas you hold securities in PMS. This may not look a big difference, but that is not the case. When a large investor redeems his mutual fund units, the fund manager is forced to sell the holdings, which may affect the net asset value (NAV) of the scheme adversely. 

"In a PMS, since all the accounts are independent, an investor's exit does not impact others adversely," says Jayant Pai, vice-president, Parag Parikh Financial Advisory Services. 

If you are a large investor, you can get a PMS offering customised to your needs. In fact, this is one important reason why many well-heeled prefer PMS over mutual funds. You can put conditions to the portfolio manager. For example, you can tell the manager that you don't want him to invest your money in tobacco and liquor manufacturing companies. 

"But do not expect customisation with 5 lakh investment. Each service provider will have its own threshold for offering customisation," says a portfolio manager registered with Sebi. 

The fee that is charged is another point of distinction. An equity mutual fund investor typically pays 2.5% of the money invested as fund management fee every year. However, most PMS providers give you the option to choose a fixed fee or a fixed and variable fee. You will pay around 2% of assets every quarter as fixed fee. The portfolio manager charges approximately 1% of assets per annum and further takes 10% to 25% of the profits taken above a hurdle rate of around 10% in the fixed and variable fee model. Moreover, brokerage and other transaction charges will also be charged to your account. In short, PMS is a costly affair. 

"Some portfolio managers also work as stock brokers and to earn higher brokerage income, churn the portfolio unnecessarily," says the portfolio manager quoted above. 

The investment styles and the way the portfolios are managed also differ in mutual funds and PMS. A portfolio manager has more freedom to create and protect wealth. A portfolio manager may, for example, sit on cash for a long period if he can't find suitable investment opportunities. But a fund manager may not do be able to do it for a prolonged period of time. 

Taxation 

Both PMS and equity mutual fund investors don't have to pay tax on long-term capital gains. If you hold on to mutual fund units for more than a year, you need not pay any tax on gains even though fund manager may have been executing short-term trades. But a portfolio manager keen on making short-term investments because of investment objective or to generate brokerage income may end up making higher short-term capital gains, resulting in high tax burden for investors. So, even if you are invested in PMS for years, you may end up paying higher tax than mutual fund investors. 

Also, tax authorities may treat a high-trading PMS account as a 'business and trading' activity and not 'investment' activity, making the source of income to be business and not investment, which would again push up the tax burden. 

Exit charges 

If you have landed in a wrong mutual fund scheme, you can leave it by paying a small exit load, mostly 1%. However, some institutional PMSs charge an exit fee of as high as 4% if you exit within a year. 

"Sometimes, PMS is marketed as third-party products and manufacturers have to introduce exit fees to retain clients as they incur high distribution costs," says Gajendra Kothari. 

The selection process 

Selecting a good performer in a mutual fund category is almost a child's play. You have a number of publications and various websites that offer information on mutual funds. Some independent websites even rank funds based on performance. 

However, things are not so easy when it comes to portfolio management services. There are no information aggregators to offer you all material information in one place. You may have to approach each of the service providers before you can decide on a scheme that would suit you. 

Lower level buying...

The markets are rejoiced with the bottom support at 4700 level despite of the sharp fall in the European markets in the early this weak. The regular readers might have noticed that the world markets are in bull grip except the Japan market-Nikkei. The best out performed and the recent barometer is the DAX. The Germany has given best returns to investors and it had even strong support at 5000 level. The DAX bounced from that level with vengeance and the bulls are confident of their returns over longer period of holding.

The US market though struggling to revive on the prospects of economy getting stimulated by the federal infusions. The banks few years back are worst scrips now quoting decent prices based on their asset quality. Now these banks even do better with the reviving of the real-estate and consumer demand. The down grade of Moody’s ratings is a caution but not necessarily an indication of crippling/sinking economy. The best barometer is the stock market. The S&P is still quoting close to 1180 still above the 1050 support level.

The Nifty is trading in the lower range of the 4700-5700 band, struggling to stay above 4930, has become a herculean task. The Nifty may touch 5280 level to trap both the short sellers at 4700 level and buyers above 5180 level is a likely scenario for NEXT 6 months. The Dollar appreciation (in my opinion a sponsored programme) helped the exporters to especially the soft ware service sector and to invite more FDI in to India, supported for the rise in the software stocks and likely to rise further. The Infy did not touch the 1900 level as anticipated when it started falling from 2700 level. Now in the changed economic environment, current move likely to touch 2700 level in future.

The Banking sector which was attracted all bad news in recent time likely to under performs and will see lower levels. The downgrade of SBI will add fuel to the fire. The temporary relief in the ICICI and Axis shall be used to short at higher level. The earning season starts from Infy to focus on scrip based performance in the bourses. The focused approach will provide opportunity to gain from the results based moves. The Govt is likely to announce following the lead provided by the UK stimulus move. The FMGC sector, the outperforming sector likely to join the draggers list due to the inflation based tightening of the liquidity. The future growth in the indices can be tracked once Nifty touches and bounces from 4400-4500 level. The commodity stocks will gain the buying support as the cycle likely to see a silver-lining. 

THE FUTURE IS GOOD....

GREAT- STEVE JOBS

On Thursday 6 October 2011, 7:51 AM

REUTERS - U.S. President Barack Obama joined an outpouring of tributes to Steve Jobs , calling the Apple co-founder a visionary and great American innovator.

"Steve was among the greatest of American innovators - brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it," Obama said of Jobs, who died on Wednesday.

The U.S. President was joined by political, technology, entertainment and business leaders around the world in paying tribute to Jobs. A selection:

BILL GATES, MICROSOFT CO-FOUNDER AND CHAIRMAN

"Steve and I first met nearly 30 years ago, and have been colleagues, competitors and friends over the course of more than half our lives. The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come. For those of us lucky enough to get to work with him, it's been an insanely great honor."

MARK ZUCKERBERG, FACEBOOK FOUNDER AND CEO, ON FACEBOOK

"Steve, thank you for being a mentor and a friend. Thanks for showing that what you build can change the world. I will miss you.

BOB IGER, CEO OF WALT DISNEY CO

" Steve Jobs was a great friend as well as a trusted advisor. His legacy will extend far beyond the products he created or the businesses he built. It will be the millions of people he inspired, the lives he changed, and the culture he defined. Steve was such an 'original,' with a thoroughly creative, imaginative mind that defined an era. Despite all he accomplished, it feels like he was just getting started."

MITT ROMNEY, REPUBLICAN PRESIDENTIAL HOPEFUL, ON TWITTER

" Steve Jobs is an inspiration to American entrepreneurs. He will be missed."

ARNOLD SCHWARZENEGGER, FORMER CALIFORNIA GOVERNOR, ON TWITTER

"Steve lived the California Dream every day of his life and he changed the world and inspired all of us."

MARK CUBAN, ENTREPRENEUR, ON TWITTER

"The PC era is officially over. #RIP #STEVEJOBS

INVESTOR MARC ANDREESSEN

"Steve was the best of the best. Like Mozart and Picasso, he may never be equalled."

PAUL ALLEN, CO-FOUNDER OF MICROSOFT

"We've lost a unique tech pioneer and auteur who knew how to make amazingly great products. Steve fought a long battle against tough odds in a very brave way. He kept doing amazing things in the face of all that adversity. As someone who has had his own medical challenges, I couldn't help but be encouraged by how he persevered."

MICHAEL DELL, CEO OF DELL INC

"Today the world lost a visionary leader, the technology industry lost an iconic legend and I lost a friend and fellow

founder. The legacy of Steve Jobs will be remembered for generations to come."

LARRY PAGE, CEO OF GOOGLE, ON GOOGLE+

"He was a great man with incredible achievements and amazing brilliance. He always seemed to be able to say in very few words what you actually should have been thinking before you thought it. His focus on the user experience above all else has always been an inspiration to me."

STEVE CASE, FOUNDER OF AOL, ON TWITTER

"I feel honored to have known Steve Jobs . He was the most innovative entrepreneur of our generation. His legacy will live on for the ages."

JEFF BEWKES, CEO OF TIME WARNER

"The world is a better place because of Steve, and the stories our company tells have been made richer by the products he created. He was a dynamic and fearless competitor, collaborator, and friend. In a society that has seen incredible technological innovation during our lifetimes, Steve may be the one true icon whose legacy will be remembered for a thousand years."

DICK COSTOLO, CEO OF TWITTER, ON TWITTER

Tributes pour in for Steve Jobs , dead at 56

" Once in a rare while, somebody comes along who doesn't just raise the bar, they create an entirely new standard of measurement. #RIPSteveJobs"

ARTHUR SULZBERGER, CHAIRMAN OF THE NEW YORK TIMES CO

" Steve Jobs was a visionary and a wonderful friend of The New York Times. He pushed the boundaries of how all providers of news and information interact with our users. I am among the many who deeply regret his passing."

JOHN RICCITIELLO, CEO OF ELECTRONIC ARTS

"Steve was one of a kind. For many of us working in technology and entertainment, Steve was a new kind of hero that lead with big, bold moves and would not settle for less than perfection. He is the best role model for a leader that aspires to be great."

SPIKE LEE, PRODUCER/DIRECTOR/ACTOR, ON TWITTER

"VISIONARIES are always called CRAZY in the beginning. A VISIONARY sees things that everybody else says is IMPOSSIBLE, sees a World that People can't invision (sic)-MAC, IPOD, IPAD, IPHONE, ITUNES and PIXAR. I have nothing but Love for Mr. Jobs and Apple, they have always given me and my films L-O-V-E. Peace and Blessings to his family”. “Thanks Yahooo!"

Jobs "May Never Be Equalled"

On Thursday 6 October 2011, 10:30 AM

Passionate, prickly, and deemed irreplaceable by many Apple fans and investors, Steve Jobs made a life defying conventions and expectations.

And despite years of poor health, his death on Wednesday at the age of 56 prompted a global gasp as many people remembered how much he had done to transform the worlds of computing, music and mobile phones, changing the way people communicate and access information and entertainment.

"The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come," said Microsoft co-founder and long-time rival Bill Gates.

"For those of us lucky enough to get to work with him, it's been an insanely great honor."

The founder of Apple Inc died on Wednesday in Palo Alto, surrounded by his family. The circumstances of his passing were unclear, but Jobs has had a long battle with cancer and other health issues.

Jobs' family thanked many for their prayers during the last year of Steve's illness.

A college dropout, Jobs floated through India in search of spiritual guidance prior to founding Apple - a name he suggested to his friend and co-founder Steve Wozniak after a visit to a commune in Oregon he referred to as an "apple orchard."

With his passion for minimalist design and marketing genius, Jobs changed the course of personal computing during two stints at Apple and then brought a revolution to the mobile market.

The iconic iPod, the iPhone - dubbed the "Jesus phone" for its quasi-religious following - and the iPad are the creation of a man who was known for his near-obsessive control of the product development process.

"Most mere mortals cannot understand a person like Steve Jobs," said bestselling author and venture capitalist Guy Kawasaki, a former Apple employee, in a recent interview. He considers Jobs "the greatest CEO in the history of man", adding that he just had "a different operating system."

Charismatic, visionary, ruthless, perfectionist, dictator - these are some of the words that people have used to describe Jobs, who may have been the biggest dreamer the technology world has ever known, but also was a hard-edged businessman and negotiator through and through.

"Steve was the best of the best. Like Mozart and Picasso, he may never be equalled," said Marc Andreessen, venture capitalist and co-founder of Netscape Communications.

Microsoft's Gates had called Jobs the most inspiring person in the tech industry and President Barack Obama held him up as the embodiment of the American Dream.

It's hard to imagine a bigger success story than Steve Jobs, but rejection, failure and bad fate were part and parcel of who he was. Jobs was given away at birth, driven out of Apple in the mid-80s and struck with cancer when he finally had regained the top of the mountain.

He resigned as CEO of Apple Inc on August 24 - saying he could no longer fulfill the duties - and briefly served as chairman before his death.

Jobs grew up with an adopted family in Silicon Valley, which was turning from orchards to homes for workers at Lockheed and other defense and technology companies.

Electronics friend Bill Fernandez introduced him to boy engineer Wozniak, and the two Steves began a friendship that eventually bred Apple Computer.

"Woz is a brilliant engineer, but he is not really an entrepreneur, and that's where Jobs came in," recently remembered Fernandez, who was the first employee at Apple.

Wozniak earlier this year said that his goal was only to design hardware and he had no interest in running Apple.

"Steve Jobs' role was defined -- you've got to learn to be an executive in every division of the company so you can be the world's most important person some day. That was his goal," joked Wozniak, who is still listed as an employee, even though he has not worked at Apple for years.

Awful-Tasting Medicine
Jobs created Apple twice - once when he founded it and the second time after a return credited with saving the company, which now vies with Exxon Mobil as the most valuable publicly traded corporation in the United States.

Every day to him was "a new adventure in the company," Jay Elliot, a former senior vice president at Apple who worked very closely with Jobs in the eighties, said earlier this year, adding that he was "almost like a child" when it came to his inquisitiveness.

He was highly intolerant of company politics and bureaucracy, Elliot noted.

But the inspiring Jobs came with a lot of hard edges, oftentimes alienating colleagues and early investors with his my-way-or-the-highway dictums and plans that were generally ahead of their time.

Elliot was a witness to the acrimony between Jobs and former Apple Chief Executive John Sculley who often clashed on ideas, products and the direction of the company.

The dispute came to a head at Apple's first major sales meeting in Hawaii in 1985 where the two "just blew up against each other," Elliot said.

Jobs left soon after, saying he was fired.

"It was awful-tasting medicine, but I guess the patient needed it. Sometimes life's gonna hit you in the head with a brick. Don't lose faith," Jobs told a Stanford graduating class in 2005.

He returned to Apple about a decade after he left, working as a consultant. Soon he was running it, in what has been called Jobs' second act.

Jobs reinvented the technology world four or five times, first with the Apple II, a beautiful personal computer in the 1970s; then in the 1980s with the Macintosh, driven by a mouse and presenting a clean screen that made computing inviting; the ubiquitous iPod debuted in 2001, the iPhone in 2007 and in 2010 the iPad, which a year after it was introduced outsold the Mac.

Thanks…(Reuters)

Milestones in a tech legend's journey

Arun Kumar, On Thursday 6 October 2011, 12:00 PM

Washington, Oct 6 (IANS) Apple's visionary co-founder Steve Jobs, who died after a long battle with cancer Wednesday, is credited with turning the once loss making company into one of the world's largest tech giants. Here are the milestones:

1955: Stephen Paul Jobs born Feb 24.

1972: Jobs enrols in Reed College in Portland, Oregon, but drops out after a semester.

1974: Works for video game maker Atari and attends meetings of the Homebrew Computer Club with Steve Wozniak, a high school friend.

1976: Apple Computer is formed on April Fools' Day, shortly after Wozniak and Jobs create a new computer circuit board in a Silicon Valley garage. The Apple I later goes on sale for $666.66.

1977: Apple is incorporated by its founders and a group of venture capitalists. It unveils Apple II, the first PC to generate colour graphics.

1980: Apple goes public, raising $110 million in one of the biggest IPOs.

1983: Apple starts selling the 'Lisa', a desktop computer for businesses with a graphical user interface.

1984: Apple debuts the Macintosh personal computer.

1985: Jobs and CEO John Sculley clash, leading to Jobs' resignation. Wozniak also resigns.

1986: Jobs founds Next, a company making high-end machines for universities. He buys Pixar from Star Wars creator George Lucas for $10 million.

1991: Apple and IBM announce an alliance to develop new PC microprocessors and software.

1994: Apple introduces Power Macintosh based on the PowerPC chip it developed with IBM and Motorola. Apple licenses its operating software, allowing others to clone the Mac.

1995: The first Mac clones go on sale. Microsoft releases Windows 95. Pixar's Toy Story, the first commercial computer-animated feature, hits theatres.

1996: Apple buys Next for $430 million.

1997: Jobs returns to Apple after the company records losses of more than $1.8 billion. CEO Gil Amelio is pushed out. Jobs ends Mac clones.

1998: Apple returns to profitability and unveils the iMac desktop computer.

2000: Jobs is named CEO of Apple.

2001: The first iPod goes on sale, as do computers with OS X, the modern Mac operating system based on Next software.

2003: Apple launches the iTunes music store with 200,000 songs at 99c each. Users can also buy and download music, audiobooks, movies and TV shows online.

2004: Jobs undergoes surgery for a rare but curable form of pancreatic cancer.

2006: Disney buys Pixar for $7.4 billion. Jobs becomes Disney's largest sole shareholder and much of his wealth is derived from this sale.

2007: Apple releases the iPhone.

2008: Apple opens its App Store as an update to iTunes amid mounting speculation that Jobs is ill.

2009: Jobs returns from medical leave in June after undergoing a liver transplant.

2010: Apple sells 15 million iPads in nine months and has an 84 percent share of the tablet market by year's end.

2011: Apple launches the iPad 2 on March 2.

2011: Jobs' resignation as CEO announced Aug 24. He is replaced by Tim Cook, Apple's chief operating officer.

2011: Jobs dies Oct 5 at age of 56 after battle with pancreatic cancer.

(Arun Kumar can be contacted at arun.kumar@ians.in)-THANKS

BEARISH VIEWS FLOWING....

ONE MORE ARTICLE TO SUPPORT MY EARLIER PUBLISHED VIEW OF BOTTOM SUPPORT AT 4500 LEVEL. bUT THE DIRECT FALL TO IS NOT ON THE CARDS....

MARKETS LOST GROUND ESPECIALLY ON THE GLOBAL TURMOIL, NOW CRIPPLED BY DOMESTIC EVENTS...SBI DOWNGRADE ......MORE TO FOLLOW ON  BANKING ISSUES....AFTER 2G..MINING..LAND SCAMS......INFLATION....

Exhausted already? Bad news! Market can take out 8-10% more

Published on Tue, Oct 04, 2011 at 18:08 |  Source : CNBC-TV18

Updated at Tue, Oct 04, 2011 at 22:40  

Moneycontrol Bureau

It was a sea of red on Dalal Street as investors were left shell-shocked by a Moody’s downgrade of the nation's numero uno lender, State Bank of India .

Moody's cut SBI's ratings from C minus to D plus and said that the bank's tier-I equity cannot support its growth and rising rates.

SBI, however, is not unduly worried.

The PSU major's March disclosure is still haunting the bank, believes Mehraboon Irani, principal and head of private client group business at Nirmal Bang Securities. The profit after tax (PAT) had tumbled a whopping 99% Y-o-Y to a meager Rs 20.8 crore.

Also, Irani said, people have started to ask questions about SBI’s proposed rights issue. "Even if they [SBI] come out with a rights issue at a near date, the fact is that SBI will need to absorb the higher credit cost for the growing NPAs. Now, NPAs were already around 3.2% as of the last quarter. I think everything is not easy as far as the bank is concerned," he said.

According to Irani, even at the present price, SBI still has negatives around. “I am still resisting from giving a “buy” recommendation at the present level,” he said.

It is a wake up call for Indian public sector undertakings — the way they have been managed, feels Sudip Bandyopadhyay of Destimoney Securities. “Everybody knew that the bank needs tier-I capital and the government was dilly-dallying. In the midst of it, Moody’s came and cut the rating. It is unfortunate. SBI will find it pretty difficult. Its cost of borrowing will go up in the international market. And considering they have significant overseas operations, it is unfortunate. However, one word of caution is that we should not read too much into these rating agencies figures their credibility is also a suspect,” he said.

In this backdrop of downgrades and global uncertainty, the Nifty plummeted 100 points but recovered to close at 4,772 down 77 points, while the Sensex lost 286 points to close at 15,864. The index has shed over 800 points in three days.

The obvious questions on investors’ minds right now would be: Are the current valuations attractive and how much more fall can one expect in the markets? Also, is the fall a good time for investors to get in and buy more?

Well, markets can certain fall further from current levels, said technical analyst Abhijit Paul, AVP at Brics Securities Limited. “I think that we can definitely drift below the previous low of 4700 on the Niftyfuture,” he stated adding, “I sense that equities are likely to drift further down to the tune of 8-10% from hereon.”

He advised holding on to, the Nifty future on the downside, closer to that 4430-4480 range, where there is a meaningful confluence of supports.

But the problem, according to Irani, is that nobody wants to buy because people know that they are surrounded by poor macros, globally and locally.

"Valuations across the board can become more and more attractive as we go ahead over the next one to three months," he believed.

For investors to seriously start looking at the market, we need to see a more sustainable rally, explained Anil Manghnani of Modern Shares & Stock Brokers.

"You are not getting sustained shorts, where you create enough shorts in the system after which you will have a nice pullback rallies. I want to see that discount become bigger. I would like to see 4720 break. I am not trying to be negative. All I am trying to say is it will call for the next better rally, more sustainable rally," Manghnani said.

Sagar Salvi
sagar.salvi@network18online.com THANKS TO AUTHOR AND CNBC

WEALTH CREATION.....

10 important steps in wealth building

P V Subramanyam, On Monday 19 September 2011, 3:26 PM

Wealth creation is a time consuming, easy to understand and very difficult to implement process. There are no cut fast rules on how to create wealth.

Deepak Parekh, Uday Kotak, Rashesh Shah, Nirmal Jain, Raheja, Hiranandani, are all people who have created wealth by the greatest method. Run a good business, leverage with people and brand building. Leverage with geography and borrowed funds….then take the company public. By doing this every rupee of earning gets valued at 30 for Mr. Deepak Parekh (HDFC has a P/E of 30) and similar numbers for the others. These people made their money from equities, debt, commodities and of course listing their companies!  I am not talking that league, yet.

Let us see what all you should know — we will start with 10 steps:

1. Understand the Power of Compounding: it looks odd to realise that the power of compounding is NOT taught well at school! They give you some simple examples — rarely are you taught the POWER! Even people working in financial services do not appreciate the power of compounding. Ignore this only at YOUR OWN PERIL.

2. Understand the Power of NOW: LEARN the power of starting to compound as soon as possible in life. If you have not understood, NO TIME LIKE TODAY..pick up the pen, call the advisor, click on the net — whateva…just start, NOW, TODAY.

3. Understand the Power of Regularity — start a SIP AND make sure you do it regularly — not missing a single month. If by chance you do miss a month of investing, immediately pick up a cheque and send it in! At the end of a YEAR you should have invested 12* Amount being invested every month. If suddenly you have money, top up the SAME account.

4. Understand the power of Not Touching the Money for 'n' years: Capital and Wealth creation needs long periods of growth. If you do not touch the money for any sundry purpose, leave it untouched. This helps in compounding. REmember this for life!

5. Understand the power of LEARNING: If you are willing to wish to invest in equities — directly or through mutual funds,    learn as much  as possible about equities. Invest in learning, before you invest your money.

6. If you do not (or will not) learn about equities, never mind, learn the power of indexing in equities!

7. Learn simple things like keeping your accounts in an excel sheet and keep track of the paise….the rupee will take care of itself. Track your income, collect all monies due, track your expenses, track your investing and returns.

8. For events which you know invest. For sad events which MAY happen,insure. You never know….

9.Remember delayed gratification may not be easy, learn it. Food which gives 30 seconds of pleasure on the tongue stays in your waist for 30 years. I understand this….but when I see a sweet I still fall for it. Knowing and implementing are completely different animals. Alas!

10. Invest in education, training, health, travel and fun. Very important to remember do not forget the present for doing something great in the future. The future is important, but the present is vital.

The author P V Subramanyam is a Chartered Accountant by qualification and a financial trainer by profession. Writing being a passion he also regularly pens his thought in his blog Subramoney.com

 THANKS TO YAHOO.....