So what’s a Double Dip ! ?….so I asked around and this is what I get…..

Young Daughter : It’s an Icecream, Dad !

Older Son : It’s when they serve starters with two types of Dips

My Tea-sing Wife : Darling, it’s what I do to make your ‘kadak’ Tea…Double Dips…Two Tea Bags in one cup of Tea

A Club Friend : It’s when I dive into the swimming pool twice in a single day

Ben Bernanke ,the US Fed Governor : USA is not facing it or causing it !

Clearly Individual Perspective influences the Definition

For those who really want to know….Double Dip refers to a Recession,followed by a short Recovery and then a more Deeper Recession than the previous one from which any recovery becomes more difficult….not good for the Economy and not good for Stock Markets….and USA is certainly facing the Possibility of a Double Dip Recession

So if the Dow goes Down bad,what shall be the fate of our Sensex !?

Let’s debate this over a Double Dip Tea ,shall we !

Cheers !

China and USA…different political idealogies that makes for strange bedfellows….China deliberately keeps it’s Yuan low to benefit from exports to USA…get’s paid in US Dollars which it reinvests substantially in US Government Treasuries !..nearly US $ 900 billion of the US $ 2.3 Trillion Fx Reserves of China are invested in these Treasuries

USA was threatening to declare China manipulator of Currency…China agreed to revalue it’s Yuan upward a wee bit recently and also has just declared their continuing faith in the US Dollar and US Treasuries !

That’s some Consolation between the two on the surface….but the undercurrents run deep

Here are two Alerts….you can put it this way….one by China for USA and the other by USA for China! 

• Is China facing a Housing Bubble ?…the Western Countries seem to think so
• A Chinese Credit Rating Agency has just downgraded USA from  ‘AAA’ to  ’AA’ Country Rating

Is China facing a Housing Bubble ?

Have a Look at the above Graph that matches the Value of Residential Housing against the Country’s GDP for USA,Japan,Hong Kong and China

In 1989,Japan shows a peak level of 3.8  and since shrunk to 2….Japan has been facing Economic Woes for the past two decades now…..China has reached an alerting level of 3.5 and if historic precedent is to be believed for this parameter,the Fall is inevitable….China is heading for a Real Estate Bubble soon

A Chinese Credit Rating Agency has just downgraded USA from  ‘AAA’ to  ’AA’ Country Rating

Two months ago in May 2010 ago I had blogged on how the top Credit Rating Agency S & P yet continued USA’s Rating at ‘AAA’ 

S & P’s Sovereign Rating of USA remains at Top ‘AAA’….Amusing!

Friday, May 21st, 2010

Now China’s leading Credit Rating Company,Dagong Global Credit Rating Co has downgraded USA from ‘AAA’ to ‘AA’

The World’s Top Three Credit Rating Agencies…all based in the West….S & P,Moodys and Fitch….. have come in for  some scathing attacks…and justifiably too…they have lost considerable credibility in the past few years for their failures to spot and alert proactively  and, even more stupidly, reactively on Lehman’s Collapse,the Sub Prime Dangers,the Greece Problem among others….seems these rating agencies are a cartel with vested interests and agenda….when a Problem is so apparent even to a Commoner,it becomes difficult to believe that these Top Agencies run by Top People out of Top Colleges and Institutions and with Top Pedigree Degrees and Positions are really Dumb,Stupid and Incompetent or even Complacent!…..so the conclusion is that the ‘High Ratings’ maintained for Corporates and Countries by these Western Agencies is a deliberate Game plan not to break the Hand that’s feeding you…combined probably with a Political agenda too !…..Bloody Shame !

Though Dagong may not wield much global Influence,it’s action last week to downgrade USA will be seen as an unbiased and Non Western View of USA….a Pioneering and courageous forward step to call a Spade a Spade….despite the fact that China itself has a near US $ 900 Billion Investments in US Treasuries….and it may lead to a weakening Dollar and an increased Risk Premium for Dollar Investments and a fall in the Value of Dollar Investments….a True and Tough Call made by Dagong for USA, a Country whose massive Deficits will lead to Massive Debts that will soon eclipse it’s own GDP 

Where will our Sensex head now in the second half of 2010 ?

So while both USA and China continue to hope that Stimulus packages will bale their Economies out and GDP Growth rates would gradually move up or at least the decline will be stemmed,where does this leave India……Our Country is not decoupled enough yet not to feel the adverse Impact in case USA and China shrink….Fed Governor has finally removed the Gloves and warned Congress last week that the Labour,Housing and Credit Situation in USA yet remains dangerously worrisome

Our Sensex has crossed 18000 and Nifty 5400 while the Dow is struggling to stay above 10000….What if the Dow seeks lower 8000 levels by 2010 year end ! ? where would our Sensex head then !?….the way I see it on a macro level is like this…..when 2010 began I called that the first half of 2010 would see a Sensex range of 14000 to 18000…this was on the mark…..the second half has now commenced…I see our Sensex range in this half to be 16000 to 20000….the upmove range is considering that India will benefit from Good Monsoons,strong FII Inflows,Higher GDP Growth rate of 9.5% forecast for FY 11,Infrastructure and Consumption India Story being intact and strengthening of Corporate Earnings…my contention is that these positive drivers will net out the negatives of continuing High Inflation,increasing Interest rates and a possible Downtrend in USA and China Economies, Stock and Real Estate Markets….16000 on the Downside would me more by default if the Dow or China shrinks 

However on the Cautious Side,the Short Term does not strongly indicate a One Way Upward Movement for the Sensex…therefore you will have to contend with Volatility…..Therefore A Bottoms Up Approach with Specific Stock Selection would probably fetch you better returns than a Top Down or Index Strategy in the Short Term

Cheers !    

I just love this New International Symbol chosen today for our Indian Rupee….A great choice by a Government Group of 5 from a shortlisted of 5 Symbols…It was submitted by IIT Post Graduate,D Udaya Kumar who joins IIT Guwahati as a faculty today

Brilliant Udaya !

It’s very Indian,yet got that stamp and authority of  International Status,Value and Power all over it…an amalgam of Devanagiri  ‘Ra’ and the Roman ‘R’ without the stem

D Udaya Kumar wins Rs 2.5 lakhs for winning the competition…the criteria set was that the Symbol should

• be applicable to a standard keyboard
• be in a national language script or a visual representation
• represent the historical and cultural ethos of India 

Set it against the $ or the € or the £ or the ¥….our New Symbol for the Indian Rupee is the best !

…and yes,I’m being Patriotic !

We all Love Larsen & Toubro and have capitalised superbly on it’s brilliant run on the bourses in the past years…and with India positioned to emerge as a World Economic Superpower in the years to come,Larsen has it’s best Days up ahead !…It simply has to occupy significant space in your Core Portfolio

Larsen is positioned to Lead India into the next Level of Dynamic Growth in the Years ahead….but who will Lead Larsen itself after Mr Naik !?

This Larsen Leadership Heir Question has been asked before…a latest take on this is by Forbes India…it’s  gives an elaborate take on this in their March 5,2010 Issue…you can access the article on the web too

The article refers to GE and Siemens capturing the opportunities in USA and Europe in the past decades to make them behemoths…Larsen is on a similar threshold in India…and interestingly,GE and Siemens are looking towards India as their Saviour on the back of the Global Financial and Economic Crisis epicentered in the West !

My take on this Larsen Leadership Heir is a little ‘hatke’….It does not really matter who really leads Larsen after Mr Naik…The Momentum is so strong for the next level of Dynamic Growth in the years ahead,that Larsen will move ahead regardless who’s heading it, and continue to scale up and  capture and leverage the giant opportunities that are arising……something like our FM’s Position…does not really matter who’s our FM….India is on a long term Dynamic growth path ahead…Infrastructure and Domestic Consuption being the Two major Drivers…..the Momentum itself will drive our Economy

Extrapolate this to our Stock Markets…anyone who Invests in Equity will make good and even great Money over the Years to Come…..and Larsen & Toubro must be your Core Investment for the Long Term !

Cheers! 

Sentiment is at work at the Stock Exchanges…more visible on days such as these…when the Union Budget is announced

In the Morning the Sensex and Nifty were up marginally…as the FM began his speech at 11 am,they remained positive…90 minutes into his speech,at around 12.30 pm and around the time the BJP decided to walkout,the Indices gathered fast momentum and he Sensex rushed towards 400 points rise and  16600 while the Nifty sought over 100 points and 5000

What’s my first reaction ?….so what’s New !?…simply continuing the Fiscal and Infrastructure Road Map

• You don’t need a Visionary…any FM or a layman can do this…. to sell yours assets to part fund your fiscal deficit…Rs 25000 crs is the Disinvestment for 2009/10 and Rs 40000 crs for 2010/11…..to reduce pressures on the Government Borrowings…Borrowings has already crossed Rs 4 lakh crs in 2009/10…Government plans a lower Rs 3.45 lakh crs in 2010/11 !….My sense is that this figure may be revised upwards if Oil again crosses US $ 100 or if  Disinvestment Figures don’t work out 
• Fiscal Deficit is pegged at Rs 381408 crs or a lower 5.5% of GDP for 2010/11…Inclusive of Oil and Fertiliser Bonds,In 2008/9 it was 7.8% of GDP and in 2009/10 it’s going to be 6.9% of GDP
• Total Expenditure for FY 2010/11 has been upped 8.6% at 1108749 crs of which Plan Expenditure is up by 15% to Rs 373092 crs  and Non Plan Expenditure is up b y 6% to Rs 735657 crs
• All Media Stock Channels are excited over the increase in the Direct tax Slabs Range…so what’s new..this was already announced much earlier what the New Slabs would be from April 1,2010…it’s already on wikipedia…check it out
• DTC and GST are already scheduled for being implemented by April 1,2011…The FM only hopes he can be able to do this
• GDP Growth rate is 7.2% this year,may be revised upwards…FM wants to return to the high 9% rates…This is expected  to help reduce the pressures of funding fiscal deficits through borrowing,asset sales and deficit financing…but depending on this can throw you for a Toss if twin challenges of Food Inflation amd Potential Oil Price Surges play up the squeeze…check out a few days old Blog on this

This Budget has come and gone….markets will soon return and be guided by prevailing Sentiment and Momentum in turn guided by Global Issues

In short,this Union Budget does not give you a Clear Signal to BUY Stocks immediately…take your time to make appropriate selections at appropriate prices….Markets are not going to simply run away up fast

Gives you enough time to Reflect and then Act

Cheers !

We keep waving our High GDP growth rate,Infrastructure and Domestic Consumption Stories like a Magic Wand that will solve all our Economic Woes

Ofcourse they do hold out great hope…but pause to think of critical economic challenges that India faces…atleast on two major fronts…Runaway Food Inflation and Fear of Oil Prices surging yet again…these are weapons of Financial Terrorism

Inflation has touched 8.56% in January 2010…driven by Food Inflation of 17.4%…prices of agri commodities have surged dramatically in 2009/10…Clearly some, like Sugar,were motivated and the Villians can be found managing,rather mismanaging, our economy !

India remains an Oil Intense Nation,requiring close to 150 million tonnes of crude annually to process,with ONGC and Oil India providing just 30 Million tonnes.Any surge in Oil Prices will add to our burden as over 100 million tonnes are imported…Currently Prices are revolving around US $ 70/barrel…in 2008 they had zoomed to US $ 140+/barrel and India recorded record fiscal deficits that has even rolled onto FY 2009/10…6.8 % of GDP !

….so a Fiscal deficit over Rs 4 lakh Crores and Government Borrowings of over Rs 5 lakh crs to fund this weighs down heavily on India….so it’s a Houdini Act for our Finance Ministry Mandarins…you need to raise Interest Rates to combat rising Inflation and contain liquidity…but this would have limited impact unless Government Borrowings reduce substantially…unlikely….as long as Fiscal Defict remains so high and the Finance and Petroleum  Ministries remain at loggerheads to increase Prices of Petroleum Products…Non Plan Expenditure of Food,Fuel and Fertiliser Subsidies remain our Bogeys…In 2008/9 the Fertiliser Subsidy was a record Rs 1.17 lakh crs of which Rs 96000 crs was paid…In 2009/10 the Fertliser Subsidy has halved to Rs 60000 crs as Oil Prices too have halved from all times highs…all will not be paid as the Fiscal deficit needs to be contained to target set of 6.8%..Rs 15000 crs + will roll over…..God Help us if Oil surges past US $ 100 in 2010/11…likely…so what will our Government do !?…No alternative but to continuing to borrow heavily,print some more currency  and disinvest some more !…..This is much easier than Reducing Expenditure or Raising Revenues ! 

So what will our Finance Minister Pranab Mukherjee roll out in his Union Budget on February 26,2010 ?…..Corporate Performance has been very encouraging with IIP figures at record levels…clearly the Stimulus is working and demand has picked up….but will this mean phasing out the Stimulus and raising Taxes ,to tackle continuing funds constraints?

The great prospect of PSU Disinvestments,without transfering management, can only be looked as a ploy to fund our Fiscal deficits….and here too the Government is dependent on the Sentiments prevailing in our Equity Markets….and for all it’s hullabaloo on Protection of the Retail Investor,it remains Greedy for High Prices when Disinvesting !

…and how conveniently facilitating has SEBI been……There has been a huge awareness and debate  and discussion on raising the Public Float to a minimum of 25% of the Equity Shares….just a day or two ago,SEBI has recommended to the Ministry of Finance that Listed Companies should be given Five Years to meet such a condition !…it’s already been several years since this debate !…..a low floating stock will allow manipulation of the Share Price to maintain artificial levels…defeats the purpose of Listing in the first place !

So what about our Exchange Rate of the Rupee !?…The rupee will remain under some pressure this year in light of Increasing Interest and Inflation rates and High Fiscal Deficit and Government Borrowings and a high level of Deficit Financing…and Exports yet again unable to meet targets of US $ 200 billion

Yet I remain very bullish on India…Proud to be an Indian in India….Always have been….Only wish I was half my age !…..then I would be counted in the majority…that is the Young Population….. that is India’s Dividend and Consumption Hope….. Cheers !

I have been increasingly impressed by this RBI Governor,D Subbarao…..his thought process is very inspiring and rational and intellectually stimulating and challenging…..A few days ago,he humbly stated that what happened to the Financial System in 2008 in the USA taught a lot of lessons and challenged traditional assumptions

And today he showed his assertive and no-nonsense decision making ability….In light of the record Food Inflation figures of 17.40% that came in yesterday for the week ending January 16,2010,it was indicative that RBI will surely raise the Cash Reserve Ratio (CRR)….and he raised it by 75 basis points,that’s 0.75%,more than expected.The CRR is being raised in two phases in February 2010 to 5.75%.This will reduce the Liquidity by Rs 36000 crs

…..and Interest rates will firm up strongly in the coming months

The Repo Rate and the Reverse Repo Rate has been left untouched at 4.75% and 3.25% respectively

While GDP Growth Rate Projections have been raised to 7.5% from 6 %,Inflation Rate Projections too have been raised from 6.5% to 8.5%…that would indicate Food Inflation rising yet further to 20%!…I think our Agriculture Minister,Sharad Pawar will continue facing a harrowing time and calls for his resignation will intensify….Anyway,he seems to hold his position as BCCI Cricketing head and President in Waiting of ICC in higher priority…so maybe we should let him concentrate only on Cricket and relieve him of Ministerial Duties!

Credit Growth Offtake and Deposit Mobilisation rates Forecasts have been lowered

RBI is clearly aware of the potential risks of Oil Price Surges,that caused us great agony and high Fiscal Deficit in 2008 and 2009…Search for my earlier blogs on this Impact

Stock Markets initially bounced back briefly…Sensex was down 200 points at 16100 levels before the announcement but recovered…..This may just be a short bounce and Sensex will challenge 16000 shortly…maybe even today

So now the Monetary Policy is behind us…now February 26,2010 will see the Fiscal Policy thrust when Pranab Mukherjee announces the Union Budget

BUT KEEP AN EYE ON THE FII FLOWS…already US $ 2 BILLION sales have been effected in the past few days….Statistics clearly show that when there have been strong Inflows,the Sensex has sought record highs…When US $ 13 Billion reversed out in 2008,the Sensex tanked

It’s going to be a very interesting tussle between FII outflows and Induced Domestic Buying in an attempt to maintain Buoyancy to facilitate PSU Disinvestments

As I had blogged a few Days Back on ABC of Investments…(A)merica,(B)harat and (C)hina….(B) ,that is we, is sandwiched between the East and the West…we are coupled strongly and cannot be insulated from what happens at either end of the Globe…..Recovery in America is years away and there is real fear of double dip recession…..China is strongly arguing that no asset bubbles are forming in light of excessive lending

We,Bharat,despite our exciting Infrastructure and Domestic Consumption Stories and High GDP Growth Rates being intact need to be very cautious

……Monetary Policies like twitching CRR,Repo and Reverse Repo rates can have only a limited impact as India has no control over Pricing of Commodities,be it Oil,Sugar,Gold, Grains or Pulses or Metals….Price Explosion in these have played havoc with our Fiscal Deficit and raised Food Inflation rates to record Levels….search an earlier blog on this  

So don’t be in any hurry to Invest in Equities…..no matter what Experts and Anchors and Brokers scream out at you from the Stock Channels !……Look for strong sub 16000 Sensex levels for better Opportunities to Buy into selective scrips which you have identified as having strong growth potential to leverage into the India Story and have a Long Term View

Cheers !

This is my synopsis,deliberately devoid of too many statistics that support my view, on what’s likely to go UP and DOWN in 2010….This should help you form a view on Asset Allocation when rebalancing your Portfolio

UP          

OIL….from US $ 80 /barrel to US $ 110/barrel…..will cross and stay above US $ 150/barrel inside three years….not good for Importing India and it’s battle with reducing the Fiscal Deficit and Government Borrowings….Russia,which supplies 13% of the World’s Oil, threatening to close the Belarus route for Supplies to Europe,the volatile US-Iran situation,demand picking up and difficulty in maintaining 94 million barrels a day World Output would all lead to increasing the Price of Oil.  

GOLD…..was bang on target past two years (check my blog for earlier Gold insights)…see further upmove to US $ 1250/oz this year as USA tackles rising record Deficits and Low Interest rates….and much more in the long term as we approach US $ 3000/oz and then even US $ 5000/oz in the next decade…with USA doubling it’s monetary base in 2009 and expected to increase it’s deficit,currently at US $ 1.4 Trillion,by atleast another US $ 7 trillion in the next decade,Gold will remain on a firm uptrend in the coming decade 

METALS….as long as China and India continue to record high growth rates and a West Recovery gathers momentum,metals will see upmoves as will mineral resources like Iron Ore that feeds Steel

AGRI COMMODITIES….Ouch ! you name it !…all commodities are entering the ozone layer !…Sugar,Tea,Grains,Pulses….Food Inflation has eaten away wages and salaries in India…suddenly in 2009, Indian households were grappling with a surge of 50% in grocery bills on same quantities…Ouch !…..Don’t expect 2010 to bring any relief…so expect Sugar and Tea Producing Companies to record Non linear growth in Profits in 2010…Such Listed Companies have already recorded fantastic highs and will continue toperform strongly on the bourses in 2010 as profits are certain and visible    

INDIAN RUPEE v/s US DOLLAR….The US Dollar is rebounding and made to look strong by a weak Euro…However the Rupee and the Yuan will strengthen against the US Dollar as India will yet again record strong Inflows of over US $ 20 Billion and China continues to buy more Gold and move more of it’s US $ Two  Trillion reserves away from the US Dollar this year…The Rupee should close FY 10 in March this year at close to Rs 44 to the Dollar…It’s already reacted by over a percent to below Rs 46 in the first week in 2010….does not augur too well for Indian Exports,already hit by the recession in the West…and ofcourse the competitiveness of IT companies too will be impacted 

INDIAN EQUITIES….It great to be an Indian !…..India recovered brilliantly in 2009 and remains truly the best positioned in 2010 to move up from current Sensex Levels of 17500 as Forward Macro Valuations are fair ( 16 times FY 11 Sensex EPS) and Record FII Inflows, Domestic Consumption and Infrastructure Spending Stories remain intact….In fact I reiterate there is no better and compelling Investment Destination than India and FIIs,no matter what they state,will have litlle option but to continue to come to India in a big way…….  Selectively, on micro valuations,the returns would be more compelling…..Expect the Quantum of Primary paper through PSU Disinvestments and other IPOs to  be high…this could be a short term dampener for the secondary market….other risks remain rising Food Inflation and Fiscal Deficits…..USA is just about holding up…but record Unemplyoment Rates and Excessive Currency Printing are worrying……and the next bout of Housing and even Commercial Estate Slump seems imminent….Rising Record Deficits and National Debt and the dangerous practice of resorting to increasing printing of fresh currency dollar notes to fund the recovery and the deficit will inevitably lead to an inflationary spiral….The eventually weakening Dollar,the moving away from Petro Dollar Trade,China buying less Dollars will force US Interest rates to rise in the future from near zero levels right now…..China is moving full steam ahead as if 2008 never happened…Prices of Stocks and Real Estate have rebounded with vigour in 2009,doubling from 2008 end lows…yet there is some whiff of danger…and a true fear of an asset bubble formation in a few years ahead…so be a bit wary of China  

INFLATION RATE…..It’s rising in India and should close out March 2010 and the Financial Year FY 10 at 7%…Now that’s the current yeild too….so what’s going to be your real rate of return !?..closer to zero !

INTEREST RATE…..Has an upward bias due to inflationary pressures…however the adequate current liquidity and slow credit offtake will delay any possible immediate upward movement in the Interest Rate…in any case 2010 may see just a 1% to 1.5% move up in the Interest rate in India,keeping it yet in single digits

CORPORATE EARNINGS…..Clearly there is a recovered momentum here and one can expect a 15% to 20% Earnings growth in FY 11 in the Sensex 30 Companies…a sensitive barometer for Corporate India…The new GST and Direct Tax Code Implementation would be significant Game Changers

GDP GROWTH RATE…..Our FM,Pranab Mukherjee, played Santa Claus a fortnight ago and declared that despite the Drought in 2009,India will achieve a GDP Growth Rate of 7.75% this year and which is likely to move upwards to 9% next year….Sensex took the cue and surged…Spoilers could be rising Oil Prices,unfavourable geo-political situations,Government Borrowings and the Fiscal Defict continuing to remain High….also keep a watch on China’s Economy…any red flags should serve as a warning to India too  

DOWN   

LONG TERM US TREASURY BONDS……GET OUT OF THESE BONDS or you’ll be staring at a Capital loss…Interest rates are poised to move up and rising yeilds and a weakening Dollar will drop Bond Prices….In India,rising Food Inflation may just force RBI to raise CRR by half a percent at month end January….However the comfortable liquidity and a slow credit offtake may not put any immediate pressure to raise Interest rates….Investors are waiting for Interest rates to move up in India before committing to Long Term Debt Allocation this year    

DOLLAR AND THE EURO against Major World Currencies…….USA and Europe continue to grapple with recession….recovery will be slow and painful and will take several years….The Common Currency Concept of EURO is being severely tested and questioned….Sovereign Debt Defaults are likely….Italy,Greece,Spain,Portugal and Ireland are all in vulnerable positions….The Growth and Stability Pact of the European Union prescribes that Deficit should not exceed 3% of GDP and Government Debt should not exceed 60% of GDP…countries mentioned above are on course to violate both these important criteria in 2010…The Euro will get orphaned as Nationalism and Protectionism will surface…no other stronger European Country,like Germany will come to the rescue to bailout any country or the Euro…..The US Dollar will continue to weaken as US deficit surges further from the current US $ 1.4 Trillion,China reduces lending and investing in US Treasuries and apportions a lower ratio of it’s US $ Two Trillion FX reserves to the US Dollar…forcing USA to print more currency to fund the deficit….will lead to high and possibly hyper inflation in years ahead…so as an Indian if you want to benefit from this inevitable decline of the US Dollar and the Euro,simply Borrow in these currencies,but don’t create any assets in these by switching from other stronger currencies!  

US EQUITIES……As someone quipped ” Wall Street is Dead and you’re dancing on it’s Grave”

US HOUSING….. an estimated 3.9 million homes went into foreclosure in 2009…Expect a similar story in 2010…..this has forced the USA Treasury Department to announce on Christmas Eve that it will remove any limits to any aid extended to the two Big (otherwise Bankrupt) Mortgage Houses of Fannie Mae and Freddie Mac in the next three years….The Treasury continues to bail out the Country’s most outrageous Risk Takers….expect the next bout of the Housing slump in 2010….will extend even to Commercial Estate in a big way this year. 

Anyone wants my macro view on anything not covered above,do let me know

Do manage your risk rationally and focus on appropriate asset allocation to suit your Risk Profile,Goals and Needs….Rebalance your Portfolio if necessary…It will help you to protect and grow your wealth

I reiterate…It’s great to be an Indian in India…Top US Universities like Harvard,MIT and Duke have all evinced interest in setting up in India…Government may just allow this….soon you may have non Indian origin US Citizens migrating to India and applying for Indian Citizenship !

Cheers and all the best for 2010

Leave you with this thought…just imagine the day when ONE INDIAN RUPEE = 46 US DOLLARS….Yeah ! 

Amusing or not so…you decide…….some Saturday morning shots….

• Jet Airways Pilots Strike enters the fifth day…and I see  a Business Standard ad (Page 16) of Jet2Kerala with a tag line ‘Your dream holiday can now touch down’…Problem is you yet cannot take off !…Jet Airways has teamed up with Kerala Tourism to help you land the best holiday deals to God’s Own Country 
• Listed Mumbai based Real Estate and Housing company HDIL raided  by over 100 Income Tax Officers and Rs 350 crs revealed as undisclosed Income…..Ashok Chavan,Maharashtra’s CM defends the contoversial Rs 350 crs plan to errect a statue of Shivaji in Mumbai Seas…Not considering Ecological and Marine Objections,if this is passed,maybe they should get HDIL to fund it !
• While on Statues,the Supreme Court finally directs the UP CM,Mayawati to stop errecting her own statues…it’s costing the State Exchequer Hundreds of Crs….I can think of only Saddam Hussein who had his own statues errected while alive…possibly their argument is that they cannot errect their statues after they die !…and possibly they fear no one else may !
• On the controversy of whether Members of Parliament should continue getting the privilege of flying Business Class in these drought times where austerity must not only be symbolic,the Congress Spokesman,MP Manish Tiwari,who’s all over the Channels, proclaims he’s willing to even travel in the Cargo !…I think we should allow him !
• While on Austerity Measures, was not amused to hear of our two Ministers of External Affairs,Krishna (Senior) and Tharoor(Junior),living in Five Star Suite Luxury for the past three months,because their Official Houses were not ready…It’s no justification even if they’re spending from their own pockets,as they state…They don’t see the point ! even if it was for free,these Elected and Nominated Leaders in Public Life send out the wrong signals in these tight times to our Citizens
• An amusing observation on Recent IPOs in 2009…Edserve Softsys was just about subscribed but has given near 100% gains…was it’s IPO underpriced or is a good fundamental play not spotted at the IPO Pricing or is this latest price manipulated ?..Others seems to have been fully or overpriced…Contrarion Thinking would suggest you investigate Rishabdev and Raj Oil…they have fallen off a lot from IPO Price…are they now worth Investing in !?…Like I had opined earlier for NHPC…not at Rs 36,but at Rs 25 !

 Cheers !