In Bombay's business district, on Dalal Street, stands a multi-storied building called the "Bombay Stock Exchange" or the Share Bazaar. This is where fortunes are made and lost. Two of such traders in shares are the Mehta brothers, Hasmukh and Mansukh. They also manipulate people's lives and, this time, they have chosen to financially ruin Shekar by getting him arrested on trumped-up charges. On the other hand, they have singled out a street-smart young man named Raj and persuaded him to take Shekar's place.

A big boost to public market reform came in 1913, when the U.S. Department of Agriculture (USDA) established the Office of Markets. One of its goals was the development of model market systems for cities interested in establishing more economical and efficient marketing facilities.24 Public support for the Office of Markets came from several directions. First, farmers hoped that the federal government would eliminate the middleman, who apparently took a disproportionately large share of the food profits. Second, housewives hoped that a model market system would mean more sanitary markets. Third, municipalities looked to the federal government for national standards for market facilities.


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In 1994, the share price of Olympic Industries Limited increased 44 times from Tk124 to Tk5,511 due to the company's excessive issuance of right shares. When the price went up, Olympic's stockholders, directors and company associates made a quick buck by selling the shares.

Subsequently, a case was filed with Dhaka Chief Metropolitan Magistrate's Court in 1997 in the wake of the then Securities and Exchange Commission's (SEC) investigation. In 2015, the case was transferred to the special tribunal.

According to sources, after the issuance of right shares in March 1994, Olympic Industries again announced their issuance in November that year to set up a cement factory. However, the company later moved to build a battery, electric bulb and juice plant instead of a cement factory.

In 1996, the company announced the issuance of right shares, again, to set up a cement factory, prompting an abnormal rise in its share price. And a part of the investors, the company's directors and associates, made a profit by selling the shares at the spiralled price.

Selling shares at an exorbitant rate after increasing the price with a right share issuance announcement and providing stockholders with incorrect information is a violation of the Securities and Exchange Ordinance, 1969. Under section 24 of the ordinance, it is a punishable offence.

In 1996, the company again recommended three right shares against two shares at a premium of Tk500 for cement plant construction and other purposes. The overvalued premium raised the share price from Tk124 to Tk5,511.

Most of Olympic's stockholders, teaming up with some brokerage houses, were active in trading stocks outside of the Dhaka Stock Exchange. Company Director Mohammad Bhai alone sold 10,000 shares while the company's associate Ambi Pharmaceuticals sold 20,161 shares at that time.

Tasting comes with an ego. Yet it comes just as often with the feeling of being an imposter, or at least the feeling that there is still a lot to learn. That was my cocktail of anxiety last year when I selected and eventually released my own barrel of Armagnac, a limited-release 23-year-old, L\u2019Encantada 1997 Domaine Cutxan (Cask #20). Instead of only be\u2026

This much-loved Saturday market, bridges the burgeoning Williamsburg community and long-time Greenpoint Polish communities who come to shop, mingle with neighbors, and enjoy McCarren Park. Open since 1997, this market has adapted to the changing face of the neighborhood while staying true to its loyal customers. People line up ten deep to purchase bottles of fresh milk and yogurt; an array of meat including grass-fed beef, pork, chicken and rabbit draws its own crowd. Seasonal fruit and vegetables are piled high, and honey, preserves, baked goods, eggs, and juice keep the crowds pleased year-round.

bazaar / bizarre are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. ?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.

In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

Today, remnants of these historical traditions can be found in theways in which different academic disciplines look at markets. Althoughthere are exceptions, economists typically see markets in a positivelight. They have long analyzed them using abstract methods that modelindividuals as sovereign, rational choosers. This approach, whichleaves a number of problems of real-life markets unexplained, has alsobeen used for incentive-based analyses of other social spheres (seenotably Gary Becker, e.g., 1976). These have raised questions aboutthe possibilities and limits of the rational choice approach,especially since behavioral economists have started to explore howreal human behavior departs from the behavior assumed in the models(see e.g., Kahneman/Tversky 1979; Laibson 1997; Fehr/Schmidt 1999; foran overview of behavioral economics see e.g.,Camerer/Loewenstein/Rabin 2003; for a critique of rational choicetheory from a philosophical perspective see e.g., Sen 1977).Sociologists, anthropologists, and historians use different, usuallyless abstract methods for exploring different markets. Their emphasishas often been on the relation of markets to other spheres of life,because they see individuals as socially embedded, and their decisionsas shaped by their social environment. Many researchers from thesedisciplines are rather critical of capitalist markets. Their methodsallow them to see problems to which economists may be methodologicallyblind. But economists might reply that the methods used by historians,sociologists and anthropologists are in turn less suitable forgrasping the positive indirect effects of markets, forexample the benefits for customers when a company is restructured.Although they can be intertwined, it is therefore important todistinguish between disciplinary approaches, research methods, andsubstantive arguments about the value of markets.

Market cap has grown 20% CAGR but has there been no dilution? We need to know by how much the share price has grown. Reliance merged RPL into itself sometime late 2000. Still it is phenomenal growth. The best share price growth was between 2002 and 2008 even considering the 50%+ fall in 2008. Since then it has given reasonable returns. I do not know before 2000 because the data is not available. Also I did not know anything about share price before 2004.

I do not know what their future is. I just said while the market cap grew 20% CAGR in the last 30 odd years, did the share price grow to that extend? Were there dilutions? I feel there were dilutions because of which retail investors did not get the 20% CAGR returns.

In case of Britannia, my oldest data on Market Cap was Rs 529 Cr as on March 31 1995, as compared with 1380 Cr in March 31 1992. Britannia share price (June Price Rs 2,743/-), was Rs 35 as on March 31 1992 which declined to Rs 19 per share in March 31 1995. I do not have share outstanding details during March 1992 and March 1995 to make correct assessment of market capitalisation.

In case of VST, as on March 31,1997 (Oldest date for which Data is available with me), market capilisation was 139 Cr . So increase from 1992-97 period from Rs 101 Cr in 1992 to Rs 139 Cr appear not expectional, at least to me.

Company 1, VST Industries Limited:

This is the first company I stared working to calculate return generated since IPO in April 1974. The company issued share of Rs 10 each at premium of Rs 6 per share (Total issue value: Rs 16 per share). Assuming an investor got 100 shares allotment of IPO and just hold same till date, including Bonus and Dividend, one would have got XIRR of 24.5% during April 1975-December 2019 period (~ 45 years). I was not able to get data of dividend for FY 1995 and FY1996, hence return have scope to improve marginally in case dividend are higher than nil as considred in my working.

Discl: VST Industries among Top 10 holding for me and I have been holding shares since 2009. It is the oldest holding in my portfolio and my view may be biased. I am not SEBI registered advisor and investors shall do their own due diligence before making any investment decision.

VST Indsutries Equity return since listing in 1975.xlsx (12.7 KB)

Aarti Industries did IPO in Feb 1992 at price of Rs 36 premium on Paid up value of share of Rs 10 each. Subsequent to listing, there were mutiple bonus/splits and dividend. I could not get dividend declared by the company in FY1993-95 period. The shareholder return calculated are too that extent would be lower than actual figure. Further, the cashflow returned to shareholder in form of buyback is also not included in cashflow for equity shareholder.

Assuming an investor hold original allotment of 100 shares in 1992 till 2019, XIRR for that shareholder would be 26.7% p.a. during these holding period of 27.5. I have net profit figure begining FY1996 which was around RS 10.67 cr. In FY19, the consolidated net profit increased to Rs 492 Cr, giving CAGR of 18.1% during 23 years. Hence, there has been marginal growth in wealth created resulting from PE rerating over the period.

We educate influencers and consumers about the benefits organic practices and products. This includes having an expansive social media presence, as well as actively engaging with the press to share facts about organic methods, benefits, and milestones.

Projected growth rates for export products are modest in comparison with the products of organic imports, and the market share of organic imports is higher than for organic exports. Finding that organic soybeans and corn imports exhibit strong growth provides further evidence of the needs for transition of domestic acres to organic production of these commodity crops. 2351a5e196

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