The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 410 as of Today.
Position: Due to uncertainity in direction of crude markets because of various factors like depreciating rupee (+ve for price) , fallingof equity markets(-ve for crude price) and arrival and change of direction of hurricanes in US(+ve and -ve ) out of crude market fro sometime.Invested in equities today to take advantage of volatile conditions in the Indian Market .So the value increased by rs 40.
Present Postion :short on copper .(trying it on copper for the first time )
Friday, August 17, 2007
Thursday, August 16, 2007
NAV of Mutual Fund.....
The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 375 as of Today.
Position: Presently out of market and in cash due to volatile Crude and Equity Markets.......
Position: Presently out of market and in cash due to volatile Crude and Equity Markets.......
Monday, August 13, 2007
NAV of Mutual Fund
The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 395 as of Today.
Position :Long on OIL....
Position :Long on OIL....
Friday, August 10, 2007
NAV of Mutual Fund..........
The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 470 as of Today
Position :Short on OIL......(2 lots )
Position :Short on OIL......(2 lots )
Thursday, August 9, 2007
"The Tea Auction adventure By Abrar "
The Tea Auction adventure
It is not very often that I get out of my bed as early as 6.30 in the morning. But this was going to be a special occasion. 31st of July was going to be my first stint with tea trading, thanks to the program arranged by the trade club coordinators. After the grand success of the trading game, the club had more surprises in store for us. Sunil and Alok, the coordinators, had given us a briefing on the previous day on how the whole auction process takes place.
We all set off to the tea board with Sunil and the Rajat duo taking charge of the proceedings. The auction was to begin at 8.30 sharp and we managed to be there on time. I was expecting it to be some sort of market place with people shouting at the top of their voices, something on the lines of Dalal Street. As we moved into the building, we were ushered into an auditorium which was filled with people, representing various firms, maintaining perfect decorum. That was the first big surprise to me.
The proceedings started sharp on 8.30am. There was the moderator who, on behalf of the brokers, was taking forward the auction process. He was speaking at a rate faster than any cricket commentator. But he still made complete sense to his target audience. Then there were strange signs and conversations going on among all members. I could not make much sense; but one thing was clear: the trading had started. People were busy making calls and chatting on their laptops. After observing for some more time, there was some clarity on the happenings. The trading was taking place simultaneously in other parts of India including Guwahati and Banglore. To summarise the proceedings, there was a broker, who had several lots of tea from various suppliers and he held an auction for which there were various bidders including the likes of HLL and TATA.
On a personal note, it was a one of its kind of experience. It gave an insight into how actual trading happens. If not for this initiative by the trade club, I would never had a chance to visit a tea-auction. Cheers to the Trade Club for organizing this eventful trip and looking forward for more such fun in the days to come.
Mohammad Abrar
MBA IB (07-09)
IIFT-Kolkata
It is not very often that I get out of my bed as early as 6.30 in the morning. But this was going to be a special occasion. 31st of July was going to be my first stint with tea trading, thanks to the program arranged by the trade club coordinators. After the grand success of the trading game, the club had more surprises in store for us. Sunil and Alok, the coordinators, had given us a briefing on the previous day on how the whole auction process takes place.
We all set off to the tea board with Sunil and the Rajat duo taking charge of the proceedings. The auction was to begin at 8.30 sharp and we managed to be there on time. I was expecting it to be some sort of market place with people shouting at the top of their voices, something on the lines of Dalal Street. As we moved into the building, we were ushered into an auditorium which was filled with people, representing various firms, maintaining perfect decorum. That was the first big surprise to me.
The proceedings started sharp on 8.30am. There was the moderator who, on behalf of the brokers, was taking forward the auction process. He was speaking at a rate faster than any cricket commentator. But he still made complete sense to his target audience. Then there were strange signs and conversations going on among all members. I could not make much sense; but one thing was clear: the trading had started. People were busy making calls and chatting on their laptops. After observing for some more time, there was some clarity on the happenings. The trading was taking place simultaneously in other parts of India including Guwahati and Banglore. To summarise the proceedings, there was a broker, who had several lots of tea from various suppliers and he held an auction for which there were various bidders including the likes of HLL and TATA.
On a personal note, it was a one of its kind of experience. It gave an insight into how actual trading happens. If not for this initiative by the trade club, I would never had a chance to visit a tea-auction. Cheers to the Trade Club for organizing this eventful trip and looking forward for more such fun in the days to come.
Mohammad Abrar
MBA IB (07-09)
IIFT-Kolkata
"Musings of Gaurav Dhanani on Tea Auction "
Visit to TEA AUCTION – IIFT TRADE CLUB MEMBERS ----31st July 2007
Early in the morning around 7 am we started our journey to the TEA BOARD AUCTION near Dalhousie from respected hostels. My first impression about the event was that it would be a boring one and as seen in the movies and heard by peers.
However it was just the opposite of the impression I had in mind.
As we reached the auditorium we were seated in the last 2 rows and were instructed not to make any kind of noise because it could hamper the auction process. Then the AUCTION process started. There were 3 people sitting in front who were conducting the auction process i.e. the auctioneers and on the other side of the desk were around 70 people, i.e. the BIDDERS who included the high profile tea sellers like TATA , Hindustan Unilever Limited, DUNCANS, GOKUL, PREMIER group, OMKARA, JAGGU, KESARIA group, BALA group, MKL group, TEWARI group. The interesting part of the auction was the behaviour of the bidders and the auctioneer.
The process
Tea is sold in lots with each lot being given a unique number and there was a price associated with each lot and details of the lots like the quantity and approximate price was already with the bidders. The bidders can take the whole of a lot or can divide among the bidders at the settlement price if required. Then the bidders have to take the physical delivery of the tea lots as per their bidding. Once the auctioneer banged the hammer on the table the lot was finalised and nothing was to be done regarding that lot any more.
PARTIES IN THE PROCESS
1-The AUCTIONEER, we had the privilege of seeing 2 of them, the 1st one for 7 minutes and the next one for around an hour. Certain characteristics of the same were: he was a very fast speaker with ears of precision. He was the one who was interacting with the bidders and writing down the orders as per the price settled of the lot and then banging the hammer on the table. The best part was that he was able to identify which company had bid at the instant second, as for a single company 2-3 representatives were present who were sitting in different parts of the auditorium and he was pushing the bidders to offer better price. And one thing that strikes out was that in such fast hue and cry he was able to make jokes..(It was outstanding).
2-The BIDDERS, who were around 60-70 present that day, were the real ones to make note of and be analysed. One feature which I noticed was that 3-4 people of an organisation were present but were not sitting together, actually in different parts of the auditorium. They had code words like a typical shriek and making different kinds of noises which were tough to crack. They had all the required information of the lots and accordingly they were bidding. They were also making notes of the party and the rate at which the lots were sold.
Overall it was a great experience and it was the first time I saw a live auction been held. We were there for around and hour in the auditorium during which around 300 lots were sold, obviously not all lots were sold, for some bidders were not interested. Staying in Kolkata for last 22 years, I haven’t got such an opportunity as this one which I have got after joining IIFT. After it we along with some of the seniors went to Victoria memorial and thereafter returned to respected hostels.
GAURAV DHANANI
MBA IB 2007-09
IIFT KOLKATA
Early in the morning around 7 am we started our journey to the TEA BOARD AUCTION near Dalhousie from respected hostels. My first impression about the event was that it would be a boring one and as seen in the movies and heard by peers.
However it was just the opposite of the impression I had in mind.
As we reached the auditorium we were seated in the last 2 rows and were instructed not to make any kind of noise because it could hamper the auction process. Then the AUCTION process started. There were 3 people sitting in front who were conducting the auction process i.e. the auctioneers and on the other side of the desk were around 70 people, i.e. the BIDDERS who included the high profile tea sellers like TATA , Hindustan Unilever Limited, DUNCANS, GOKUL, PREMIER group, OMKARA, JAGGU, KESARIA group, BALA group, MKL group, TEWARI group. The interesting part of the auction was the behaviour of the bidders and the auctioneer.
The process
Tea is sold in lots with each lot being given a unique number and there was a price associated with each lot and details of the lots like the quantity and approximate price was already with the bidders. The bidders can take the whole of a lot or can divide among the bidders at the settlement price if required. Then the bidders have to take the physical delivery of the tea lots as per their bidding. Once the auctioneer banged the hammer on the table the lot was finalised and nothing was to be done regarding that lot any more.
PARTIES IN THE PROCESS
1-The AUCTIONEER, we had the privilege of seeing 2 of them, the 1st one for 7 minutes and the next one for around an hour. Certain characteristics of the same were: he was a very fast speaker with ears of precision. He was the one who was interacting with the bidders and writing down the orders as per the price settled of the lot and then banging the hammer on the table. The best part was that he was able to identify which company had bid at the instant second, as for a single company 2-3 representatives were present who were sitting in different parts of the auditorium and he was pushing the bidders to offer better price. And one thing that strikes out was that in such fast hue and cry he was able to make jokes..(It was outstanding).
2-The BIDDERS, who were around 60-70 present that day, were the real ones to make note of and be analysed. One feature which I noticed was that 3-4 people of an organisation were present but were not sitting together, actually in different parts of the auditorium. They had code words like a typical shriek and making different kinds of noises which were tough to crack. They had all the required information of the lots and accordingly they were bidding. They were also making notes of the party and the rate at which the lots were sold.
Overall it was a great experience and it was the first time I saw a live auction been held. We were there for around and hour in the auditorium during which around 300 lots were sold, obviously not all lots were sold, for some bidders were not interested. Staying in Kolkata for last 22 years, I haven’t got such an opportunity as this one which I have got after joining IIFT. After it we along with some of the seniors went to Victoria memorial and thereafter returned to respected hostels.
GAURAV DHANANI
MBA IB 2007-09
IIFT KOLKATA
"Tea Auction--- My Experience"- By Neha Gupta
Visit to Tea Board on 31 July 07
When I first saw “Tea Auction”, organised by ‘BLASH’ in our schedule for one full day, I got really excited. With the learning involved was a day off from classes.The alarm set off at 6am. I woke up with much ado to be in time for the bus. With a lot of inquisitiveness, around 35 of us hopped onto the IIFT bus and headed towards the tea board.
We all assembled in the last two rows of the room and awaited the auction to begin. In came the auctioneers and started off at a pace, which was difficult for us to follow initially. Slowly, we started following the process. We witnessed a part of the auction of a seller who had over 1000 varieties of tea! The bidders represented big names such as Tata tea, Hindustan Lever Ltd. and some export oriented firms such as Gokul, Madhu Jayanti and others.
It was interesting to see how the auctioneer and the bidders were trying to get the best price. Such Tea auctions are held simultaneously in various cities across the country such as Guwahati, Siliguri, Bangalore etc.
Amidst all this commotion, I turned around to find a couple of us snoring silently. After about an hour, we left the place to have some tea along with scrumptious samosas to satisfy our hunger pangs. The enthused team then moved on to rock Victoria memorial. It was a great way to spend the last day of the month.
Here’s a brief account of the auctioning process -
The Tea board is a regulated body where buyers and sellers (brokers – intermediaries between the buyers and producers) meet to buy and sell tea. Auction starts at 9 am and goes on till 6 pm and is a thoroughly professional set up. One or two more persons accompany the auctioneer.
Samples are given to prospective buyers at least 3 weeks prior to the date of the auction. The buyers taste the samples and carry out their valuation. Tea is sold in predetermined lot sizes, which is the minimum quantity that has to be purchased. Sometimes, a lot is purchased by one buyer but is actually shared by two or more parties if the each one’s requirement is smaller than the lot size.
One question that kept lingering in my head was why do the buyers and sellers come to the tea board for their transactions inspite of having to pay a sum of money as membership fees. This was answered during my discussion with Mr. Partha Protim Bhattacharya, Vice President (Export), The North Western Cachar Tea Co. Ltd. The primary reasons –
· Why does the seller come here?
Producer is required under the law to sell a portion of his produce through the tea board (Regulated auctioning). Also, the seller obtains the advantage of accessing an organised group of buyers under one roof.
· Why brokers prefer to sell through the tea board?
o Open market – When the broker buys from the producer, he is obliged to pay him whether the final buyer pays him or not.
o Tea Board – In this regulated market, when the broker buys from the producer, he has to pay the producer only when the final buyer pays him. In case the final buyer defaults, the broker is not obliged to pay the producer.
· Why does the buyer come here?
Recognised sellers and access to a number of sellers under one roof at one time.
It was a very informative endeavour and has enriched our knowledge of the tea auctioning process greatly.
Neha Gupta
MBA-IB (07-09) batch
IIFT-Kolkata
When I first saw “Tea Auction”, organised by ‘BLASH’ in our schedule for one full day, I got really excited. With the learning involved was a day off from classes.The alarm set off at 6am. I woke up with much ado to be in time for the bus. With a lot of inquisitiveness, around 35 of us hopped onto the IIFT bus and headed towards the tea board.
We all assembled in the last two rows of the room and awaited the auction to begin. In came the auctioneers and started off at a pace, which was difficult for us to follow initially. Slowly, we started following the process. We witnessed a part of the auction of a seller who had over 1000 varieties of tea! The bidders represented big names such as Tata tea, Hindustan Lever Ltd. and some export oriented firms such as Gokul, Madhu Jayanti and others.
It was interesting to see how the auctioneer and the bidders were trying to get the best price. Such Tea auctions are held simultaneously in various cities across the country such as Guwahati, Siliguri, Bangalore etc.
Amidst all this commotion, I turned around to find a couple of us snoring silently. After about an hour, we left the place to have some tea along with scrumptious samosas to satisfy our hunger pangs. The enthused team then moved on to rock Victoria memorial. It was a great way to spend the last day of the month.
Here’s a brief account of the auctioning process -
The Tea board is a regulated body where buyers and sellers (brokers – intermediaries between the buyers and producers) meet to buy and sell tea. Auction starts at 9 am and goes on till 6 pm and is a thoroughly professional set up. One or two more persons accompany the auctioneer.
Samples are given to prospective buyers at least 3 weeks prior to the date of the auction. The buyers taste the samples and carry out their valuation. Tea is sold in predetermined lot sizes, which is the minimum quantity that has to be purchased. Sometimes, a lot is purchased by one buyer but is actually shared by two or more parties if the each one’s requirement is smaller than the lot size.
One question that kept lingering in my head was why do the buyers and sellers come to the tea board for their transactions inspite of having to pay a sum of money as membership fees. This was answered during my discussion with Mr. Partha Protim Bhattacharya, Vice President (Export), The North Western Cachar Tea Co. Ltd. The primary reasons –
· Why does the seller come here?
Producer is required under the law to sell a portion of his produce through the tea board (Regulated auctioning). Also, the seller obtains the advantage of accessing an organised group of buyers under one roof.
· Why brokers prefer to sell through the tea board?
o Open market – When the broker buys from the producer, he is obliged to pay him whether the final buyer pays him or not.
o Tea Board – In this regulated market, when the broker buys from the producer, he has to pay the producer only when the final buyer pays him. In case the final buyer defaults, the broker is not obliged to pay the producer.
· Why does the buyer come here?
Recognised sellers and access to a number of sellers under one roof at one time.
It was a very informative endeavour and has enriched our knowledge of the tea auctioning process greatly.
Neha Gupta
MBA-IB (07-09) batch
IIFT-Kolkata
NAV of Mutual Fund...............
The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 415 as of Today
Position :Short on OIL......(2 lots )
Position :Short on OIL......(2 lots )
Wednesday, August 8, 2007
NAV of OIL Fund......
The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 390 as of Today
Position :Short on OIL......
Tuesday, August 7, 2007
NAV of Mutual Fund
The NAV of Mutual fund (Oil-o1) Phase value 250 is RS 430 as of now.....
Position :Short on OIL..
Position :Short on OIL..
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