24 October, 2020

The Paper Chase Revisited

A surge in select stock prices leads to a ‘boomlet’ in the primary market, but is there enough method in the madness?

The Paper Chase Revisited
outlookindia.com
-0001-11-30T00:00:00+05:53

IT’S 10 in the morning. Satish Gupta, 48, sits before the television watching CNBC. Around him are strewn the stock pages of the business dailies. The phone crackles and Gupta lunges to grab it. It’s his stockbroker with another "hot" tip. Gupta issues a few quick instructions— buy... hold... sell... and moves to the computer to update his portfolio. This has been his daily routine for the last six months, ever since he quit his job at a publishing firm. "It’s his new mistress— the stockmarket," jokes his wife. For the man, the stockmarket these days is serious business and serious money. "Like everyone else, I am trying to grow my money. In the past six months, my portfolio has given me 70 to 80 per cent return. I bought Infosys for Rs 2,600 six months ago, today it’s quoting at around Rs 8,000. HCL has jumped from around Rs 200 to around Rs 500, Pentafour has given returns of 70 to 80 per cent, my cement holding is up 400 per cent. Ditto for pharma and personal care scrips."

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