They came from far and wide to Mumbai, filling up the vast Cooperage Football Ground in Colaba, excited like a teenage ARMY at a BTS concert. It was not a match or a concert, though; yet the man who made them go there was a rock star on his own.
It was the mid-1980s and Dhirub hai Ambani had kickstarted a stock market revolution with the initial public offering of Reliance a few years earlier, turning thousands of ordinary Indians across the country into crorepatis. And in the ‘go-bigor-go-home’ style that has encapsulated the Ambani business ethos, the annual general body meeting of the company was held in a stadium, a first, perhaps, in the world.
“I knew history was being made,” said Ramnikbhai, an early Reliance investor whose life was transformed because of that one nifty bit of investment. ₹1,000 invested in the Reliance IPO is worth more than ₹2 crore today!
Will history repeat itself and cash counters go cha-ching again, as the Life Insurance Corporation of India, India’s largest insurer, gears up for its first sale of shares? Will it, in the process, help the government avoid a debt trap? More significantly, will it change the way Indians invest, making ordinary people put their money in stock markets for the first time?
TAKING STOCK
V.R. Srinivasan, a bureaucrat based in Delhi, had stuck to safe modes of investments like fixed deposits and insurance policies all his life. The ‘riskiest’ he had ever gone was putting a small amount in a systematic investment plan. Now, just a few months ahead of his retirement, all that might change.
“Markets are unpredictable, but there is definitely value in LIC IPO,” he said. “I will apply for a minimum number of shares.”
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A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
Indian-Americans coming together under the Democratic umbrella could get Harris over the line in key battlegrounds
COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
In her first political bout, Vinesh Phogat rides on the anti-BJP sentiment across Haryana
MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict
SAHEB LOSES STEAM
Coalition dynamics and poor electoral prospects continue to diminish Ajit Pawar's political stock