Basics of Stock Market - 2

Continuing on my post on the Basics of Stock Market, I would like to make it a series (not a mega serial), so that it will not be too lengthy each time and also allows me to post regularly. I would like to cover the following in this series:

What is a Stock ? What is Share?
Types of Companies
Types of Shares Capital?
What is Stock Market?
What is a Stock Exchange?
How to list the shares?
Different types of Issues?
What is dematerialisation?
What is Face Value?
What is an Index? (Sensex, Nifty, NASDAQ )
What are the fundemental analysis - various analysis with examples
What is online- trading?

If anyone like to have anyother topics to be covered, please do let me know.

Let us start with the very basic of the Stock Market - What is Stock & Share
Ever wonder what is a Stock and how it differs from Share? Nowadays, both are used interchangeably. Initially the companies are called Joint Stock Companies. That means the capital of the company is called the Stock and a part of the Stock is a Share. If a person holds a share in the stock is called a Shareholder.
A shareholder is a person who holds shares in the company. A member is a Shareholder, whose name appears in the Register of Members of the company. Currently with Dematerialisation (discussed later in the post) of shares the distinction between Shareholder and Member is now redundant.

Types of Companies
There are basically two types of Companies - (a) Private Company (b) Public Company
(a) Private Company - A company which has a restriction on the maximum number of members (50 members) and also restriction on transfer of shares. That is the reason, a Private Company cannot be listed
(b) Public Company - A company which has no such restriction as a Private Company. A Public Company can be again classified into 2 categories: (i) Closely held and (ii) Widely held.
A closely held company is a company where the shares are held by very few and a Widely held company is a company where the shares are held by very many. A listed company is a widely held company.

Types of Share Capital
Stocks are of 2 types - Common or Equity Capital and Preference Capital
A Common or Equity Capital is the commonest capital. The total equity capital of a company is divided into equal units of small denominations, each called a share. For example, in a company the total equity capital of Rs.2,00,000 is divided into 20,000 units of Rs 10 each. Each such unit of Rs 10 is called a Share. Thus, the company then is said to have 20,00,000 equity shares of Rs 10 each. The holders of such shares are members of the company and have voting rights.

A Preference Capital comes with a Preference. A Preference Capital is normally redeemable within a period. Maximum period is 10 years. It carries a preference in terms of payment of Dividend.

Let us concentrate on the Equity Shares, as we would be dealing mostly in Equity Shares in the Stock Market.

To be continued...

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Basics of Stock Market - 1

I am happy to share my limited knowledge on the Stock Market with you all. It may be very basic, keeping in mind that some may be totally new to the Stock Market. With the Index falling from 20000 levels to 9000 level, started showing a bullish trend immediately after the election results, shedding about 600 points during the budget session made any common man to look into the Stock Market. There are people who made money and there are many who lost their money in the market. Is it gambling? speculation? calculated risk?. The answer to the question is very simple "Yes" and "No". For those who stay invested in a good stock never lost their money and those who want to make quick bucks loose their money. Nowhere in the history of the stock market people lost their money just by holding on to a fundamentally good stock. How to find those stocks and how long to hold them, how to make the fundamental analysis are the questions that would be running in your mind. It is not a rocket science. It can be easily understood. In this direction, let me take you through a couple of sessions on what is Stock Market, what is IPO, FPO, Rights issue, what is an index (Sensex, NIFTY), why market fluctuates, when to buy, what is long position, what is short, How much is the brokerage, what is STT, what is demat account, what is settlement, etc.,

I hope you will enjoy the same and please keep commenting on the posts by giving your valuable feedback, your doubts, any mistakes in my posting, suggestions for improvements.

I want to make sure that this series is getting to know the stock market and not on giving tips for your buying or selling.

I am travelling and start posting from 28th Aug 09.

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Adani Power - Initial Public Offer - An analysis

We all know that the most promising industry in India is Power. There are many players who are jumping into this arena to generate power, as our demand for Power is growing tremendously. Reliance Power came with a bang and now quoting way below the issue price (It never closed a day above the issue price). Though the price of Adani Power is more compared to the fundamentals, it was tipped to get more return on what is called as Listing Gain. The amount you will get in the market vis-a-vis the price you purchased in an IPO. This created more hype for the Adani Power and the NHPC as the market was in a bull phase. Everyone knowing that the price and of Rs.90-Rs.100 is a bit high, but applied for the same.

The issue was over-subscribed. The portion reserved for qualified institutional buyers got subscribed over 39 times the shares on offer, while the non-institutional and retail investors portion were subscribed over 8 and 2.5 times respectively at the close of the IPO. So, the company decided to fix the price of the share at Rs.100 (top of the band)

Today (20th August 2009) the share got listed.
On the National Stock Exchange (NSE), the share listed at Rs 108 (a premium of 8% to its issue price of Rs 100 a share). On the BSE, the share had opened at Rs 105, (a premium of 5%).

At the end of the day it closed at Rs 100.10 on the NSE. During the day ita high of Rs 110 and low of Rs 98.30.

On the BSE, it closed at Rs 100.05 . During the day It touched an high of Rs 107.90 and low of Rs 98.50.

What do we learn from this? Look for the fundamentals like Price to Book Value, Price to Earnings, etc., and not listing gains. Look at the peers (Tata Power, Reliance Power, NTPC) in the industry with proven record and compare the fundamental.

The news is that the share of Adani Power may go up a bit and then come down below Rs.90 soon. For a long term investment, get this share at Rs.80 - Rs.90 level.

More people may wonder why I wrote suddenly on a Stock! Some of my friends asked me this question on how the IPO is priced what is a listing gain and how to analyse the fundamentals of a particular stock. This is a start and frequently I will write on the basics of the Stock Market (in India)

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Impact of the Direct Tax Code, 2009 on the housing sector

With the Direct Tax Code draft released by the Finance Minister, Pranab Mukerjee, there were lot of questions surrounding the impact it has on various sector. Let us look at the famous housing sector.

There were several sops given to boost the housing sector in the earlier budgets. Let us see how these were treated in this Tax Code, 2009.

(a) Interest on the housing loan borrowed for acquiring, construction etc.,

Currently the interest paid by an assessee on the self-occupied property is allowed as a deduction from the taxable income to the extent of Rs.1,50,000. But in the new Tax Code, this is not available.

(b) Repayment of principal of loan amount taken for acquiring, constructing etc., a housing property.

Now the re-payment of the principal amount is allowed as a deduction u/s 80C (within the overall limit of Rs.1,00,000). But this benefit has been removed under the new Tax Code.

(c) Deduction for Repairs & Maintenance
Now the assessee can claim a deduction of 30% of the Annual Value, if the house is let out for tent. In the new Tax Code, 20% on the Gross Rent is allowed as deduction.

Also, we had some benefits in investing the capital gains in a Property to escape Capital Gains. But it is also gone now. Following are the deductions from Capital Gains, if you invest the CG in Property or deposit in a CG Savings Scheme.

Deduction # 1
Capital Gain from....: Any investment Asset
Investment in..........: Residential house
Conditions to be met:
(i) The assessee does not own any residential house, other than the new investment asset, on the date of transfer of the original investment asset; and
(ii) The original investment asset was acquired prior to one year before the beginning of the financial year in which the transfer of the asset took place.

So, if you have 2 residential house and sell one and invest in a new residential house, you will not be eligible for the benefit.

Deduction # 2
Capital Gain on....: Any investment Asset
Investment in......: Deposit in an account maintained under the Capital Gains Savings Scheme
Conditions to be met :
(i) The original investment asset was acquired prior to one year before the beginning of the financial year in which the transfer of asset took place; and
(ii) The deposit is made within a period of sixty days from the date of transfer of the original investment asset.

The housing sector reeling under the pressure of the economic downturn and most of the builders trying to sell their properties with great difficulty. Earlier, people started investing in the second property, as the return on the real estate and the tax sops was good. Also, the banks were lowering their interest rates to woo the common man to purchase / construct a property.With the tax benefits gone, the prices of properties started to going up, the demand for the housing property will go down, unless you are trying to own a property for the first time.

The new tax code, if put to use will be applicable only from 1-Apr-2011. So, if you have any loan for your existing property and having some surplus money, better pay off the loan before the Act is in place.

Please note : The views are my own on a plain reading of the Direct Tax Code 2009. Better check with your Financial Advisor before taking any decision.

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Fools Work Hard..... for Others.

Last weekend, I spent my time in reading a book "Fools work Hard....for Others. Smart People Work Hard For : Freedom From The Race" by Ravindra Potharaju. It was a nice reading and written very well in a narrative manner. The author created 3 fictitious characters (Bob, Tom & Lou) to explain the concept through dialogues between them.

The concepts were not new but was put very aptly. The author tries to explain how to achieve freedom from the ‘Race of life’. "Fools depend on others for Security" and "Smart guys depend on themselves for Security". He says that he is not against working, but make a plan for future while in job, which will expedite the process to Freedom.

The process to Freedom, he says, can be achieved by following the 7 steps.
  1. Choose "Freedom-based Goals"
  2. Cultivate "Natural Motivation"
  3. Fall in "Love with Wealth"
  4. Align "Natural Talents" to your profession
  5. Develop the "Right Skills"
  6. Prepare and Execute a "Simple Plan"
  7. Review "Progress" and "Motivation Fuel"
In essence, the author says, Fall in love with wealth, as you do for your children. Deploy your natural talents with the right skills. Develop a simple plan and monitor the same.

The plan is nothing but an Income and Expenditure statement with a slight difference. The bifurcates the Income into Assured Income (dividend, Interest, Rent etc.,) and non-dependent (like salary). He tries to increase the non-dependent income. While on expenditure, he tries to control the expenditure (not cutting them). Then he is re-investing the surplus to generate more independent regular inflow of money. Though he does not talk about how to generate the wealth or to get more returns, he discusses on how to get into the habit of getting regular income. He explains how to compute the number of year to achieve freedom:

N = Freedom Flow/ (AIOP * Ploughback)

N = Number of years required to achieve threshold of “Freedom”
Freedom Flow = Total Expenses – Assured Income
AIOP = Assured Income that can be generated as a percentage of ploughback
Ploughback = Total Income – Total Expenses ( the amount available for conservation to assured income)

Assured Income = Rentals, Dividends, Royalties, Interest and others
Non Assured Income = Salary, Bonus, etc.,
Total Income = Assured Income + Non Assured Income

To make this equation work, the Freedom flow should be as low as possible. That means, increase the Assured Income and reduce the total expenses. The more you reduce your expense, freedom will be achieved faster. The AIOP to be maximised. This can be achieved by taking proper financial advise.

To conclude, if you feel that you are not living the lifestyle of your choice, dependent of your monthly salary, being in a job you don't like or you are not able to put your natural skills to your job, I suggest you to read this book. It will not give you answers, but can guide you.

Author : Ravindra Potharaju
Publisher : Vikas Publishing
Price : Rs.150 (~$3.50)

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Annual Day Celebrations of Bangalore Chapter of ICSI

Yesterday ( I attended the Annual day function of the Bangalore Chapter of the Institute of Company Secretaries of India - at Hotel Woodlands, Bangalore. It was the function for the members & their families. I reached little early at the venue (5.50pm), while the function was supposed to start by 6.15pm. The members (true Indians) started coming around from 6.15 and by 6.30 there were few members. The Chief Guest Dr.Master Hirennaiah reached the venue by about 7.00pm. Finally the function started at 7.25pm. CS Nagendra Rao welcomed the gathering and introduced the Chief Guest. Mr.Kannan, Secretary of the Bangalore Chapter read out the agenda of the day. Luckily I got the company of the past Chairman of the SIRC of ICSI & the Bangalore Chapter of the ICSI and sat on the second row.

The function started with speeches (everyone greeting the members on the dias individually...we are still to come out of the Indian political way of mentioning the names, designation before starting their speech. Prizes were given to the meritorious students. I was surprised to hear that the Chapter has organised sports & games events for the members and students. The winners were presented with Certificates and gifts by the Chief Guest. They have organised for Chess, Table Tennis, Carrom, Cricket, Football and Shuttle. One person won many prizes for Carrom and Table Tennis.

Finally with a foreword from CS.Gopalakrishna Hegde, the Chief Guest started to deliver the speech. It was a hillarious speech and though provoking. While speaking, the Chief Guest reminded that he will adhere to his time as it was nearing the Dinner. The dinner was supposed to be at 8.30pm. When he finished, everyone gave a thunderous applaud for the excellent speech. When everyone got up to form a line for dinner, it was announced that there is a cultural program by the students and the dinner will be served afterward. By that time, it was 8.30pm and I had to leave, as I had some commitments.

I hope the students' program went well and all the members & family members had a fantabulous supper - No doubt on the Woodlands taste! I missed it.

I thought I can meet some of the Company Secretaries in Bangalore, but could not. I realised how I miss this profession by not attending any program in Bangalore. I made it a point to attend few Professional Development programs of the Chapter.
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Decoding the New Tax Code 2009

On 12th August, 2009 the Finance Minister unveiled the new tax code - Direct Taxes Code, 2009, which will we revamping the existing Income Tax Act, 1961. He said it is a process and not an event. So it will take time to put things in place and get feedback. So, if this new Tax Code is put to use, it would be from 1st of April 2011. let us see how an individual is affected/benefited by the new code. I am not discussing anything from an business angle or corporate angle.

(a) Individual tax rates

The good news is that we have now broader blocks and it will reduce your tax liability considerably. But hang on, till you read this full blog.

Existing Income
.........................................New Income ...........................Tax Rate

Upt0 1,60,000
.....................................................Upto 1,60,000..............................Nil

[for women - 1,90,000
for Senior Citizen - 2,40,000]
1,60,001 to 3,00,000..........................................1,60,001 to 10,00,000.................10%
3,00,001 to 5,00,000........................................10,00,001 to 25,00,000................20%
5,00,001 & above................................................25,00,001 & above........................30%

For information - the tax rate for Corporate (both Indian & Foreign) reduced to 25%

(b) Salary elements.

Only the following are allowed as deduction. Medical reimbursement, perquisites like LTA, Leave encashment will no longer be deductible, but included in the salary component, as the slab is increased.
  • Profession tax - tax on employment within the meaning of clause (2) of Article 276 of the Constitution;
  • amount received from his employer for journey by the person between his residence and office or any other place of work, to the extent prescribed - Currently Rs.800 per month
  • any such special allowance or benefit specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the dutiesof an office or employment of profit, as may be prescribed, to the extent to which such expenses are actually incurred for that purpose;
  • the amount of any pension received by an individual who has been in the service of the Central Government or State Government and has been awarded “Param Vir Chakra” or “Maha Vir Chakra” or “Vir Chakra” or such other gallantry award as the Central Government may, by notification in the Official Gazette, specify in this behalf.
  • The following shall be allowed if the amounts referred to therein is paid to, or deposited in, a Retirement Benefits Account maintained with any permitted savings intermediary in accordance with the scheme framed and prescribed by the Central Government in this behalf:

    • the amount due or received, directly or indirectly, from his employer, in connection with his voluntary retirement or termination of service or voluntary separation under any scheme framed for this purpose in accordance with such guidelines as may be prescribed;
    • the amount of any gratuity received from one or more of his employers, subject to limits as may be prescribed, if the amount is received -(i) on his retirement, or on his becoming incapacitated prior to such retirement, or on termination of his employment; or (ii) by the spouse, children or dependants on the death of the person.
    • the amount of any death-cum-retirement gratuity received under the Payment of Gratuity Act, 1972 or from the Central Government, State Government,local authority or any public sector company;
    • the amount received in commutation of pension under a scheme of his employer, framed in accordance with the prescribed rules, to the extent of -
      (i) one-third of the pension, in a case where he receives any gratuity; and
      (ii) one-half of such pension, in any other case;

(c) Exempt - Exempt - Tax (EET)

That means, your contribution to PPF, etc are exempted from tax comutation and when you withdraw them, it is taxable. Of course, it is believed that whatever is accruing after 1st April 2011 will only come under this. That means current contribution, when you withdraw will not be taxable and any contribution after 1st Apr 2009 when withdrawn will be taxable.

(d) Dividends

Dividends are not taxable in the hands of the recipients. Dividend distributio tax remains at 15% in the hands of the company.

(e) Income from House Property
  • House propoerty income would now be Gross Rent minus allowable deductions and Gross Rent is the higher of Contractual Rent or the Presumptive Rent (i.e. 6% of value fixed by local authority or in case there is no such valuation, cost of construction or acquisition)
  • Deduction for repairs & maintenance is allowed at 20% (now 30% of annual value) of the Gross Rent
  • Advance rent would be taxed in the year it relates to.
  • No deduction for self occupied property towards Interest on loan borrowed for consturction, purchase, repairs or reconstructing
(f) Capital Gains

No more distinction between Long Term and Short Term Capital Gains. All are taxable. So investment in Stocks and holding for a year or more will not benefit more, as it would be taxed, if it is a gain. Hope the set-off provision will remain the same, so that we can adjust if there is a loss and carry forward any unabsorbed loss.
Another important change is that the Indexation for ascertaining the cost of acquisition. Hitherto it was 1-Apr-1981 now the indexation starts from 1-Apr-2000.
Good news - Securities Transaction Tax removed.

(g) Deductions from Taxable Income (sec 80C)

The current limit of Rs.1,00,000 has been increased to Rs.3,00,000. (Will discuss about the changes in detail in the next post)

(h) Wealth Tax
Wealth tax limit raised to Rs 50 crore. Tax of 0.25 per cent above this limit. Equity Shares etc., are now considered as wealth.

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Felicitation to the newly elected President & the Vice President of ICWAI

On 8th August 2009 evening I was invited by the Bangalore Chapter of the Institute of Cost & Works Accountants of India (ICWAI) to felicitate the newly elected President of the Institute Shri.G.N.Venkatraman (GNV) and the Vice President, Shri.Brij Mohan Sharma. The newly elected team at the regional level (SIRC) - Shri.AVNS Nageswara Rao (Chairman - SIRC) and Shri.B.R.Prabhakar (Secretary - SIRC). It was a nicely arranged function in the Woodlands Hotel, Bangalore.

Before the function started, those who were present in the venue paid our respect to Shri.A.V.Ramana Rao (the past President of the ICWAI), who passed away recently.

I had the previlege of meeting 2 known personalities (Shri.GNV & Shri.BM Sharma) and congratulating them in person. I had met Shri.GNV several times and his simplicity and smiling face are his trademark. Though senior by age, he is young at heart. He remembered my email to him and thanked me. So nice of him.

I had interacted with Shri.BM Sharma over mail and met him for the first time. He is simple with a smiling face and a very young personality with lot of knowledge. He specialises in indirect taxation and his expertise will bring more strength on the tables of the ICWAI. Next year, he will be the President and with GST on the cards (hopefully), we can expect more!! I was thrilled to hear Shri.Om Prakash (the immediate past Chairman of the SIRC of ICWAI) asking how I become popular? I was shocked and asked him why - he said the VP asked him whether Gopala Ramanan is coming today or not. I never expected this. Thanks to Shri.BM Sharma for remembering me.

To know more about the President & Vice President please CLICK HERE.

The function was to start by 7.00 pm and close for Dinner at 8.00pm. The function indeed started at 7.00pm and went steadily till 9.30pm and was forced to close. Lot of well wishers were there to felicitate the newly elected teams - both at the Central and the Regional level. One of the oldest members (young at heart at 90 years) made his way to the podium and felicitated the new team. It was a hard decision to stop the members to make sure that the President, Vice President of the Institute, Chairman of SIRC and the Secretary of the SIRC also share their moments.

Though my interaction with Shri.AVNS Nageswara Rao was very less, I heard a lot about him. Shri.B.R.Prabhakar is a known person and I was surprised when everyone was praising him for his knowledge in Sankrit & Carnatic Music. It is a gift.

I met Dr.I.Ashok (Vice Chairman - SIRC) and the Treasurer of SIRC. The Chairman of the SIRC of ICSI, Shri.Gopalakrishna Hegde, past Chairman of Bangalore chapter, Shri.Dattatraya Joshi were also present and spent some time with them too. It so coincided, that the coming Wednesday (12th) again I will be meeting the ICSI team on their Annual Day in the same venue.

Shri.M.R.Krishnamurthy, Chairman of the Bangalore Chapter of ICWAI, chaired the function. Shri.N.Shiv Kumar , Secretary of the Bangalore Chapter proposed the vote of thanks.

I met the other Bangalore Chapter committee members, Shri, M.R.Krishnamurthy, Shri.N.Shiv Kumar, Shri.A.V.Jayarama, Shri.Y.H.Anegundi, Ms.Geetha and some senior members in the profession, Shri.Ramamirtham, Shri.R.Parthasarathy.

Shri.Sitaram & Shri.Kumar of the Bangalore Chapter were running around to see that everything is in order.

Though the meeting ended an hour and a half late, it was worth a wait. The meeting followed by a sumptuous supper, (traditional south Indian food on a plantain leaf) by Woodlands hotel.

It was a wonderful evening in toto.

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IFRS roadmap for India - Convergence



The High Powered Core Group for discussing and resolving the implementation challenges with regard to convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from the year 2011 has expressed confidence in the issuance of the roadmap at an early date. In its meeting held today at Mumbai at SEBI Bhavan the Core Group expressed satisfaction about the progress in developing necessary capacity and capability to bring about the convergence and decided to accelerate efforts to engage with more stakeholders in this process.

Ministry of Corporate Affairs had set up this High Powered group comprising various stakeholders under the Chairmanship of Shri Anurag Goel, Secretary. The Core Group is supported by two sub-groups. The first sub-group headed by Shri Y.H. Malegam, Chairman, NACAS is to identify changes required in various laws, regulations and accounting standards for convergence with IFRS and to prepare a clear roadmap for achieving the same. The second sub-group of CFOs under the Chairmanship of Shri Mohandas Pai, Director, Infosys would interact with various stakeholders in order to understand their concerns on the issue of convergence with IFRS, identify problem areas and ascertain the preparedness of the stakeholders for such convergence.

Today’s meeting was a joint meeting of the Core Group and the two sub-groups to assess the preparedness of the industry and to arrive at a roadmap for convergence. The meeting was chaired by Shri Anurag Goel and was attended by Shri C.B. Bhave, Chairman, SEBI, Shri Y.H. Malegam, Chairman, NACAS, Shri Mohandas Pai, Director, Infosys, Smt. Usha Thorat, Deputy Governor, RBI, Mr. Kannan, Member, IRDA, Mr. Uttam Agarwal, President, ICAI and other senior government officials, CFOs of the industries, representatives of ICAI, IBA and other stakeholders.

There were detailed deliberations on the presentations made by the two sub-groups on various implementation challenges especially those related to legal and accounting framework and transitional issues. Further, sector specific challenges especially in the banking, insurance, shipping, small & medium enterprises were also discussed. The ICAI presented the details of a comprehensive capacity building programme which the Institute is carrying on to prepare the CA profession for this transition and stated that a large number of professionals have undergone training and the process is being accelerated. The Chairman of the Accounting Standards Board of ICAI placed on record that the convergence project is at an advanced stage of completion. CFOs present in the meeting stated that industry was getting prepared though there were some concerns from smaller companies. They also requested amendments to the Companies Act and other Regulations and also the early exposure of accounting standards which are IFRS compliant, to enable them to prepare for meeting the deadline.

The discussions were encouraging and witnessed strong support for convergence from all participants in the meeting.


Soucre : PIB Press release
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Two-day WORKSHOP on 'I F R S' - Chennai

The Management Academy, Chennai, is organising a
Two-day WORKSHOP on 'I F R S'
Date: 7th & 8th August 2009 Time: 10.00 A.M - 05.30 P.M
Venue: Hotel Ambassador Pallava, Montieth Road, Egmore, Chennai - 600 008.
Speakers: Shri R.G. Rajan & Shri N.R.Govindarajan, Chartered Accountants.
(Expert Speakers on IFRS & Accounting Standards)

Fees: 8000/- Per participant. In case of two or more participants from the same organisation, the participation fee will be Rs.7,500/- per participant.

For nominations & further details, please contact
CHENNAI - 600 099.
092831 27226
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Happy Friendship Day

Dear Friends,

Today is Friendship day. I would like to take this opportunity to thank all my friends for bearing and being with me all these days. Following are few quotes, I could gather on this friendship day ...

Do not protect yourself by a fence, but rather by your friends - Czech proverb

Wishing to be friends is quick work, but friendship is a slow-ripening fruit.
- Aristotle

An old friend never can be found, and nature has provided that he cannot easily be lost - Samuel Johnson

In prosperity our friends know us; in adversity we know our friends - John Churton Collins

Without friends no one would choose to live, though he had all other goods.
- Aristotle

To have a good friend is one of the highest delights of life; to be a good friend is one of the noblest and most difficult undertakings. - Anonymous

"Your friend is the man who knows all about you, and still likes you."- Elbert Hubbard

A real friend is one who walks in when the rest of the world walks out.- Walter Winchell

Thank you all for being my friend. I will strive my best to be a good friend to you too!

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