SBI stock skyrockets; M-cap at record
There was a few days gap in my writing the blogs; because of holidays coupled with travelling as also some network problems at home. Besides, I was also engaged in teaching European Business Environment course at MCES, Manipal last week and today I had a half-day's lecture sessions at SIBM, Manipal on High Value Credit Proposals to 31 of the their Senior Credit Managers.
Referring to my stint in SBI at Central Office, Mumbai, I was discussing with the participants reg Harshad Mehta's Stock Market Scam and how it surfaced at SBI's Mumbai Main Branch. Also, came up for discussion was the manner in which a junior Official of the bank handled the securities sales / purchases and meddled with the ledger accounts, etc. Besides, the fact that the SBI share was zooming day by day from a mere Rs. 450 (Rs. 100 was the face value and had a premium of Rs. 160 those days and rarely traded or quoted) to nearly Rs. 19,000 in a matter of about six months between November 1991 and April 1992, when the scam hit the markets.
Well, life is like that.... with series of Brand related meetings and preparations for two other events (or three?) on 14th and 18th Sept., 2010. (More on it separately)
SBI is in news again for another development. Its share is quoting in the Stock Market at the highest in recent times, with the BSE Index too hitting the highest at over 19,000 since January 2008 downfall. My comments would follow in a day or two.