My late father, Dr. Dharam Paul Aggarwal ,used to recall the shares bazars of Pre 1947 and their reporting in the newspapers.
In Punjab , in those days the prominent Stock Exchange was Lahore and regional news papers were in Urdu.
Shares Up
If , on a particular day , Markets rose then in the following day's Urdu newspapers it was reported :-
Aaj Lahore Stock Exchange Mein DIL KUSH TEJI Rahi "
Shares Down
Aaj Lahore Stock Exchange Mein DIL KHARAASH MANDAA Raha.
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What ever the times , a Rise in Share Rates ( now seen on computer screens ) , always , brings smiles .
My father told us that biggest speculative share in Pre Independence times was Tata Deferred .
( Tata Steel's Deferred Share which was entitled to Dividend twice ,Ordinary Equity Dividend + a Special Exclusive Dividend. )
Brokers in the Stock Exchange Trading Ring shouted O -- DEFERRED , O--DEFERRED ---Liya - Becha, '
The massive speculative volatility embarrassed the Tata s who , ultimately around 1953, converted Tata Deferred to TISCO Equity in the ratio of 1 :6 ( Please Recheck ).
( Tisco Equity was then Rs. 75 paid up. Much later, a 1 : 3 Bonus was declared and share holders received stickers . to be put up on the share certificates." that the face value is increased from Rs.75 to Rs 100 " )
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Personal Note
( I am a 3 G Investor. My late Grand father , was allotted , around 1962 , in the Public Issue , shares of Kirloskar Cummins Ltd. Rs 100 paid up ( Now , Cummins India, Rs. 2 paid up )
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Conversion of Tisco Deferred to Tisco Ordinary
In 1950 51 , under JRD Tata , Tisco referred the issue of a just Deferred - Equity exchange ratio to the Attorney General , Motilal Setalvad, who in 1953 recommended a ratio of 1 : 6.
source
https://books.google.co.in/books?id=C5n0AwAAQBAJ&pg=PT91&lpg=PT91&dq=tisco+deferred+shares+exchanged&source=bl&ots=tIBzgWYA6G&sig=C60DHHrzm-C_fUWZduY-ptgG3O4&hl=en&sa=X&ved=0ahUKEwjfyYTJ4avWAhUFs48KHfCnBygQ6AEIPTAE#v=onepage&q=tisco%20deferred%20shares%20exchanged&f=false
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please , also read
http://www.rareindianshares.info/2017/09/cement-brands-and-college-days-1975-80.html
.
In Punjab , in those days the prominent Stock Exchange was Lahore and regional news papers were in Urdu.
Shares Up
If , on a particular day , Markets rose then in the following day's Urdu newspapers it was reported :-
Aaj Lahore Stock Exchange Mein DIL KUSH TEJI Rahi "
Shares Down
Aaj Lahore Stock Exchange Mein DIL KHARAASH MANDAA Raha.
-----------
What ever the times , a Rise in Share Rates ( now seen on computer screens ) , always , brings smiles .
My father told us that biggest speculative share in Pre Independence times was Tata Deferred .
( Tata Steel's Deferred Share which was entitled to Dividend twice ,Ordinary Equity Dividend + a Special Exclusive Dividend. )
Brokers in the Stock Exchange Trading Ring shouted O -- DEFERRED , O--DEFERRED ---Liya - Becha, '
The massive speculative volatility embarrassed the Tata s who , ultimately around 1953, converted Tata Deferred to TISCO Equity in the ratio of 1 :6 ( Please Recheck ).
( Tisco Equity was then Rs. 75 paid up. Much later, a 1 : 3 Bonus was declared and share holders received stickers . to be put up on the share certificates." that the face value is increased from Rs.75 to Rs 100 " )
-------------
Personal Note
( I am a 3 G Investor. My late Grand father , was allotted , around 1962 , in the Public Issue , shares of Kirloskar Cummins Ltd. Rs 100 paid up ( Now , Cummins India, Rs. 2 paid up )
=============
Conversion of Tisco Deferred to Tisco Ordinary
In 1950 51 , under JRD Tata , Tisco referred the issue of a just Deferred - Equity exchange ratio to the Attorney General , Motilal Setalvad, who in 1953 recommended a ratio of 1 : 6.
source
https://books.google.co.in/books?id=C5n0AwAAQBAJ&pg=PT91&lpg=PT91&dq=tisco+deferred+shares+exchanged&source=bl&ots=tIBzgWYA6G&sig=C60DHHrzm-C_fUWZduY-ptgG3O4&hl=en&sa=X&ved=0ahUKEwjfyYTJ4avWAhUFs48KHfCnBygQ6AEIPTAE#v=onepage&q=tisco%20deferred%20shares%20exchanged&f=false
----------
please , also read
Cement Brands and College Days ( 1975-80 )
http://www.rareindianshares.info/2017/09/cement-brands-and-college-days-1975-80.html
.
n 1960 s , RIL did not mean Reliance Industries Limited.
ReplyDeleteIt stood for ROHTAS INDUSTRIES LIMITED. ( of Ram Krishan Dalmia group ).
I remember my college days in Delhi ,in late 1970 s when I used to come in a Three Wheeler from New Delhi Railway station to St. Stephen's College via Filmistan Cinema ( Opp DCM Mills )and Hindu Rao Hospital . In between we passed through Old Subzi Mandi. Around old Subzi Mandi there was a building on which was etched , probably , in cement an advertisement -
" ALWAYS USE ROHTAS PORTLAND CEMENT "
.