(5.00)
Friends,
Markets will go Up as well as Down.If we become Emotionally attached to Markets we may not be able to capitalise on Opportunities as and when they arise.
Many Investors fix targets based on numerical value of Indices.That may not be the right way to Go.Let us for a moment stand back and study our Stock Market.Over the last 25 Yrs Sensex has delivered a compounded Return of around 17%.Over the same period the Interest rates have Averaged over 12%.Effectively Investors in Stocks have earned a Premium of 5% over Risk free Returns for availing higher Risk.With current Interest rates around 7% chances are that Equity Returns will fall into the range of 12--15% over the next Quarter century.Alternatively Risk free Returns will rise to 10--12%.Odds are that Equity Returns will moderate to 15% and Risk free Returns rise to 10%,maintaining Risk Premium at around 5%.
Equity is a rewarding Investment for LTI's with a high appetite for Risk.An ordinary Investor with average Investment skills is best off going the MF route.
A few Tips for those who want to beat the Markets consistently and handsomely over 25 Yrs.These are Investment Tips not Trading Tips.
1) Whenever the Markets are Overvalued,reduce exposure to Equity(Book Profits).
2) Never chase Momentum,if you chase you are likely to slip and fall.
3) In a Bear Market a 50% Correction is the norm so never be short of Cash ever.Between 10--20% of my Wealth is always in Cash.I let the balance Investments do the running to make up for Opportunity Loss.
4) Integrity and Quality of Management is the No 1 criteria in Fundamental Analysis.Buy when the News is worst.A Good Company with Quality Management passing thru bad times(temporarily loss making) must be Bought in Bucket full.
5) Value Manpower,over Assets ---India can become a SERVICES SuperPower,never a maufacturing SuperPower.Therefore Cyclicals,Commodity plays and Manufacturing Companies should at no stage comprise over a third of the total Portfolio value.If I exclude Reliance from my Portfolio,in my case it is below 10% currently.
6) Danger is directly related to Market Hype.When 2008,2009,2010 forecasts are needed to justify Todays Price -- Trouble lies ahead.Reduce exposure.
7) I learnt the hard way that any Price is better than NO Price.There are many four digit stocks that today cannot be Sold in single Digit.I Bought Pentamedia in late 90's for 32,saw it cross 2000 in 2000 and keep falling while I hoped and Prayed.With Gods grace and Divine Luck I exited at 80.Two lessons here.Firstly keep STOP LOSS.Secondly,never ever Average in a falling Market.
8) Never Borrow to Invest in Stocks.Around 2001 I borrowed against Shares as I thought Sensex 2600 was pits.The Wounds have healed but the Memories havent.
9) Good times never last forever nor do Bad times.However both provide ample Money making opportunities if you can quickly adapt to change.
10) The faster we realise we are wrong,the lesser the Loss we make.Limit the Losses.
11) Companies that expand without raising fresh Equity should always be prefered.The Companies that pay high Taxes and having high Dividend payout Ratios are really Profitable and should be valued at a higher multiple.
These are just BASICS.
Follow them and Prosper!
Goldchest.
(5.00)
Dear Boarders,
Dala Street Investment Journal(DSIJ) and management of Jagran Prakashan Ltd. have played one cheating game with gullible investors. When IOP launched in mid Jan 06, DSIJ in their new issue column on the Dainik Jagran IPO written that based on H1 2006 results, annualised EPS for FY 06 worked out to Rs.25.32. In fact, based on the post-issue capital of Rs.51.07 cr., the EPS works out to Rs.5.6. Hence the issue price of Rs.270 (lower end) discount the earnings by 48 times and the prie of Rs.324 (higher end) discount the earnings by 57.8 times. I'm shocked to note that DSIJ have recommended to subscribe to issue based on their faulty calculation of PE of 11 on lower end and PE of 13 on higher end of issue price. In fact, it is very highly priced issue and it was not good for short term. I have observed such a big mistake purposely made by DSIJ to lure the investors to invest in Jagran IPO. They had also come out with substantive article viz. "7 Reasons to invest in Jagran Prakasan IPO" in one of their issue clearing depicting their bias towards the company. It also offer substantial room for doubt against the management for off-loading their shares on first day as closing price is 31% down from the opening price of Rs.381.00. This is clearly media management nexus to cheat innocent investors. Can any body raise his/her voice against this and bring to the book to teach lesson to media and other companies.
(5.00)
An SEZ Where You Live!
Would you be willing to give up your home, your source of livelihood or job, be displaced from the area where you have maybe grown up, where generations of your family have lived and toiled, so that a corporate entity can set up a manufacturing facility?
Would you do all the above even if you are being paid 'a substantial premium' for the material value of your land?
Can a state government or a corporate entity force you to give up the basis of your existence because it is offering you extra money?
Will that 'extra money' take care of the social impact of displacement, of no longer having a job?
I'm not surprised that thousands of farmers across the country are protesting the forceful acquisition of their land. I would, if my home and my job were being snatched away. I would protest even if someone was paying me double what my house is worth. Or three times as much!
You'd argue that the money would be sufficient to relocate somewhere, that in some cases the money would mean I no longer need to work, that the corporate is offering to retrain and employ me. So why am I complaining?
Let’s put it this way - Would South Mumbai's residents agree to being displaced if an SEZ was coming up there? Let's ask all our corporate chiefs if they would gladly accept a 'premium' for their existing lives in exchange for another life determined by the profit motive of another corporate or state? Try turning South Mumbai, South Delhi, posh Bangalore or upmarket Hyderabad into an SEZ or a television manufacturing facility? Just try...
The Role Of The State
I'm a capitalist at heart - I believe in the profit motive, the balancing forces of a market place....but how balanced is this market place? Where farmers' protests are silenced by the iron hand of the state. Where even if you don't want to sell your land, the state can force you to do so? And not for a public project mind you, for corporate profit!
Surely the anti- farmer argument becomes more tenable if the land is being acquired for a dam or a highway or any other public project that promises to be beneficial to society at large. But how can states defend, using the special powers vested in them for public projects*, for aiding private profit? Shouldn't states play a neutral role?
Here’s a possible example of state muscle. My colleague Sunil Raghu reported from Gujarat a few weeks ago that the state government there had via a Section 4 notification practically frozen the sale of any land in an area notified for a Special Economic Zone, except for that purpose!
Ofcourse states should be proactive in inviting corporate investment... money brings jobs, development and social upliftment (remember the short term losses could take many years to be compensated by the long term benefits). But doesn’t the state needs to balance it's role - to include farmers in the process of development as versus shutting them up.
We have such a dismal past record when it comes to rehabilitation...even when it’s been the states' responsibility. The Narmada struggle continues, the Slum Rehab scheme in Mumbai has had only partial success (the latter is a very different debate as slumdwellers are considered 'occupiers' and not owners? I'm against the illegal occupation of land but even I can empathise with the condition of slum dwellers who have been rehabilitated far away from the city. We are infamous for severely lacking urban infrastructure - overloaded transportation systems and pathetic living facilities).
Now imagine, if the state with all it's vote bank politics cannot do a decent job of rehabilitation, what hope is there that corporates, busy meeting quarterly guidance, will do a better job? And doesn't that hope dim further when you know that the state is not necessarily standing guard to ensure that corporates fulfill their promise of rehabilitation, re-trainging and re-employment, but instead the state is a stakeholder in the SEZ? And what's left of that hope when the rehabilitation is not mandated but is simply a promise?
And so I ask - put yourself in that protesting farmer's shoes - would you give up your life without a fight? Does South Mumbai have some more privileged right to freedom, that allows it to oppose a Peddar Road flyover but the same residents think nothing of displacing large swathes of poor people? Shouldn't states focus on rehabilitation mechanisms instead of lathicharging a farmer protest rally?
The 7 Year Wait!
I've convinced you haven't I? But wait - there's a compelling argument on the other side as well.
If the state refuses assistance, do corporates have a hope in hell of being able to acquire land for industrial projects? Most of the available land in India is 'agriculture' or ‘cultivable’ land. So all projects come with some, if not major, displacement. Now if it is the articulated goal of the majority in this country that we need to create more employment, bridge the urban -rural divide, the righ -poor divide, then we need rapid industrial development as well.
There are I'm sure, thanks to the poor state of agriculture in India, thousands of oppressed farmers, indebted to shylockian money lenders, who would prefer the pain of displacement if it ensures 2 square meals and a roof. Maybe they want refineries, car manufacturing plants and SEZs to sweep in dramatic change. Why just them – all of us want more jobs, we want more manufacturing facilities, we want to be more investment friendly, we want more FDI, we want investors to believe India is a hassle free investment destination - and land is needed to meet all these wants! At a minimum size of 1000 hectares per SEZ, the government estimates that that SEZs will demand 75,000 acres of land**. That’s just SEZs….then you have all the other corporate expansion projects!
A lawyer friend I was speaking with (while doing my preliminary research on this issue) urged me to look at similiar SEZ policies in Brazil (a free trade zone in the Rain forest!) or the Jebel Ali Free Trade Zone for that matter (and of course China's famous mega SEZs). His claim was that, no matter where in the world, industrial development has caused displacement. But the majority benefits in terms of wealth creation and employment generation outweigh the pain caused to a minority (if I can call many thousand farmers that).
Worldover land acquisition is no easy job – in India it can only be tougher. Arun Nanda, Executive Director at Mahindra & Mahindra told CNBC TV18, in what made a classic sound bite “It took us 7 years to get the land for our Chennai SEZ.” That was the first story we put out as part of our ‘LANDLESS’ series that debuted in June on the channel. We knew land acquisition was going be become a burning issue…but we didn’t expect it to get so hot, to polarise opinion so sharply. Clearly few corporates are going to show the patience that M&M had. Many will insist that if a state is inviting them to invest, then the state should make the land available as well. After all there are enough domestic and international destinations vying for corporate attention. What then does a state do? Miss out on the opportunity of garnering more investments, more development, more jobs? Or promise that land will be made available come what may?
At What Price?
To be fair, many state governments are offering farmers fair compensation – though that is another sticky issue. Various state formulae are based on average transaction costs in the area plus a premium. In West Bengal, Sitaram Yechury, Politburo member of the CPI – M, tells me his government is paying a 40% premium over market price. Why then are farmers protesting I ask?
My colleague Aniek Paul who’s been covering the farmers’ protests against the Tata Motors facility in Singur says “Farmers are worried that they might spend the money quickly and then won’t have anything to live by!” It may seem like a frivolous problem to you but I think it represents a larger social adjustment problem. One compounded by poor literacy rates and poorer finacial planning skills. Mukunda Das, a farmer in Singur, told our news camera a few months ago “We can’t manage money, but we can manage land”. You may not think much of the problem but you can’t wish it away!”
Besides who decides how high a premium is enough? State governments will argue that farmers can’t turn opportunistic and be greedy. Bhimbhai, a farmer in Gujarat, counters “We will have to sell everything and resettle elsewhere. So it is our right to get greedy. We are not being unduly greedy.”
Who Wins?
It’s not an imposible win –win!
Dr Y S Rajasekhara Reddy, Chief Minister of Andhra Pradesh, suggested farmers be made stakeholders in SEZs. Some companies are already working to adopt that model I believe. Maybe it should not be voluntary but mandatory.
Maybe states could appoint independent regulators to oversee the process of land buying and ensure farmers get a fair deal.
Maybe retraining and employment of farmers (or their family members) should not be a charitable offer made by the investor but a necessary condition put down by the state
Maybe corporates should be asked to pay a hefty bond or security that is returnable only if rehabilitation, retraining and employment promises are fulfilled. Or else the state/independent regulator distributes the money amongst the affected people
There’s no dearth of innovative solutions….the question is are state governments looking hard enough for them??!!
*Section 4 of the Land Acquisition law allows states to acquire land for public projects and companies
**As per media reports 222 SEZs have been approved. The Commerce Ministry website though says 14 SEZs are functional and 61 SEZs approved and under establishment
The views expressed in this piece are personal opinions and do not reflect the editorial stance of this website or CNBC TV18.
Meneka Doshi,
Bureau Chief, Mumbai
CNBC-TV18
(5.00)
I have learned...
..that no matter how serious your life requires you to be everyone needs a friend to act goofy with.
..that sometimes all a person needs is a hand to hold and a heart to understand.
..that I can always include someone in my prayers when i cant help him in any other way.
..that you should never say no to a gift from a child.
..that just one person saying to me "You have made my day!" makes my day.
..that money doesnt buy class.
..that when you are in love,it shows.
..that under everyones hard aloof shell is someone who wants to be appreciated and loved.
..that everyone you meet deserves to be greeted with a smile.
..that no one is perfect until you fall in love with them.
..that opportunities are never lost.Someone will take the ones you miss.
..that when you harbor bitterness,hapiness will dock elsewhere.
..that we should be glad God doesnt give us everything we ask for
..that one should keep his words soft and tender,because tomorrow he may have to eat them
..that life is tough but I am tougher
..that the Lord didnt do it all in one day,what makes me think I can??
(5.00)
dear subodh,
here are some of the important lessons in stock market u will learn in due course of time , if u have not learnt them already.
1. NEVER ask for "tips" (tips are meant only for waiters).
2. if at all u want to ask for tips, NEVER ask for tips from ANONYMOUS PEOPLE.
3. there is no FREE LUNCH in the STOCK MARKETS and in LIFE.
4. an ethical and experienced person will share views and give broad hints using his knowledge.
he would always go by the fact that, "it is better to teach how to FISH rather than GIVE A FREE FISH"
and what is good for u need not be what others need.
different people have different needs.
finally, if u are not willing to work hard and use ur own brain, and want everything spoon fed, then MARKET IS A VERY EXPENSIVE PLACE TO LEARN IT.
my sincere good wishes.
(5.00)
Dear readers ,
Today i complete 3 years on mmb .
1. Being a hardcore chartlover i have warned people both bears and bulls whenever important market turnings were about to happen before they actually happened thus warning in time to save people from making loss.I do not run any subscription service nor have asked for fee in return of advice in my life. All i ask for is best wishes from friends and blessings from elders.
2. Here i made many friends and followers and also some enemies who unfortunately could not understand the purpose of my writeups, critics are not enemies they are good friends as they help you sharpen your edges.
3. The sole purpose was to prevent people from making loss as I have made in my life due to sheer madness that grips ones mind after the trade becomes bad- averaging, loans to suport bad trades and what not.
3. Fundamentals are important and are basis for investment but timing of buying and selling can not be perfect without help of a chart thus chart is very important, many will learn it the hard way as i have learnt in my life , smart ones may learn from other's experiences.
4. I am 100 % against playing the f and o by investors and traders who play naked calls and puts- such contracts are like dreams- you wake up when you make loss- you play more to cover that loss- you borrow- you sell your assets- you lose interest in married life and children- the saga continues- f and o is insurance against your portfolio and must be used that way only- small traders and investors must avoid them- they are illusion- the other side who matches your trades is the person who is selling his combs in city of bald- he makes profit by selling combs-
5. I am happy and will be happy as in my heart the feeling of satisfaction is there , i have performed my duty as chartist, rest is destiny.
6. To all those whom i may have hurt due to my strong words or sometimes maybe abusive language, i ask for forgiveness. To live happily everafter one needs good wishes and my friends have sent so many that due to their wishes my life is just fine.
regards
love to all friends , i am not writing names here due to fear of hurting those whom i may not mention thus all mmb boarders,
wish you tons of profits in 2006.
yours friendly amarakbar, vipul lashkari for friends.
(5.00)
Hi VIKAS1375,chemkiron, Darshans,Ambani
Please refrain making insensitive remarks about other religions. Or we will be forced to red flag you
-MMB Moderator
(5.00)
To,
Gaswani Aujral-- Fatso how much u eat ? and what is that thing you wear is called ? are u hiding charts inside them ? lol
Meepak Dohini -- after loosing all ur hair ur after the investors you baldy ! u r the best fence sitter i hv ever known
Grakash Paba -- what to say about u old man,you are eternally confused ,have u ever seen a chart where the structure is negative ? and for gods sake stop that world famous grin of yours it is disgusting .
Bajat Rose -- one eye on price other on rsi - no wonder that ur calls go to balls. eat more rasgullas and do something about ur hair.
Eathew Mesow -- how did u land in wb ? u seem like a heavy smoker.ur calls go up in the air like a smoke and everybody knows wot u did last november december .
lol lol lol lol
ROTFL
fibo.
(5.00)
Dear Siva, cat on the hot tin roof ...... I know this part a lot more. For decades, I have had this habit of ensuring that I hold as bank balance atleast 10 or sometimes 15% of my portfolio.
Early days, especially while handling public or institutional monies, this would hurt. Because you are accountable to public or the system, and missed opportunities are not what I am paid for.
Seen from another perspective, if you are tracking good counters, and they seem to have gone up without your making an entry, it would also hurt. The cash was there perishing in the bank.
In fact, I have had to address this problem. Identified scrip going up without my investment would hurt me as much as a scrip that I bought and which went down at any stage in the portfolio. The effort to manage the head, the pulse and the stomach linings was considerable, and I had to learn to sit on ice.
I realised that this is what will happen, again, and that I be prepared for it. But it took years to grow, to accept that the market does let you down; it moves without your permission; that the scrip does not go up because you bought it; that your assumptions at all times need revalidating; that technicals for short period will cast a shadow on the fundamentals and the potential of the scrip etc.
Later, time and effort helped. For years now, it does not matter that there is cash, and that I am not invested; and there will be plenty more opportunities; that the last bus has not left for the night. The cat gets the milk and the cream. Its peaceful.
.
(5.00)
To all the positive-bullish-people,
Fact remains, we might see a correction in the indices, "as expected" by most of us & over n above that this irrtant news of N.Korea's nuke test.
As we all can see & experience that even few of the bullish people are turning bearish, but not the stock-specifics-quality-stock-holders. Yes we might see some small correction in those also.
I know , i know anyone wud say this-----This is just my view, if you are in profits , its always good to book profits, partly, fully depending on your own stomach.& who have the trading knack then njoy the volatility too.
Cheers & as always Hail to all those BULLS who have made a lotta profits!!!!!
pranky!!
(5.00)
When things in your life seem almost too much to handle, when 24 hours in a day are not enough, remember the story about mayonnaise jar and the coffee.
A professor stood before his philosophy class and had some items in front of him.
When the class began, wordlessly, he picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was.
So, the professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was.
The professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with a unanimous "yes."
The professor then produced two cups of coffee from under the table and poured the entire contents into the jar, effectively filling the empty space between the sand. The students laughed.
"Now," said the professor, as the laughter subsided, "I want you to recognize that this jar represents your life. The golf balls are the important things - your God, family, your children, your health, your friends, and your favorite passions - things, that if everything else was lost and only they remained, your life would still be full.
"The pebbles are the other things that matter like your job, your house, and your car. The sand is everything else - the small stuff. "If you put the sand into the jar first," he continued, "there is no room for the pebbles or the golf balls. The same goes for life.
"If you spend all your time and energy on the small stuff, you will never have room for the things that are important. Pay attention to the things that are critical to your happiness. Play with your children. Take time to get medical checkups. Take your partner out to dinner. Maybe even play another 18 holes. There's always time to clean the house and fix the disposal. Take care of the golf balls first, the things that really matter. Set your priorities. The rest is just sand."
One of the students raised her hand and inquired what the coffee represented.
The professor smiled. "I'm glad you asked. It just goes to show you that no matter how full your life may seem, there's always room for a couple of cups of coffee with a friend."
"Each day comes bearing its own gifts. Untie the ribbons." - Ruth Ann Schabacker
(5.00)One should be interested in stability of sensex than in the milestones & records. Sensex has crossed various milestones in recent past. Investor expectations at these levels should be stability thereby avoiding erosion on wealth. Indian Public should expect the politicians, the law makers to think & act in the interest of the nation & economy, thereby securing our future & that of the children. Investors should insist on corporate governance from the management of the companies. If we do these things the fundamentals of our economy will be strong & wealth creation will follow automatically. So let us concentrate on the fundamentals.
(5.00)
Hi Bhavani,
I don’t have sufficient exposure and expertise to make any kind of calls…
Just take what I am saying with a pinch of salt…
Systematically explore all the possibilities, before you come to your own decision…
You basically want to buy a good property in India in about 5 years time…
In the meantime you are looking for good investment opportunities…
You seem to have already come to a conclusion that Indian Equities is THE WAY to generate wealth for you, over the next 5 years….
Just pause…. See the equation….
Over the next 5 years… The property is not in the picture…
Even equities is not in the picture… Wealth generation is what that matters…
Where to invest? Is it India, or can be Brazil, or any other parts of the world??? Given your background, you have more choices, unlike most in MMB…
Now build a range of options:
1. Is it fixed income securities?
2. Is it equities?
3. Is it real-estate?
4. Let’s give FX and Commodities a pass…
Now assuming you still come to Indian Equities… Is it cash or derivatives?
Your portfolio of stocks is highly correlated to the Index I suppose…
If your stock selection were to perform as anticipated, than the Index too has to rise substantially… 10,000 points or more… If that be so, you get the maximum leverage out of the derivatives…
Now… To double your capital, for 10,000 Sensex points, how much futures contracts do you need? What is the margin requirements for that? (RS 50.00 per tick I suppose, RS 500,000 per 10,000 Sensex points. Less than 10 contracts could do the job I suppose) When you are prepared for a 10,000 point for doubling… Even a 2,500 point fall in Index is just 25% of your capital… If you are not highly leveraged, perhaps you don’t need a stop loss... You don’t need to worry about micro details of companies… Just the big picture stuff of India will do… Put those considerations in your left hand…
And in your right hand put the portfolio of stock that you have selected, now weigh them both…
Look into your crystal glass… Which is going to double faster, with lesser risk and more determinable outcome and with least hassle? That question you ask yourself everyday for the next 5 years…
Put your model to work… It’s predictive capability is to the index, not the stocks I suppose… What stops you dabbling in futures… Is it the fear of derivatives… Is it the fear of the unknown… Just stand infront of the mirror and say: BHAVANI WILL NOT BE COWED BY THE UNKOWN!
Anyway don’t underestimate real-estate… Asian experience to Indian real estate is better than European/ American experiences… It is something like gold… Even if it is not needed it is wanted without an end to it…
There is a doctor in my neighbourhood. When he started his practice, he bought the premises… That was about 30 years ago… 15 years ago he retired… You know why? The rental income from his premises was much more than from his practice…
In properties there is fuzzy logic… Value buys will languish…. The expensive will get even more expensive…
I am not recommending anything… Just facilitating your search…
(5.00)
Dear Pranky
Last week of August during the F/O week i had given my analysis that mrk has strength to run upto 3550 on Nifty and 12200 on Index-levels by 20th-Sept and one shud be cautious after that Both targets reached an Day-Late
Several Factors did occurr last 4weeks that are productive.....
A)Economy figures up by 1% expected to reach 9%
B)Liquidity level good so FM had said No Rate-Hike in short-term
C)IMF gave 8.25% figure on GDP growth to gove-fig of 9%
D)Good-monsoon just 6% Deficit which is accepted expected agri-growth 4.5% which is 1% more over last-yr-figure
E)OIL down faster than xpected 60$ from 78.6$ high in july-06 further Fall xpected to touch low of 55$ within end-october B4 going up again
F)July industial output 12.5% highest recorded monthly-growth in last 10yrs is an indicator that 2nd-qtr-results will be better than 1st-qtr
G)Exports growth 40% maintained over last-yr-figure which by itself was 25%more over 2004Figure
What more is required NO tension international scenario
NOW i Feel mrkts are headed to cross May-06 high of 12650Levels
B4 any small-correction and then Bull-run to 14500Levels in Jan-07
(5.00)
What you say about data about Muslims in Military being collected by central Govt which is fortunately Congress Govt., not a BJP Govt.
Railway commission??
Huh..
who constituted that?
Laloo.
Who is Laloo.
The person openly saying until M Y are with him, you know who is M?
who is Y?
And you saying railway commission?
For argument sake, let I agree with you that fire was not from outside, then is railway have banned to sit Muslims on that boggy?
Huh
Talking about coward...
why not you raising same when Muslims are killed in male gaon??
Why double yard sticks for Modi and Congress?
Talking about innocent??
Who was/is innocent??
The Ram Bhakats traveling peacefully in the train who were ................ufffff
or Kashmir pundits who are forced to leave Kashmir. ??
Who is coward. ???
A minister sitting in cabinet, announcing an award in crores of Rupees to kill a particular person?
Who is coward?
Madhuri Fida Hussain, who is printing nude painting of Hindu Gods and Goddesses in the name of Art?
Talking about Modi as Coward?
If Modi was not there, no body can imagine, what may have happened if Congress was ruling there.
Divide and rule is the best policy of congress and you people shall never know it.
