So many people today advising on equities that it is good fun talking to some of them.
Two good offers that I have got recently are quite stunning…not really relevant for me but here is the story.
First is a big deal in terms of size – it is worthwhile for the broker to do it only if there is some juicy quantum. Well the deal is “Buy Rs. 20,00,000 of Ongc…then when it becomes ex-bonus, even if it is a little less, sell off half the quantum that you hold…this will give to a good tax loss which you can set off against the ST capital gain”
The second one was even better – ‘Buy Jupiter Bio-science at Rs. 57 …it is a fantastic dividend yield share”.
Buying Ongc cum-bonus and selling it to claim short term capital LOSS is useful only for those who have short term capital gains. If you are a trader this is also likely to be treated as a trading item NOT AS A CAPITAL LOSS..
In case of Jupiter bio..i bought this share at 56, then at 88..and exited at 124…played this game twice or thrice. However then on the way down I bought it at 65…and watched it go down..today it is at 27…and frankly have no clue what to do with this share. There is something dramatically wrong with the business (i bought lots of Biocon at 90-100, and that quantity was more than Jup bio..so my hurt is partly compensated)…not at all happy with my purchase.
However when brokers push, most people succumb…well, well!
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