With a turbo-charged Sensex galloping into stratosphere, it isn't surprising that the predominant colour in Orange City is that of money.
Students, housewives in Nagpur are milking the boomtime
NAGPUR: With a turbo-charged Sensex galloping into stratosphere, it isn't surprising that the predominant colour in Orange City is that of money.
Exactly a year ago Vishal Ruchandani and his nine friends decided to take the bull by its horns.
On the advice of his stockbroker father, the 19-year-old commerce graduate and his gang of nine pooled in Rs2000 each and invested in the stock market.
"Today we are on a song," says Ruchandani. "We have a rock-solid portfolio." His advice to investors: "Stay invested."
Once exclusively known for its superior quality oranges, Nagpur is today demolishing stereotypes like never before.
Take housewife Namrata Desai, who entered the market with Rs25,000 in 2005.
"Today I am a millionaire," she says. "At least, technically," she quickly adds the rider. "I invested little sums regularly, with proper advice and guidance; the money multiplied."
As she puts it: "It's not a gamble, but an informed investment that helps you realise dreams." Her advice is simple: "Instead of kitties and chit funds that people in small towns utilise, it is better to invest in systematic investment plans."
Ruchandani and Desai are not exceptions. With bulls on the run, uncommon investors in small towns like Nagpur are partying, even as the Sensex eyes the 20K peak.
Anuj Badjate, owner of the stockbroking firm Badjate and Company, says: "It's indeed transforming lives of the common people. Every sixth investor has turned a millionaire. Many of my clients, from middle or lower middle class background, who entered markets with up to Rs 200,000 in 2003 are having a grand feast."
"I entered the markets with small dreams, and held up the stocks only to see my holding statement breaching new highs every day," says Sadhana Gupta, a 50-something housewife.
Having "stayed invested" for over 15 years in the market, she is not just a "class apart today, but way different in attitude and confidence."
"I am the only one from the family to invest in the stocks, and even today, my old lawyer father considers it as a gamble," Gupta says. Her advice: "Buying shares is easy, but exiting the market is difficult."
Prakash Kothari, regional head of the Sharekhan Investments Pvt Ltd, agrees "Students, salesmen and housewives are the investors today, unlike the traders and businessmen," he says.
Take Ritu Nahar, a "raw investor", whose investments have grown 500 per cent.
Rahul Somani, a businessman based in Akola, says: "Investments grew by at least 50 per cent."
Experts say the investor interest in stock markets in the region is growing due to falling interest rates of banks and Hundi-markets.
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