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Mi(sual) ten Company din pahin Stock Market i zir ang aw….

…Tlangval Tai-a hi nizan chu mak tak mai hian a mumangah Ui Sa Zuar Company hi a lo din a, a nu leh pa te a han hrilh meuh chuan, anni chuan, “Tai-a hi a mu rei thei si a, a thawh hma ve deuh theihna te a lo ni ve mahna :roll: ” an ti ta a.

TV-ah te pawh tlai lamah news en ve ziah, phai ramah pawh hnam dang nen zir ho ve thin ngat a ni a. Pawgpaw phur a mahni thu a han tih ngawt chu a thain a hre lova. “Ka thian pa hi i rawn teh ang, MBA ho hi an inti hre ve viau a, ‘a tre-a-trening’ chu an hre deuh pawh a ni thei ang” a ti a

Ka thian pa chuan, “Enge i ‘Business Plan’?” a lo ti ham mai a :mrgreen: . Ka hre si lo kha min han hrilh fiah vel ta a… Product, Positioning, Sustainable Competitive Advantage, Target Market, Pricing, Net Present Value (NPV), Mission, Vision, Strategy leh a dang dangte min han hrilh mai chu ka var uar uar mei hian ka hria a…kar khat chhung ngawt kan khel hnu chuan “NPV i han chhut chhin teh ang” a ti a, spreadsheet (MS Excel) kar kalta a kan hman thin tawh chu a computer ah a click hawng ta a.

Thian Pa: I pawisa hmuh dan tur (Revenues) leh hman dan tur (Operational costs) leh pawisa tang (Working Capital) pawh kum nga chhung atan kan chhut chhin tawh a, Pawisa eng zat chiah nge ni kha a bul tan nan kan mamawh kha?

Tai-a: A vaiin nuai nga…

Thian Pa: Ni tak e, i chhungte hnen atangin nuai hnih, ZIDCO atangin nuai hnih, chuan i pawisa nuai khat…a dik em? Loan rulhna tur kha chhut tel a ngai dawn a nih hi

Tai-a: Dik e, Company dang ho hian an tan dawnin hetiang vek hian a mi an tan thin a?

Thian Pa: ‘Initial Capital’ chu a ngai a, mahni pawisa leh mi, Bank leh Venture Capitalist hnen atanga puk atangin an tan deuh vek. Mahni pawisa hman pawh hi ‘Balance Sheet’ ah chuan puk angin a lang tho dawn a ni. Puk han tih hianin puk dan hrang hrang a awm a, Company neihna (Ownership) tel leh tel lova puktir te, tin, pawisa hmuh let leh theih dan (Liability & Risk) sandan dang dang te, pawisa puktir pun dan (Risk & Return) sandan inanglo te pawhin a theih. Stock Market a ’shares’ lei te hi dik tak chuan pawisa puk tir ang kan ni a

Tai-a: Enge Stock Market hi? TV-ah hian ka lo ning thei khawp mai a, zawh tur ka hre si lo va

Thian Pa: A interesting viau asin, ti hian i sawi tan teh ang

Thian Pa: Ka sawi tan hmain zawhna min han zawt phawt teh, zawhna a zirin kan sawi chipchiar dawn nia.

Tai-a: TV-ah BSE SenSex in 21000 a pel ta tihte hahipa an puan thin hi enge a awmzia?

Thian Pa: India-ah hian Stock Exchange lar/lian deuh (TV-a lo lang thin) chu BSE (Bombay Stock Exchange) leh NSE (National Stock Exchange) an ni.

BSE Sensex hi BSE SENSitive IndEX lam tawi a ni a. Hemi Sensex chhut chhuah dan chu sawi thuk vak lovin hetiang hi a ni: BSE-ah hian Company 500 chuangin an share an register a, Sensex enkawltu commitee ‘Index Cell’ in Company 30 an thlang chhuak a, heng Company te hi an endik reng bawk a. An tehfung an tlin loh chuan a dangin an thlak leh zel.

Heng Company-te share ngah zat leh share man atangin hemi Sensex san lam hi a chhut thina, second 15 danah Sensex san lam hi an chhut ziah a ni. An chhut dan tak chu ‘Free-float Market Capitalization Method’ a ni a. 1979 hi base year-ah an hmang (1979 a a hlut dan 100 ang in an la a tichuan kum tin atan an extrapolate chho zela…).

Tai-a: A lo nih tak chu. A chhut dan chu a va ‘bawnra’ hmel ve, la in hrilh hrih lo teh ang. Thil pakhat – Basis points an tih hi enge a awmzia?

Thian Pa: Hei hi chu an tehna pakhat a ni a. Percentage hi chu a sensitive lo deuh in an ngai a ni. 1% = 100 Basis Points. 0.05 % tih ai chuan 5 Basis Points an ti zawk a nih chu.

Tai-a: Enge share awmzia hi? Engtin nge an zawrh thin Stock Market-ah hian?

Thian Pa: Stock Market hi chu Secondary Market (Share Second Hand-a zawrhna) a ni a. Mahse a tlawm phah kher lo a nia. Share thar hlak hi chu Primary Market (IPO – Initial Public Offering) hmangin an zuar thin.

Tai-a: Han sawi zel teh chumi leh share awmzia chu.

Thian Pa: Ka’n sawi ang e, i duh hun hunah min lo zawt dawn nia.

Entirnan, i thenawm pa Tumte-an Ui Sa Company te reuh te din a tum ve a (Tai-a hi hlawk viau tur a ni, Sudden Muanga sawhthing tawlh ang deuh khan), pawisa a mamawh belh a, loan lak leh dawnin a pung (interest rate) Bank-in a tisang tawh si a (A loan lak hmasak kha a rul tha lutuk lo a, a Credit Rating a hniam a, Bank-in ‘risk’ category sang takah a awm angin a chhut a)

Tihian a ti ta a…

Nuai 1 a mamawh belh a, lehkha them 1000 a siam a, zawrh a tum ta a. A lehkha them pakhat hlut dan chu Rs 100 (Rs. 100 x 1000) a nih chu. Lehkhat them pakhat ah Rs. 100 tal an mamawh avangin, hemi Rs. 10 face value hi cheng 100 ai a tlem lo chuan a hralh duh ta lo a, tin a lei tu ten an ngam huai dan a zir in Rs 100 – Rs 125 (price band) in a lei duh apiang in application a subscribe tir ta ani. Chuan a hralh duh hun chhung a tawp chuan, an apply dan a zirin a share man tur dik tak an fix ta ani. Entirnan, Rs. 100 in fix mai ang an tih chuan, Rs. 100 in lehkha them pakhat, company tan a a hlutna dik tak Rs. 10 chu mipui hnen ah an hralh na anih chu. He Rs. 10 hi ‘face Value’ an tih chu a ni.

Lehkha them pakhat zel hi ‘Share’ pakhat a ni. Hemi lehkha (share) lei apiang hi ’shareholder’ an ni. Hemi lehkha lei hi chuan a lei tam dan a zirin he Company ah hian neihna (‘Ownership’) a nei sang ang. Entirnan lehkha them zawng zawng 10% lo lei chuan hmun za a then a hmun sawm (10% shareholding) a nei dawn tihna a nih chu.

…Amaherawhchu, zaa thena sawmnga (50%) aia tam nei chu a thu ber dawn avangin lehkha them 400 chauh zawrh a ti ta a. Lehkha them 600 chu a chhungte bel a tum ta a. He ’share’ 600 a chhungte a bel luih hi ‘Preferred Placement’ an tih chu a ni. A tak takah chuan bel luih kher a ngai lo, Company a that leh ‘Share’ man in a zir chuan…

He IPO hi stock market ah an list chuan, stock market ah mipui demand leh supply a zir in, a man hi a chho in a chhuk thei a, hei hi Market Price ani ta bawk ani.

Tai-a: Shareholder hovin Company an nei tih hi enge a awmzia? an duh duhin an tikual vel dawn tihna em ni?

Thian Pa: Shareholder ho hian Board of Directors an thlang thei a, an vote neih tam zat chu an share neih tam zat ang a ni ang. Tichuan Board-a Director ho hian Company Hruaitu ho – CEO, CFO, CTO te hi an endikin an thil tihte an zawt thei dawn a, an duh chuan an ban thei bawk ang a, mi thar an ruai thei bawk ang. (Hman tum ah US a Company lian Hewlett Packard-a an hotunu CEO Carly Fiorina te pawh an ban daih kha. He nu hi private company lian berte zinga hmeichhe thleng sang ber a la ni nghe nghe leh nghal asin). Sawi zawm zel ila, Shareholders ho hian, Company tih that dan azirin, Dividend leh Capital Gain and hmu thei dawn a ni.

Tai-a: I sawi puat puat mai a, Dividend leh Capital Gain chu sap tawng em ni? A hrim hrimin Board a Director ho thlan ringawt chu a va ho dawn ve…

Thian Pa: Company Control theihna (Director ho kal tlangin) bakah Dividend leh Capital Gain an hmu thei dawn a ni.

Dividend – Hei hi hun bi nei a Company tihthat danin pek chhuah thin a ni. Entirnan Quarterly Dividend (Thla li danah xx% per share). Heng hi Market Price atang a chhut lovin, company in an lo fix sa tawh, face value atanga chhut ani bawk.

Capital Gain – Share hlut dan (Share Price) hi nitin in a danglam ve thei tlat. A hlutna a tam belh chuan Capital Gain i nei tihna a nih chu.
Hemi bakah hian share lei duh midang an awm dan leh an ngam san dan azirin Stock Market-ah an hralh thei bawk.

Tai-a: Eng tin nge a tam ringawt anga?

Thian Pa: Share mipui lei tawh sa hi Company in Stock Exchange (Stock Market Building) ah register (list) a ngai a. Bombay Stock Exchange-ah pawh company 500 chuang an in register kan tih kha.

Tichuan, nitinin he Stock Market-ah hian lilam (auction) ang deuhin ngam zat (bid price) an sawi anga, tin, a hralh duh ten phal zat (ask price) in an chhang anga, an inrem theih chuan Company neihna an inhlan chhawng (transfer) dawn a ni.

Nikhat chhung pawhin a man zat hi a danglam thei hle. Thil chi hrang hrang – entirnan, sorkar policy te, natural disaster te, election result vang te in sumdawnna a khawih danglam emaw, khawih danglam thei dawn a shareholder ten an hriat lawk chuan, share man (Company hlut dan a nih chu) hi a danglam ve zel. Tichuan mipui ten a hlut dan azirin an hralh/lei huai/hniam dawn a ni.

IPO hi sawi zawm zel ila…

…a lehkha them siam (Share) ho chu Tumte-a chuan a zuar tan dawn ta (A hma a kan sawi taw hang khan cheng 100 tal hmuh lo tum lo ta se). A inleng te a titi pui atangin an duh hmel hle mai a, a man atan pakhat Rs. 100 ni lovin, ‘price band’ atan Rs. 150 atanga Rs. 175 i ti teh ang a ti a. I inleng te chuan miin an duh loh chuan kan lo lei sak vek ang che an ti a. Hei hi ‘Underwriting’ an tih chu a ni. A inleng te hi ‘Book Runner’ an tih theih bawk. A tir a Rs. 100 tal kan hmu tur a tih kha, an han sawikhawm vel atanga mipui duh an tam dawn tih an hriat vang a ti danglam leh thei tih na ani.

Tichuan Vanglainiah advertisement a chhuah ta a, kar thum chhungin a duh apiangin an lei duh zat leh an ngam zat an rawn thlen (’subscribe’) a. A hun tawp (3 week ‘Offer Period’) ah chuan a han en a, a lehkha them (Share) zawrh aiin an lo duh tam a (3000 vel), chutichuan a share hralh vawi khatna (IPO – Initial Public Offering) chu a let thumin mipuiin an duh belh anih chu (Oversubscribed three times)…

Hman tum pawh khan Company Pakhat Biocon pawh kha ‘Offer Period’ intan atanga minute 5 chhung lekin vawi 4 an ‘oversubscribe’ asin. Tichuan an ngam san dan azir leh an duh tam dan azirin a neih zat chu a sem rual ta a…

b>Tai-a: Hei hi a ni maw Primary (vawi khatna) Market an tih chu. Chuan Secondary Market, Second Hand a share zawrhna i tih – Stock Market (Exchange) ah a register a mi?

Thian Pa: …Aw, Chaltlang leh Bawngkawn inkara ‘Last House’ an tih bulah khian Mizo Stock Exchange a awm a, chutah chuan nitinin share hralh duh leh lei duh an indawr thin. Company dang dang – Mau hralh te, Teak zuar te, Iskut lampang zuar te pawh an in-register ve a…

A hlut dan a danglam theih dan han sawi leh lawk i la…

Entirnan, Ui hri leng tan vak ta se, shareholder thenkhat chuan Mipuiin Ui sa an ei ngam tha lovang an ti a, Tumte-a pawhin a hralh tlem anga, a hlawk lovang an ti a. Tlawm deuh hlekin an share neihte chu an hralh ta a.

An chhut sual (’Speculate’ dik lo) hle. Ui hri a leng e ti lo chuan regular customer (Ham Regular Customer hai ti thei chin)ho khan an ei duh tho sia a, a tlem phah si a, Tumtean a man a ti to deih mai a. A hlawk phah ta phian a. A hma zawng aiin Dividend tam zawk an hmuh phah ta a ni. Tin lei duh an tam a, an ngam sang phian leh nghal a, a hlut dan a sang chho zel a (Capital Gain)…

Tai-a: Ka var belh leh uar uar ta…hei, kan veng chhung duty na tur ah ka kal ve a ngai bawk sia, hman remchang hmasak ber ah Ui Sa ber kha kan khel chhunzawm leh mai dawn nia….

(He article hi VaiVa ziah a ni lo va, amaherawhchu a ziaktu in credit a lak duh loh avangin mi(sual) te tan ka rawn pho chhuak a ni e. Stock market lam hre duh tan Part II lo chang rawh u….)

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