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October 23, 2014

Why i dislike Public sector stocks

My dislike for public sector stocks is well known.

I know of bank clerks who make 45000 rs every month because of the age experience they have in their jobs. i dont know what experience you need for updating passbooks and giving the correct form to consumers.This kind of flawed salary structure exists in the entire Public sector space.

Here is a new example of the same.

VISAKHAPATNAM: There seems to be no early end in sight to the misery of the people in Vizag and the Hudhud-hit coastal districts of Andhra Pradesh as it will take at least another two weeks before power supply is completely restored.

Despite massive repair work undertaken since Monday morning, power could be restored only to about 5,000 of the 22 lakh consumers in Vizag city by Wednesday evening, sending the denizens of the Port City back to the primitive way of life: finishing their daily chores by sunset and getting up at the crack of dawn to start their day.

This is even as reports suggest that the Visakhapatnam Steel Plant (VSP) will take anywhere between three to six months to restart its operations. The woes of VSP are due to various reasons - not the least because the blast furnaces were operating at full blast when the cyclone hit and cut off electricity. The steel being produced has been now cooling down and will have solidified by the time power is restored on Thursday morning.

Insiders say the steel melting shop will possibly have to be rebuilt because it will be very difficult to take out the cold metal (the solidified steel) out. Insiders blame the steel plant management for this fiasco because they did not anticipate this happening and thus did not shut the plant down before hand.

Incidentally, Rashtriya Ispat Nigam Limited (RINL), the corporate entity of VSP, was planning a public issue to divest 10 per cent stake till tragedy struck. In all probability, the public issue will have to be scrapped yet again. 

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