Month: May, Year: 1985 Word Count: 1,930
At the start of May 1985, I reviewed my total capital accumulation.
From my work earnings across January (INR 450) and February through April (INR 600 per month for 3 months = INR 1,800), my cumulative work earnings reached exactly two thousand two hundred and fifty rupees (INR 2,250).
Combining this with my starting savings (INR 120) and cash gifts received during my birthday brought my saved liquid cash to roughly three thousand rupees (INR 3,000 / USD 250.00).
Furthermore, if I needed emergency leverage, my eight- gram gold chain could be pledged for a loan of roughly one thousand rupees (INR 1,000), giving me an operational capital base of four thousand rupees (INR 4,000 / USD 333.33).
I needed this capital ready because major market developments were approaching in mid-1985.
In March 1985, Finance Minister V.P.
Singh presented the Union Budget, introducing corporate tax reductions and industrial delicensing initiatives aimed at modernizing Indian industry.
As an experienced financial analyst, I knew the historical pattern of Indian equity markets following major fiscal changes: initial tax cuts often trigger speculative rallies, followed by market corrections in late June and early July.
Most importantly, I knew that in July 1985, Reliance Industries, led by Dhirubhai Ambani, would issue Partially Convertible Debentures (PCDs).
These debentures offered fixed interest income while allowing partial conversion into equity shares at attractive terms, creating a high-yield investment opportunity for capitalized investors.
On May 14, 1985, the 12th-grade Higher Secondary State Board examination results were officially published.
In those days, exam results were not available online; state education departments published massive result gazettes in major daily newspapers, listing student roll numbers alongside total marks.
Early that morning, I bought a copy of *The Hindu* at Luz Corner and checked my roll number.
I scored 1,104 out of 1,200 marks, placing second in Chennai district.
I walked to P.S.
I felt a sense of relief upon seeing my rank.
Securing second rank in Chennai district provided the academic standing needed for elite college admissions and future social credibility, without the intense public media attention associated with a state-first rank.
Extreme public attention at this stage could have brought unwanted scrutiny to my early business activities and investments.
Over the next week, family visits and celebratory dinners gradually settled down.
Unexpectedly, relatives and well-wishers gave me gift money totaling two thousand rupees (INR 2,000 / USD 166.67) to honor my academic success, with a major portion coming from uncle Ragu.
Added to my existing reserves, my total liquid cash reached five thousand rupees (INR 5,000 / USD 416.67), fully preparing me for my upcoming entry into the stock market.