There are certain things which are unavoidable in a business like HOEC, which are outside the management’s control and I understand and appreciate that. What I did not like is the fact that serious troubles with B80 were not disclosed though production was stopped from July 2nd. Even in the presentation, all that was mentioned was production had resumed on Aug 16th. I took the info at face value and stood by the management but they should have communicated better. This isn’t the first time such a thing has happened either. If you go back from and read concalls from 2019, you will this is a repeating pattern here. How can someone not learn from the past?
The management comes across as very honest and so I gave them the long rope – why attribute to malice what can be explained by incompetence (Hanlon’s razor). So if its not malice and they are competent (production was going OK as of Q4), then there’s nothing to worry about but now the question of malice or incompetence is back to plague my mind yet again – and this time I am bordering on thinking this is malice. See the price-action on Monday before results came out for eg. Or the fact that 200k was the min parcel size for sale, which became 200k barrels should remain in FSO and on top of it they will sell 200k. Then it became 400k in the last presentation. This makes me wonder if the oil even exists. Clearly, I am biased due to my recent sale, so please take it with a pinch of salt. I might come around given sufficient time 
I had a ~20% position in Apar from 1700-1400 levels but booked out most of it at 3000 levels. I just have 3% left which I dont intend to sell anytime soon. Management has been very conservative and understandably so, because somethings like macroeconomics and geopolitics are not in their hands. So far it has played out very well for them and exports continue to remain strong and margin continues to hold in conductors while cables too continues to do well. However, all this can change on a dime if geopolitical situation changes (if Chinese exports tariff changes). Betting on Apar was/is a bet on geopolitics and grid upgrades due to EV demand. As of now FIIs are loading up on Apar playing momentum but that hot money can quickly vanish, so I am not willing to add further to my position. I do regret a bit that I sold out large chunk too early but that’s my process and I have to live with that. I felt Apar deserved to trade at 20k Cr market cap if you check my earlier posts and am happy that today it has touched 20k Cr mcap.
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