And what is more amazing is that in 2013 the promoter’s pledge was invoked wrongfully (as it was invoked despite Kiri paid all the loan) by the lenders and lenders sold them in the open market. So promoter’s stake went down. Despite this experience, promoter again went into pledge situation. And they did not learn anything basically.
Another case – betting significant money on copper project on the basis of one guy – Mr. Sarkar. Too aggressive behaviour.
Also compare this company with peers who are doing Copper project (Birla, Adani, JSW – all heavily experienced and deep pocketed players in metal/minning industry). So market will never value it till money comes. And still it should trade below cash till the 1st phase of copper gets operational in time and budget with limited bleeding in the 1st few months of operations. Basically lot of question marks so market will remain uncomfortable. This stock will not run on Hope but on Facts!
Disclaimer – invested small % of pf
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