I bought this stock few months ago around Rs 115-120 range. Since then have made decent profit. Still holding but watching very closely. When I invested in this stock (or similar ones in the market) I look at these stocks as cigar butt stocks. The kind of stocks Graham, Schloss and Buffet (before 1960) would have bought fordiscrepancybetween price andintrinsicvalue. The amount of analysis and probing done on this thread is phenomenal. I saw this thread only today.
I look at this company as...commodity (without any Moat), totally cyclical, small, at the mercy of few big customers, with not-so-great corporate governance... kind of company. Just a Cigar butt. Period! Forensic analysis done by Anil Kumar and few others is apt for such stocks. Too long term forecasting of business prospects, revenues and profits do not make sense for such companies.
You enter into such stocks only to exploit price-value arbitrage and then get out before music stops.