MoneyLife had shared the insider trading news on Electrosteel. Insider Trading in Electrosteel Casting by Promoter Group Entities before Merger with Srikalahasthi Pipes?
SEBI is really doing a shoddy job, announcing the result of this investigation almost 4 years later. I guess Ms Puri was busy with the colocation scam and decided to release these as her tenure was not renewed so she would not financially benefit any longer for these cover ups.
The stock has run up from 35 odd to 230 which certainly seems some kind of circular trading or pump dump operation is at work on the stock currently. Valuation wise the stock is cheap compared to the market and competitors if the financials are not fradulent. But given that the promotors wanted do a 8 Cr fraud in 2020, chances are high that the stock run up is artificial or the profit and loss numbers are madeup. If it were not so then at such ridiculously cheap valuations it would be a major target for acquisitions by AIA/Mahindra CIE/Ramkrishna etc.
Is it worth buying, maybe if you have risky money, but certainly at Rs 35 or lower.