07
Jan
13

Ruchira Papers update

In my previous post on Ruchira Papers (https://writingoptions.wordpress.com/2013/01/04/ruchira-papers/), I had mentioned about improving financials of the company. In December last week, one of the promoters of company, Subhash Chander Garg had bought 30000 shares via open market purchase at average price of 14.3 Rs/share. Obviously when promoter buys shares of the company, it gives you much more confidence and puts a floor to the share price. Promoter buying shares of his own company also acts as signalling effect to the market. It shows that promoter thinks shares of his company are undervalued at present price. Share price has risen 15 percent to 16.55 Rs/share after this news.

I am waiting Q1’FY13 results. Good Q1 results should take share price easily above 20.

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