current trading volume is around 30 K per day. Open offer for 10 million shares at max price of 40 to start on thursday. this should easily go above 30 starting tomorrow
i am watching this stock regularly. before buyback started it was not going above 26.1 with 30K vol on BSE. Today it did cross 27 with a volume of around 80K. The market was really weak which must have also weighed down on the stock. But the buyback is huge so the stock is safe. Look at the promoter holding it has gone up steadily from 54% to 59% before the buyback which in itself is a very positive indication.
Friend if it will move to 30 in one day (which it can by ckt limit) then 35 on 2nd day and 40 on 3rd day, promoters cannot complete their buyback for 10 million shares after third day. In general the market is also playing a spoil sport. But i believe that the stock will definitely cross 30 few days into the buyback. i don`t see why it should not. but be patient. Don`t expect daily 20% upper circuits. 30 is a very reasonable expectation here. I have bought a few thousand shares and will sell above 30 only.
| NIFTY 
