I have been an investor of this stock and am surprised by the hammerring.. it was rock solid till eight months back.. and then has come down hill from somewhere near 280 around december 2007.
I have 500 shares and having been averaging after every fall.. 280 then at 200 then at 170 then at 150 and then once at 118 or so.. and now it is at 86 /-..

it can go down more.. why?
lehman and merril lynch have close to 7 lac shares invested in this company and so unless they liquidate completely, it will go down and there are many insiders /cartels that know how to make the most out of this situation and they will continue to buy at lower and lower levels !!!

now is this really a bad company ?
it was good when it stuck to only software
it has got its fx deals totally wrong.
and yes.. with 1 USD hitting 46 INR.. they are sitting on huge losses ( the information is available on their earnings transcript available at their site ) ; and it is quite likely that they will end up making losses for the financial year 2008-09 as whatever they make will get gobbled up by the MTM losses thanks to a depreciating rupee.. and the lossses could increase if they make further blunders in their hedging ( as they have made earlier )

the fall in price has been triggerred by those in the know ( insiders ) and who are now profitting out of hte fact that both lehman and merril will be opting out..

the stock market teaches you a lot of lesson, it is just that one never knows what to remember and what we forget !!!!
and the price is quite heavy ( close to rs 75000/- ) for one reinforced message \\` nobody makes money in the stock market except the cartels and insider traders\\`

I expect the price to go down further.. and will buy at 40% from this level ( I expect atleast 2 more lower circuits ) ..may I be proved wrong for the sake of many other investors like who have burnt their fingers not knowing that they were putting their hard earned money on hot potatoes !!!

and yes.. i will still buy.. because from another perspective it makes sense to buy and sit tight.. like sasken.. assuming that they do not make any blunders ( but for which I have no other way to know ) and the huge assets and goodwill that as a software company they have made, and after the madness settles down ( say in six months from now.. hope is eternal, right ) .. then yes.. this could go up !!! but yes.. these are long shots.. and right now.. I am nursing my own woundss !!! good luck and god bless
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