- Update Report
- 10-Apr-2013
Updates
Date: 10Mar2013
CMP: 80.30
We recommended to accumulate Singer India Ltd between Rs 80 to Rs 98. The stock recently fell to Rs 70 and has shown a bounce back to Rs 80.30. On the business side, nothing has changed however the recent midcap meltdown has taken a lot of companies down in the range of 20% to 50%. Singer India is a highly illiquid counter and even a small buyer/seller can create a substantial impact on its stock price.
The news of Singer India Ltd coming out of BIFR is expected to come out anytime. According to our knowledge, the court has approved the EXIT of Singer India Ltd from BIFR. We will update on the same once the official announcement from the company hits the exchanges.