Shilpi Cable Technologies has opened its IPO for subscription on 22/03/2011 and issue will close on 25/03/2011.The price band of the issue has been fixed between Rs 65/- to Rs69/-. I advice all the investors to avoid this issue due to the following reasons.
1. Issue has been graded by CARE and Grade given to the company is 1 indicating POOR FUNDAMENTALS.
2.Very high Issue price of Rs 65 to Rs 69 with out much fundamentals
3.Company is in operation for last 4 years only
4.Earning per share is in negative for 2 years out of 3 years in operation
5. Net Asset Value per Equity Share as on March 31, 2010 is only Rs. 14.89 on consolidated basis.
6. Three to Four company's by the Promotor's already in the similar line of
operation
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