Nagarjuna Oil is part of the Nagarjuna group and has set up a 6 Million Tonne Refinery in Tamil Nadu.
This refinery was supposed to be commissioned in March 2012 but has been delayed.
Now, the funny thing is that the financials of this company are not available on the NSE website nor on the BSE web site nor on the company’s own website.
The only thing we know is that around 42.81 Crores shares are outstanding which gives it a market cap of around 325 Crores.
Despite the lack of details or perhaps because of the lack of details, this stock is up around 37% today.
In many ways, the stock reminds me of RNRL. It has all the ingredients for being- in Dalal Street terms-a “satta” (aka punting/gambling) stock:
1.A low price (around 7.55) allowing even the smallest of punters a chance to speculate
2.Potential of huge profits for the company
3.Impending news (In this case, the commissioning of the refinery)
4.Well known and politically connected promoters
Off to the races then !