Following are the facts from my observations

In last 3 quarters company has had losses of -22.69 cr,-9.26 cr,-9.93 cr, -15 cr (approximate by me). This would total to a loss of about Rs -57 cr for FY 2010-11.

The good news is that last year they had 2 quarters of profits EACH of nearly 50 cr.

So even with this horror year they can survive.

Last year closing they had a cash balance of Rs 255 cr and 0 debt.

If we assume that all losses are cash and some more cash is spent maybe in capex,dividend etc then the cash loss of 57 cr can say be upped to 100 cr.

So it would still have AT LEAST about Rs 150 cr in cash or investments.

The market cap is Rs 322 cr now. So about 45% or Rs 47-48 per share is in cash IMHO.

Logically sir then even if company just does break even it should go to share price of Rs 150+.

However after 1 goofup I will not make any prediction

Markets can remain irrational longer than we can remain solvent - Keynes    

IMHO this is an extended case of mispricing but Mr Market is the boss ultimately so now time to pray to Balaji :-)