Don't know much about the fundaments on this but going by the charts, it had a great close today with huge volume build up.
At 4.22, up over 10% from Friday, the stocks may well rally past 5.10-5.20 to 6 plus.
Keep watch tomorrow and take it from there?
On the other hand, as they say, when penny stocks begin to jump, there is a sharp correction on its way!
HARDWARE manufacturer Baffin Engineering Projects Ltd has entered into a vendor agreement with Siemens Communications for wireless modules for manufacturing GSM devices.
The agreement is through its recently acquired subsidiary — Noida-based Uniword Telecom Ltd. Siemens will supply the core modules which will go into the manufacture of GSM devices.
The company sees the GSM device market in the country at Rs 7,000 crore. Fixed cellular telephones (on the lines of the fixed wireless telephone in the CDMA sector) are on the agenda of almost every GSM operator in the country, said Mr Ashoka Motha, Managing Director, Baffin Engineering, at a news conference here.
Baffin, a company listed on the BSE, is also going to consider issue of 10 per cent stake to a Lagos-based company, Reliance Telecommunication Ltd (which has nothing to do with Reliance group of India, said Mr Baffin), for Rs 10 crore.
Reliance Telecommunication (RelTel), a CDMA operator in Nigeria, would be issued shares of face value Re 1 each, at a premium of Rs 9.
"While RelTel will look forward to a reliable vendor of various telecom equipment to cater to its growing needs, it will enable Baffin Engineering to enter the Nigerian market, one of the foremost telecom markets in Africa," said Mr Sunil Pathak, Managing Director, RelTel.
In the long-term, Baffin will be looking at the entire African continent, which comprises 40 countries, to give a boost to its exports, said Mr Motha. Currently exports comprise 30 per cent of the company's revenues, expected to be around Rs 160 crore this financial year.
I think now they are going to show us some results..cheers