Vardhman Acrylics : Buy back is destined to Fail

Chart shows the most of volumes were during price at higher than the maximum rate of Rs. 12.50 set for the on-going buy back. With a broker who loves "squazing" all juices out of "nimbu" and investors are , generally, NOT in the habit of selling off at a loss, the buy back scheme is bound to be failure. I shall be surprised if it manages it manages to CROSS ONE CRORE OF SHARES MARK EVEN .

Data of trading & delivery in Vardhman Acrylics are analysed hereinbelow (Source: NSE quotation)

Price { }	Days	Date	Average	Average Traded	Deliverable	% Dly Qt to
			Price	Quantity	Av Qty	Traded Qty
< 8.00	60	8-May-12	7.45	48845	44694	91.50
< 9.00	119	12-Jun-12	8.38	56181	48813	86.89
< 10.00	62	11-Nov-11	9.29	82069	72792	88.70
< 11.00	106	4-Aug-11	10.42	73101	60075	82.18
< 12.00	52	15-Jun-11	11.25	200980	142600	70.95
< 13.00	31	5-May-11	12.11	217096	156783	72.22
< 14.00	61	15-Nov-10	13.32	268613	200795	74.75
< 15.00	44	28-Oct-10	14.45	474810	338689	71.33
< 16.00	22	27-Oct-10	15.52	725910	511774	70.50
>16.00	5	6-Aug-10	16.19	1140823	802271	70.32

First let me explain the table: column I is Price range below 8, column II is number of days traded in that range and last day in that range is shown in next column, average price, traded volume, delivery volume & percentage of delivery to trade are listed.

Significantly,  2,67,86,566 shares (out of 7,40,67,987 shares delivered during 01/04/2010 & 12/06/2012) were traded in the price range of Rs. 12 or lower; my observations are investors cling to their holding & MOSTLY do NOT sell off at a loss.

IMHO, the buy back scheme is destined to fail & may not cross the half mark even.