do not understand, page-3

Interestin that INR sitting on $1.45 values GUJ @ $1.09; and GUJO @ $0.89

So still more in it if INR holds its value!!

So now the fun begins ... where will INR go from here?

While many feel that the INR price has been "manufactured" to sweeten the merger ... each day it looks more & more like a simple re-rating of the two companies as a mergered entity!!

I have always put a fair value of $1.50 for the merged GUJ/INR ... however as each month goes by, we come closer to having TWO coal mines in production, plus other projects happening.

ALSO: Dont discount some further corporate activity ... Mother Gujarat has visions of GUJ becoming a major coal/iron ore/multi-mineral player!

I would be very surprised if we dont see the sub-$2 prices disappear very soon in 2008

cheers