Resurgere Mines and Minerals Ltd, hit another upper circuits on the opening trade. The Resurgere Mines & Minerals Ltd (Rs.1.57), in 2011 decided to acquire an iron ore mine, at Satarda in Sindhudurg district of Maharashtra, having area of 96 acre. The Fe content in the ore body ranged from 54% to 60%. The estimated total reserve is 47.59 million tonne.But even after almost 3-yeas of UPA RULE under Dr.M M Singh and around 5 months of NDA Rule under Narendra Modi, the company is yet to get approval, for the same. In the process, not only the promoters and its employees, but lakhs of shareholders have suffered, as the price of scrip plummeted from above Rs.250 to the CMP of Rs.1.57 (...and much below this earlier). Is it the fault of the company or of the government in power...? Even the present Narendra Modi government's performance till date is unsatisfactory.
Yesterday, the PAID GROUP members, were asked to hold on to their Nifty LONG POSITIONS. Today, the BULLISH view will even get stronger if the Nifty closes either above 8000 mark or near it. The breakdown of Nifty below 7800 proved to be short lived and the close above 7900, again brought the BULLS into action. It appears that the corrective phase is near to an end.