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Shah told CNBC TV18, „I have always believed in recommending good companies with quality managements but I cannot with absolute confidence say that Tips Industries falls in that category but the developments, which have happened in this company over the past 18 months gives me enough confidence to very confidently say that the stock price has headed much higher than the current levels of about Rs 59 60.”He further added, „This company bought back about 13.5 lakh shares at an average price of Rs 48 in 2010 2011. 13.5 lakh shares at an average price of Rs 48 works out to roughly around Rs 6.5 crore and the marketcap of the company then was about Rs 50 crore. Now another thing, which has happened is that in the last six months, the company’s management through acquisition acquired about 7 lakh shares from the market at an aggregate price of about Rs 50 pumping in about Rs 3.5 crore.

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