UPDATE OF CALS REFINERIES LTD

Dear Sir,
I have been holding this Cals Refineries stock from past 1month. What will be the future of this stock after 1 or 2 - 3yrs. How Long i have to wait for the share to cross 2 -3rs i believe in long term. Just give some brief fundamental analysis on this stock.
Regards
Sunil.
1.sunil ji for cals refineries ltd i already write fundamentals of cals refinery in MY PENNY SHARE blog so first read this article of this link
http://mypennyshare.blogspot.com/2010/05/fundamentals-of-cals-refinary_28.html
and remember my view is negative for cals refineries ltd but these are latest news about cals
2.The Foreign Investment Promotion Board (FIPB) has recommended the proposal of Cals Refineries Ltd for Foreign Direct Investment worth Rs 1425 crore for the consideration of the Cabinet Committee on Economic Affairs (CCEA).

3.Cals Refineries' proposal was to issue equity shares in the form Global Depository Receipts (GDRs) against supply of refinery equipment. The company had proposed FDI of Rs 1,425 crore against import of second hand machinery.
4. The purchase of this equipment will increase the aggregate refining capacity of Cals' planned refinery project in Haldia, West Bengal, to 200,000 barrels a day.
5.Cals Refineries and the Hardt Group in March reached a definitive agreement for Cals to acquire the Cenco and Atas refinery assets owned by affiliates of Hardt and currently located in the US and the Turkish Republic of Northern Cyprus.
Under the terms of the transaction, Cals will pay Hardt $417 million in total consideration, with $317 million paid in the form of GDR in Cals and the balance in cash.
6.Hardt has also agreed to subscribe for certain equity shares of Cals on a preferential allotment basis, subject to shareholder and customary approvals, in an amount of up to $7 million in one or more tranches and to nominate two directors to the Board of Cals.
7.Cals Refineries Ltd  and the Hardt group awarded Saipem, Italy, a subsidiary of Eni S.p.A., and one of the largest and best balanced turnkey contractors in Oil and Gas industry, the Detailed Feasibility report for the 200,000 Barrels per day refinery project at Haldia, West Bengal. If the parties will reach an agreement on the terms of the proposed feasibility report within 80 days, the Company will award Saipem the lump sum Engineering - procurement - Construction - Commissioning (EPCC) contract for the Project.
8.so in view of these updates i think hold this stock ( for those who already hold it) but fresh buying in penny stocks is very risky and my view is still negative.
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