It's noteworthy that while India Globalization has a history of losses and other eyebrow-raising issues, it did raise $30 million of capital at a price of $5.30 per share to take advantage of its skyrocketing share price in late September. As a result, IGC finds itself with $27M in cash as of the last quarter's report and a book value of about $0.92 per share. The capital raise was significant given the company's size and, if maintaining the recent burn rate, could potentially fund IGC's losses for years. Together, the book value and the cash position could provide support for the stock price.
