Fru****ted Promoters?

I want to introduce to you one fru****ted promoters, that of a company named FDC. Have you seen good companies buying back their shares at lifetime high price? (please exclude AA group companies from good companies). FDC is going to do that as mentioned here. The company is buying back its share upto a maximum price of INR 60 while the lifetime high for the company's stock price is INR 66 made on date 15 Dec 2004, yes almost 5 years back. That is the only reason why promoters are fru****ted. It has been five years and the company's stock price has gone down instead of going up. What about fundamentals? The companies profits have increased from INR 66.27 Crore in FY2004 to INR 83.21 Crore in FY2009, an increase of 25.6% while the stock price has gone down from INR 66 to INR 51.4, a reduction of 22.2%. This is not it. The company already bought back 51.82 lakh share at an average price of INR 34.31 aggregating INR 17.78 Crore during the first buyback plan announced on November 18, 2008. So the equity capital has decreased by around 3%, i.e. the market cap of the company from peak of INR 1263.64 Crore has gone down to INR 962.28 Crore i.e. by 23.85%. How is P/E of the company affected? The P/E in December 2004 was around 19.15 while today it is 11.56, a reduction of 40%. I agree with promoters that the company is undervalued at INR 51.4 and have a stake in the company but of course at a much lower price than the maximum buyback price. Happy Value Investing!!!!