Is Unichem Laboratories cheap?

The promoter of the company, Prakash Mody is heavily buying shares of the company from the open market. See the table below:

Date	Shares Bought	Amount	Average Price
8 Aug	7389	1090247	147
9 Aug	30983	4529405	146
10 Aug	9592	1397938	145
11 Aug	26209	3744218	142
12 Aug	14257	2094638	146
16 Aug	175946	25772570	146
17 Aug	3395	494256	145
18 Aug	5160	762878	147
22 Aug	14572	2091826	143
23 Aug	22580	3199009	142
24 Aug	6282	885110	142
25 Aug	1476	210933	143
26 Aug	2447	352137	144
29 Aug	4169	599724	144
30 Aug	15784	2243806	142
2 Sep	3000	426441	142
5 Sep	226882	32403021	143
Total	570123	82298157	144.35

His stake in the company has gone up from 11.61% to 12.24%. The company's operating profit margin over the last two quarters has been around 14-15%, which is lowest till 2002. Net profit margin of around 8.25% is also the lowest in the last ten years. But even at the current price of INR 144, the company trades at 2 times book and 15 times earnings. The (net current assets + investments) stands at INR 30 per share. The earnings are obviously depressed due to margin pressure, but the high P/E is still not justified. Even though the promoters are showing a lot of confidence in the company, I would wait for price to correct to at least INR 100 to enter the scrip. I already have some bought in 2009 at the split adjusted price of INR 60.

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