Su-Raj diamonds

Su-raj Diamonds should explode at the bourses. Some reasons -
a) The scrip is at a fwdPE of 7.55
b) The NCAV of the stock is a good 97.60 rupees while the CMP is much lower at 64.15 (Apr 7th) - a true Grahamian stock !!!
c) Cash rich company with 26.50 rupees of cash per share
d) Has a dividend yield of almost 2% (which is a rarity these days)
e) The company also has investments of 43.21 crs on it's books

The growth in sales has been good and consistent ... 495 crs (FY02), 583 crs (FY03), 723 crs (FY04) and 1028 crs (FY05). The company would close at 1150 crs for this financial yr ... another rising sales yr. Likewise, growth in profits is at 10.97 crs, 12.11 crs, 21.89 crs and 30.69 crs over the last 4 yrs. I estimate the profits for FY06 to close at 34 crs.

Note, that the P/E ratio of Su-raj Diamonds is much lower than it's peers - Vaibhav Gems, Goldiam International, Rajesh Exports, Shrenuj & Co. etc.

However, Su-raj Diamonds has never moved much. Movement has largely been between the 50 rupees to 70 rupees range over the last one yr. Surprisingly, a number of analysts have given a thums up to the stock over the short and medium term. Here's one by ICICIDirect.

Is this stock worth investing in?