Valuation of non moving stock

Dear freinds

I have a query regarding valuation of non-moving stock, suppose if a Quantity of stock is valued @ RS 140 assume for example for FY 2008-09 & again for FY 2009-10 can that be valued at @ RS 150, according to Market value (NRV), & assume cost of that stock in FY 2008-09 is RS 200/-, is this method in accordance with AS-2

Regards

Shashank