Moser Baer India moved up 4.23% to Rs 179.85 at 11:41 IST on BSE on reports that Orange Business Services has finalised a joint venture partnership with the company to foray into long distant telephony.
Meanwhile, the BSE Sensex was up 281.93 points, or 1.58%, to 18,088.12, tracking advances in Asian markets after weak US economic data and comments from a Federal Reserve official signalled that US interest rates will continue to head lower.
On BSE, 42,948 shares of the scrip were traded. The stock had an average daily volume of 1.32 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 180 and a low of Rs 174.80 so far during the day. The stock had hit a 52-week high of Rs 344.80 on 3 January 2008 and a 52-week low of Rs 164 on 13 February 2008.
The scrip had underperformed the market in the one month to 26 February 2008, falling 23.31% as against the Sensex's 1.91% decline. It had also underperformed the market in the past three months, skidding 31.39% against the Sensex's 5.98% slide.
The mid-cap storage devices manufacturer has an equity capital of Rs 168.23 crore. Face value per share is Rs 10.
Moser Baer is reportedly awaiting clearance from the Department of Telecom (DoT) for obtaining the licence. The company is not expected to foray into the retail long distance telephony segment, reports added.
France Telecom-owned Orange Business Services has been offering enterprise communication solutions to large multinationals in India. However, it has now applied for a licence after the Government made it mandatory for companies to obtain a national long distance licence for offering IP-based services such as virtual private network, the reports suggested.
Moser Baer India reported a net loss of Rs 20.45 crore in Q3 December 2007 as compared to net profit of Rs 37.62 crore in Q3 December 2006. Net sales rose 2% to Rs 511.66 crore in Q3 December 2007 over Q3 December 2006.
The company manufactures storage media for data applications and audio/video applications. It is India's second largest manufacturer of IT & entertainment peripherals in terms of sales.
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