Moser Baer gains on deal with Chinese firm

Moser Baer India gained 2.54% to Rs 163.50 at 13:23 IST on BSE after the company said Moser Baer Photo Voltaic, a subsidiary, has signed a ten-year agreement with China-based LDK Solar for purchase of high-quality multi-crystalline silicon wafers.

The stock hit a high of Rs 167.50 and a low of Rs 158 so far during the day. The stock had a 52-week high of Rs 344.80 on 3 January 2008 and a 52-week low of Rs 177 on 22 January 2008.

The company’s current equity is Rs 168.21 crore. Face value per share is Rs 10.

LDK Solar will deliver multicrystalline solar wafers to Moser Baer Photo Voltaic (MBPV) for producing photovoltaic (PV) cells that can generate 640 megawatt (MW) of solar power. MBPV will make a suitable prepayment to LDK Solar reflecting the contract value. The delivery of wafers under the new contract is expected from July 2008 and will continue over a ten-year period from the first shipment.

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.