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Friday, Apr 18, 2003

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Moser Baer rises ahead of results

ON a day when most of the stocks fell, the stock of data storage company Moser Baer India bucked the trend. In fact, it gained by 5.28 per cent to Rs 266.95 with a volume of 1.54 lakh shares on the BSE; on the NSE, it closed at Rs 269, up 6.24 per cent with a volume of 4.73 lakh shares.

The rise in the stock price is ahead of the company financial results on April 23. Dealers said the fourth quarter of the company is expected to be good and the ongoing trend in the international price for CD-Rs and DVD-R is also positive of the company.

There have been active purchases in the counter by several FIIs. The recent order bagged by the company from Imation Corporation for $100 million per annum for three years is also attracting market interest in the counter.

Telecom biz subdues Reliance

THE stock price of petrochemical giant Reliance Industries has been under pressure over the last few days.

Dealers said some of the FIIs are selling the stock due to concern over the investment made by the company in telecom venture Reliance Infocom.

The talk doing rounds in the market is that the delay in the official launch of the limited mobility services with some restriction is bothering the FIIs. Earlier, several of them were upbeat on the outlook for the telecom venture following the announcement of the tariff rates but with mobile operators joining the competition, analysts feel that the returns on the investment by Reliance may take some more time than earlier projected by them.

The stock of Reliance dropped by 1.94 per cent to Rs 278.10 with a volume of 21.52 lakh shares on the BSE. On the NSE, it closed at Rs 278.55, down 1.85 per cent with a volume of 31.05 lakh shares.

Jubilant Organosys hits upper circuit

SPECIALITY chemicals company Jubilant Organosys was locked in the 10 per cent upper circuit on Thursday. The stock closed at Rs 162.80 with a volume of 1,884 on the BSE; on the NSE, it closed at Rs 160.60 with a volume of 1,834 shares.

Dealers said the company's financial performance has been good over the first three quarters; the last quarter is also expected to be good. For the entire fiscal, the company is likely to report over 100 per cent growth in its bottomline.

The stock has been under the eyes of several broking firms and several of them put a buy on the stock recently. The active interest in the counter is also due to the recent acquisition of Max India's pharmaceuticals business for Rs 63.1 crore. The talk is that the full impact of this acquisition would be seen in the next fiscal even though the company has consolidated the financial of this business since September 2002.

Virendra Verma

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