The Hindu Business Line : VSNL hits new 52-week high

Brokers attributed the gain to several reasons, one of which was talks of the company making an acquisition, which was denied by VSNL in a notice to NSE.

"We would like to state that as of date there is no such proposal for acquisition of a domestic telecom company before the board and also that VSNL does not hold any shares in Tata Teleservices (Maharashtra) Ltd."

However, the final stitching up of the Tyco international cable network acquisition last week by VSNL and the possibility of business gains from this also led to the scrip looking up, said a broker.

The scrip has also been available at a fairly low price the last few months — above Rs 200 — and this also led to a lot of buying, on hopes of later gains, he said.

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