SAfrican acquisition news helps VSNL move up

DALAL STREET SPIKES

Strong institutional buying support pushed up the VSNL stock on Monday. The stock ended 4.58 per cent higher to close at Rs 229.40, with volumes accounting for more than 1.57 lakh shares on the BSE alone.

The stock gained momentum on reports of an acquisition in the South Africa.

According to reports, the Tata group has won a bid to acquire a 26 per cent stake in South Africa's Second Network Operator (SNO) that would give the company a mandate to develop and provide National Long Distance and fixed-line networks in South Africa.

Market sources said, there has been renewed buying at this counter of late after a domestic broker put a buy call on the stock.

On the NSE, more than 4.3 lakh shares were traded on the counter today.