Moser Baer soars on Philips arm buy

DALAL STREET SPIKES

Moser Baer rose nearly 7.4 per cent to Rs 390.5 on volumes of over 10 lakh on a day it announced that it had entered into a definitive agreement under which the company will acquire OM&T BV, a highly specialised technology subsidiary of Philips for optical R&D.

This acquisition is expected to strengthen the technological base for Moser Baer's optical and solar photovoltaic segments. According to the agreement, all IP created by OM&T will be transferred to the company. The joint venture will focus on development of photovoltaic technologies.

Moser Baer, which is already the global number two in the optical media market, will also benefit from OM&T's leading position in the test disc segment. Just last month, the company had reported a robust Q3 financial performance, with net profit growing by nearly 188 per cent year on year.

The stock too has shown a sustained rally since January 18, rising nearly 15 per cent till Monday. Over the last one year, the scrip has returned over 51 per cent.