Moser Baer Spins Up On Europe Breather

The share price of Moser Baer jumped on Monday on the back of an announcement that the European Commission (EC) has decided to drop anti-dumping proceedings against recordable compact discs.

The scrip of the compact disc maker moved up 16.38 per cent to close the day at Rs 176.90 on the Bombay Stock Exchange (BSE).

In late trades, the scrip jumped 12.8 per cent to Rs 171.45. The stock remained high from the beginning of trading. High volumes accompanied today's rally in the counter. A total of 9.67 lakh shares changed hands.

The stock has been depressed over the last few weeks. The scrip plunged in early November 2002 due to poor second quarter results and the downward revision in earnings. It recovered in early December 2002, only to slide once again.

 

American vitamin for Ranbaxy

The Ranbaxy Laboratories share ended with gains on Monday on its US initiatives and optimism over its forthcoming results.

The scrip of the domestic pharmaceutical major gained 1.38 per cent and closed at Rs 619.65. In afternoon trades, the scrip gained 1.8 per cent to Rs 622.20 on the BSE. It hit a high of Rs 629.90, the highest level in nearly three years.

Ranbaxy had hit a high of Rs 633.18 (price adjusted for past bonus issues) on February 23, 2000. A total of 3.26 lakh shares changed hands on the BSE. The stock has been on a sustained rise on the bourses. From Rs 268.37 (adjusted price) on June 18, 2001, the share surged 131 per cent in one-and-a-half years to Rs 622.20.

Long-distance angst rings down VSNL

The share price of Videsh Sanchar Nigam Ltd (VSNL) slipped on Monday on fears that the company may slash international call charges.

In afternoon trades the stock plunged 2.2 per cent to Rs 93.35 on the BSE and settled later down 2.62 per cent at Rs 93. A total of 1.67 lakh shares changed hands on the counter.

The stock of the overseas telecommunications service provider has been depressed of late due to a price war and competition from new entrants. There has been a steep fall in international long distance (ILD) rates after ILD services were opened up on April 1, 2002.

This effectively ended VSNL's monopoly in ILD. The scrip currently trades at close to a multi-year low.

The stock dipped further following reports that cellular companies, which slashed national long-distance rates last week, now plan to cut international call charges. As per reports, cellular firms plan to cut international call rates by 62.5 per cent to Rs 9 per minute from Rs 24 per minute charged for calls made to the US and Europe.