Moser Baer gets HP tie-up booster

DALAL STREET SPIKES

Mid-size IT company Moser Baer was in the limelight after the company announced its tie-up with Hewlett-Packard to bring HP branded products to the Indian market.

The stock spurted to an intra-day high of Rs 188.40 before closing at Rs 186.75, up 3.52 per cent from its previous close. The counter witnessed volumes of more than 1.84 lakh shares on the BSE.

According to the deal, Moser Baer will manage the manufacturing, marketing and distribution of HP branded storage media products while HP will continue to oversee product quality, testing and branding compliance to ensure that the end product meets HP's strict standards.

The stock, however, had lost 4.6 per cent on Monday after the company announced disappointing June quarter results.

The counter was back in action on Tuesday as the HP business is expected to contribute Rs 100 crore to the turnover of Moser Baer by 2006.