Moser Baer India (MBIL), the New Delhi-based data storage media manufacturer, witnessed hectic activity today on bourses after private a equity fund offloaded a part of its stake in favour of foreign institutional investors (FIIs).
Private equity fund, Electra Partners, which held 17 per cent of Moser's Rs 48.4 crore equity capital, sold about one-third of its holding. Rakesh Govil, general manager for treasury operations at Moser said, "Electra Partners has divested nearly one-third of its shares to quality foreign institutional investors, FIIs, across the globe." Electra Partners bought its stake at Rs 30 a share in 1998.
After soaring 8 per cent in morning trades to a new 52-week high at Rs 365, the scrip came off sharply on selling pressure. On the Bombay Stock Exchange, the stock price closed at Rs 320.15, down 5.27 per cent over previous close.
Over 28.75 lakh Moser Baer shares changed on the counter, the highest volumes to be recorded on the counter. According to market grapevine, foreign brokerage UBS Warburg has brokered a deal on behalf of two institutional investors to buy about 20 lakh shares.
MBIL share has been northward bound in the past few months. From a 52-week low of Rs 176.90 on September 17 2001, the scrip surged 96 per cent in five months to Rs 347.25 on February 15 2002.
For the third quarter ended December 2001, MBIL posted a 97 per cent growth in sales to Rs 170.38 crore.
On the back of significant cost reduction, operating profits increased 95 per cent to Rs 88.3 crore. With no provision for taxation, profit after tax (PAT) increased 62 per cent to Rs 60.15 crore. The company offset the fall in compact disc prices by clocking a rise in volumes. The compact disc-recordable (CD-R) prices fell by 8-10 per cent in third quarter.
