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BlackBerry stock jumps 5.4 Per cent

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CIOL Bureau
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TORONTO: Aggressive market posturing by the BlackBerry maker Research In Motion after its recent tit-for-tat salvos with Apple seems to have fired the company's fortunes in the stock market.

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RIM shares shot up 5.40 per cent on the Toronto stock exchange Tuesday to close at $63.25.

After sinking below $50 and languishing at those levels for weeks, RIM stock has picked up after reports that the sales of the latest BlackBerry Torch 9800 have zoomed in the US smart phone market.

The stock of the Canadian company sank to below $45 in August after the newly launched Torch 9800 received less-than-expected response as iPhone and Android device sales zoomed past the BlackBerry in the US market.

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Troubles with many countries, including India and the UAE, which threatened to ban the BlackBerry smart phone unless RIM shared its secure data with them for security reasons, also hit RIM stock.

But the unveiling of its tablet PlayBook and late positive response to the Torch 9800 have revived the company's stock which has now gained almost 40 per cent from its lowest point in August.

As AT&T reduced the Torch 9800 price from $199 to $99 in early November, the sales of this latest BlackBerry smart phone have jumped up in the US market.

RIM's aggressive pre-launch publicity for its tablet PlayBook has also revived investors' confidence in the BlackBerry maker.

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