Shares of Maytas Infra,a company promoted by the family of Satyam founder B Ramalinga Raju,on Wednesday broke its downward spiral for the first time in the last 23 trading sessions and surged as much as five per cent on the bourses on takeover buzz.
Maytas Infra rebounded for the first time ever since the Satyam fiasco has surfaced on January 7.
After opening on a weak note on the Bombay Stock Exchange,the scrip gathered momentum and surged 4.92 per cent,hitting an intra-day high of Rs 54.35 and got stuck at this level as it is also its upper circuit limit.
Similarly,on the National Stock Exchange the company opened at Rs 49,then rallied ahead to touch an intra-day high of Rs 54.15,up 5.04 per cent from its previous closing price.
On the volume front,a total of 41 lakh shares exchanged hands on the BSE and NSE.
According to media reports Infrastructure Leasing and Finance Company (IL&FS) is poised to acquire management control of the troubled infrastructure company Maytas Infra.
The non-banking finance firm is emerging as a government preference given its prominent role in infrastructure finance in the country,the report said,adding that a high-level meeting between senior officials of the state government and IL&FS officials took place on Tuesday.