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This is an archive article published on January 6, 2009
Satyam up 6 pct on possible buyout report
IT major Satyam Computer Services on Tuesday surged as much as 6 per cent in early trade.
IT major Satyam Computer Services on Tuesday surged as much as six per cent in early trade on the bourses amid reports that the company is being targeted by other rival software services firms for a possible buyout.
Satyam’s stock opened on a bullish note and then rallied ahead to witness an intra-day high of Rs 177.90,up 6.59 per cent from its previous close on the Bombay Stock Exchange.
Similarly on the National Stock Exchange,the scrip opened at Rs 167.50,touched an intra-day high of Rs 177.95,up 6.46 per cent from Monday’s close.
The surge in the stock assumes significance as both the benchmark indices — Sensex and Nifty — were trading in the negative territory.
Over 23.11 lakh shares got traded on the BSE,while on the NSE nearly 52.74 lakh scrips exchanged hands.
Despite the corporate-governance concerns at Satyam,the company is attracting a a good number of suiters. According to unconfirmed media reports,besides Delhi-based HCL Technologies and Bangalore-based MindTree,the company is also being mulled by Tech Mahindra.
The M&M group company Tech Mahindra has approached Satyam Computer for an all-share merger,pursuant to which Tech Mahindra will have control over the combined entity.
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