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This is an archive article published on December 30, 2008

Satyam surges 6 pct on bourses

Software services firm Satyam Computer on Tuesday surged nearly six per cent on the bourses.

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Software services firm Satyam Computer on Tuesday surged nearly six per cent on the bourses, as speculation among investors were rife about an imminent change in the company’s management and promoter groups.

In the morning trade, shares of the company opened firm at Rs 150 and rallied further to a high of Rs 156.90, up 5.83 per cent over the previous close on the Bombay Stock Exchange.

On the National Stock Exchange, the scrip rose 5.94 per cent to the day’s high of Rs 156.90.

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The counter on Tuesday witnessed heavy rush with nearly two crore shares changing hands in the early trade on the bourses, similar to Monday when the scrip was among the top traded counters with as many as 10 crore shares getting traded.

The company had said that promoters had pledged their entire equity with institutional lenders, who might be selling the shares.

“With attractive valuations and promoters stake dipping below the minority shareholders’ level, Private Equity investors may come and bid for the company where Raju may be forced to leave the management control,” Ashika Stock Brokers Research Head Paras Bothra said.

The scrip was later trading at Rs 153.70, up 3.68 per cent on the BSE and at Rs 153.70, up 3.78 per cent on the NSE.

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