Mumbai: Shares of Maytas Infra on Tuesday surged 5% in the opening trade to hit its upper circuit, a day after the management of the company was transferred to infrastructure major IL&FS.

Maytas Infra gained 4.96% in the opening trade to hit its upper circuit at Rs118.40 on the BSE. The scrip has been on an upside since the past eight trading sessions and for the third consecutive day in a row it reached its upper limit.

Since 20 August the scrip has advanced over 39% on the bourses.

On the National Stock Exchange Maytas surged 5.01% to a high of Rs118.40. Nearly 64 lakh shares changed hands on both the bourses.

IL&FS, which indirectly holds 37.1% shares of Maytas Infra, would be the new promoter and pump in Rs 55 crore in the crisis-hit firm.

Besides, IL&FS Investment Managers Ltd, the listed subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS), dipped nearly 3% to Rs257.45 on the BSE.

Maytas, which was promoted by the founders of Satyam, has reported a net loss of Rs490 crore for the fiscal ended 31 March 2009, against a net profit of Rs99.64 crore a year ago.