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Satyam up 9% on buyout expectations

Satyam up 9% on buyout expectations
PTI
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First Published: Wed, Jan 21 2009. 10 58 AM IST
Updated: Wed, Jan 21 2009. 10 58 AM IST
Mumbai: Satyam Computer on Wednesday surged nearly 9% on the Bombay Stock Exchange amid news that two leading corporates - Essar and L&T have evinced interest in buying whole or part of the crisis-hit IT firm.
Satyam surged 8.56% to a high of Rs29.15 within minutes of opening of trade on the Bombay Stock Exchange.
Besides, a director of Satyam had on Tuesday said the IT firm is receiving offers from domestic and foreign companies for a possible takeover.
On the National Stock Exchange the scrip surged 8.75% to a high of Rs29.20 in the morning trade. Over three crore shares changed hands on the bourses.
Marketmen said the stock is entirely news driven now and investors believe that government moves would benefit them.
“In times of crisis a slight positive news can pull up the battered scrip. Investors are gradually turning optimistic and day traders are making hay as the scrip remains volatile on the bourses,” SMC Global vice-president Rajesh Jain said.
Essar group firm Aegis BPO, is believed to have submitted an expression of interest for acquiring the BPO business of the beleaguered Satyam Computer Services.
Besides, Tarun Das, one of the members of the six-member government appointed board of Satyam, saying that the IT firm has been approached for buyouts by both international and Indian IT firms also boosted the stock.
Also, L&T Chief A M Naik on Tuesday met corporate affairs minister Prem Chand Gupta and is believed to have discussed options related to its “strategic” investment in Satyam.
Asked if L&T was looking for a strategic fit in Satyam, he said: “We have a portfolio investment through L&T Capital.”
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First Published: Wed, Jan 21 2009. 10 58 AM IST
More Topics: Satyam | Stocks | Sensex | Markets | Takeovers |