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MphasiS shares soar on parent firm sale talks

MphasiS shares soar on parent firm sale talks
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First Published: Tue, May 13 2008. 10 18 PM IST
Updated: Tue, May 13 2008. 10 18 PM IST
Reuters
Bangalore: Shares in MphasiS Ltd rose 16% on 13 May on reports that Hewlett-Packard was in talks to buy outsourcing firm Electronic Data Systems (EDS), which owns a majority stake in the Indian software firm.
At 0435 GMT, shares in MphasiS, which has a market value of $1.1 billion, were up 10.8% at Rs244.50, having risen as much as 16% to a three-month high of Rs256, in a Mumbai market that was up 0.7%.
HP said it was in talks with EDS regarding a possible business combination. A source told Reuters HP was likely to pay $12 billion to $13 billion for EDS, in a deal which would vault it to a close second to IBM in technology services.
On 30 April, MphasiS, a software and back-office outsourcing services provider, reported a 13.6% rise in its March quarter net profit to Rs714.2 million.
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First Published: Tue, May 13 2008. 10 18 PM IST
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