Movers & Shakers

Movers & Shakers
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First Published: Fri, May 22 2009. 11 49 PM IST
Updated: Fri, May 22 2009. 11 49 PM IST
Satyam Computer (up 11.33%)
Satyam Computer Services Ltd surged 11.33% as the company is set to launch its “Re-energizing Satyam” programme this week which will include rebranding, reigniting growth, retaining key talent. The company will also focus on ‘reviewing cost structure and liabilities’.
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Astra Microwave (up 20.02%)
Shares of Astra Microwave Products Ltd were up 20.02% on hopes of an increase in its revenue from sale of defense-related technology in the wake of a victory by the United Progressive Alliance in the general election. The defense segment contributes to 70% of the company’s total revenues.
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Tech Mahindra (up 13.92%)
Shares of Tech Mahindra Ltd surged 13.92% in line with that of Satyam Computer Services Ltd. Venturbay Consultants, a subsidiary controlled by Tech Mahindra, bought 31% stake for $351 million at Rs58 per share and is set to make an open offer for a further 20% at a cost of about $231 million.
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HT Media (up 10%)
Shares of HT Media Ltd were up 10% after Reliance Life bought 4 million shares of the company at Rs100 per share and KMUK A/C Sandstone Capital bought 3.09 million shares at Rs86 per share on Thursday. Stock brokerage firm Kotak Securities has set a target price of Rs93 per share of HT Media.
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Mphasis (up 11.04%)
Mphasis Ltd gained 11.04% even as JP Morgan upgraded Mphasis from ‘neutral’ to ‘overweight’ with a new price to earnings target of Rs375 (up from Rs200). Mphasis has delivered very strongly over the past couple of quarters and backed it with another strong performance in April 09 quarter.
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Firstsource (up 18.01%)
Firstsource Solutions Ltd was up 18.01% as the company benefits from a depreciating dollar. The company has already bought back foreign currency convertible bonds, or FCCBs, worth $50 million out of a total $275 million, which is getting converted in 2012 at a price of Rs92.
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Karnataka Bank (up 13.55%)
The Karnataka Bank Ltd stock surged 13.55% after Reliance Regular Saving Fund bought 1.39 million shares at Rs120 per share and Reliance Long Term Equity Fund bought 2.62 million shares at Rs120 per share on Thursday. The bank’s board is scheduled to meet on 25 May.
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BOC India (up 9%)
BOC India Ltd gained 9% on the back of market rumours about a possible buy-back of shares. The company’s promoter holds an 89.48% stake and has been trying to delist the company for a long time. Its annual general meeting, or AGM, is scheduled to be held on 28 May.
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First Published: Fri, May 22 2009. 11 49 PM IST