Tech Mahindra soars 25% on Satyam bid

Tech Mahindra soars 25% on Satyam bid
PTI
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First Published: Mon, Apr 13 2009. 02 12 PM IST
Updated: Mon, Apr 13 2009. 02 12 PM IST
Mumbai: Tech Mahindra on Monday surged as much as 25% on the Bombay Stock Exchange after the software emerged as the highest bidder to acquire Hyderabad-based Satyam Computer Services.
The shares of the company opened on a bullish note at Rs330 and then gained further ground to witness an intra-day high of Rs400, up 25% on the BSE.
Similar movement was seen on the National Stock Exchange as well, where the company opened at Rs324.85, then rallied ahead to touch the day’s high of Rs410, a jump of 27.98% from its previous closing price.
The surge came after the software firm Tech Mahindra submitted its bid to acquire majority stake in Satyam Computer.
It has company emerged as the highest bidder.
On the volume front good movement was witnessed as over 12.31 lakh shares got traded on the BSE and more than 28.81 lakh shares exchanged hands on the NSE.
Besides Tech Mahindra, engineering major L&T has also put in its bid to acquire control of the Hyderabad-based company.
L&T was also trading on the positive territory and surged over 3.75% on the BSE to touch an intra-day high of Rs860.
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First Published: Mon, Apr 13 2009. 02 12 PM IST
More Topics: Stocks | Tech Mahindra | Software | Markets | Satyam |