Satyam surges 6% on bourses

Satyam surges 6% on bourses

Mumbai: Software services firm Satyam Computers on Tuesday surged nearly 6% on the bourses, as speculation among investors were rife about an imminent change in the company’s management and promoter groups.

In the morning trade, shares of the company opened firm at Rs150 and rallied further to a high of Rs156.90, up 5.83% over the previous close on the Bombay Stock Exchange.

On the National Stock Exchange, the scrip rose 5.94% to the day’s high of Rs156.90.

The counter on Tuesday witnessed heavy rush with nearly two crore shares changing hands in the early trade on the bourses, similar to Monday when the scrip was among the top traded counters with as many as 10 crore shares getting traded.

The company had said that promoters had pledged their entire equity with institutional lenders, who might be selling the shares.

“With attractive valuations and promoters stake dipping below the minority shareholders’ level, Private Equity investors may come and bid for the company where Raju may be forced to leave the management control," Ashika Stock Brokers Research Head Paras Bothra said.

The scrip was later trading at Rs153.70, up 3.68% on the BSE and at Rs153.70, up 3.78% on the NSE.