Satyam surges 16 pc on the BSE | india | Hindustan Times
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Satyam surges 16 pc on the BSE

india Updated: Apr 13, 2009 12:37 IST

Satyam Computer on Monday surged over 16 per cent in the morning trade on the Bombay Stock Exchange, ahead of the announcement of the highest bidder for acquiring majority stake in the IT firm.

Shares of Satyam opened on a positive note at Rs 49 and surged 16.43 per cent to touch a high of Rs 54.90 on the BSE.

On the National Stock Exchange, scrip soared 19 per cent to Rs 56. Over 3.49 crore shares got traded on the two bourses.

The government-appointed Satyam board today is scheduled to conduct the technical and financial bid to select the highest bidder for the IT firm.

Tech Mahindra and engineering firm Larsen & Toubro are among parties who had evinced their interest in acquiring a majority stake in the beleaguered IT major.

The scrip has been on an upswing since March 31 and has surged 23 per cent in the past six trading sessions.

Analysts said the stake sale is aimed at restoring investor confidence at the Hyderabad-based firm after its Founder Ramalinga Raju admitted to fraud in the company.

Ever since the disclosure of the fraud on January 7, the company's market capitalisation has plunged by Rs 8,900 crore. It's valuation as on April 9 was at Rs 3,177.36 crore. Meanwhile, Tech Mahindra today said it has submitted its bid for Satyam.