India's Tech Mahindra shares surge on Satyam talk

Shares in Indian IT services firm Tech Mahindra, a bidder for fraud-hit Satyam Computer Services, extended gains to be up nearly 25 per cent on Monday after television reported a rival bidder had dropped out of the race.

Shares in Indian IT services firm Tech Mahindra, a bidder for fraud-hit Satyam Computer Services, extended gains to be up nearly 25 per cent on Monday after television reported a rival bidder had dropped out of the race.

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At 11:50 am (0620 GMT), Tech Mahindra shares were up 19.3 per cent at 381.70 rupees, having risen as high as 400 rupees.

Earlier, CNBC-TV18 had reported Tech Mahindra submitted a bid for Satyam. Indian television channels reported that Larsen & Toubro was out of the race for the outsourcing firm.