Tech Mahindra soars on Satyam stake buy buzz
Reports say that Tech Mahindra may be interested in acquiring Satyam as part of its strategy to evolve from a telecom industry focused IT firm to a full fledged IT services company spanning across all sectors. Earlier reports mentioned that HP, IBM, Mindtree would also be interested in acquiring Satyam. Mindtree however issued a statement denying any such move.
Satyam is going through a bad phase which has resulted in its share value erode rapidly for the past few days. The company came into troubled waters when it emerged that the board had approved a proposal to invest in a real estate firm owned by children of Raju, one of the main promoters of Satyam. Following strong negative response to the move, Satyam had to eventually call off the deal.
At 10:30 am, Tech Mahindra shares eased some its early gains and were trading at Rs 309.30, up 9.06 per cent while Satyam shares rose 3.65 per cent to Rs 173.
MUMBAI: Shares of Tech Mahindra surged more than 12 per cent Tuesday on reports that it is considering an all-stock merger
