Mumbai, Jan. 27 Expectations of L&T increasing its stake in troubled Satyam Computer boosted the latter’s stock price on Tuesday. Ever since L&T has shown its interest, the stock has been on the climb.
Satyam surged more than 21 per cent on BSE and closed at Rs 47.15; the stock touched an intra-day high of Rs 49.9 The rise is mainly on the back of expectations that L&T might increase its stake in Satyam, said Mr Gaurav Dua, Head of Research, Sharekhan. Also there have been interests expressed from other parties in Satyam, he said.
These interests do indicate that there hope of a possible continuity in the operations of Satyam, said Mr Dua.
Meanwhile, at NYSE, the stock declined by 5.82 per cent at $1.78 at 9.00 pm IST.
The construction major, L&T, had last week increased its stake in the company to 12 per cent, from its four per cent in the IT company.
The company has also on the verge of formation of a new management, which further boosted sentiment on the Satyam counters, said brokers.
Most brokerage houses had removed the company from their coverage after the company’s promoter Ramalinga Raju had admitted to fudging accounts to the tune of Rs 7400 crore earlier this month.
The stock had recorded its second biggest ever gain last week in a single day as expectations of a possible takeover by corporates had begun to do the rounds.
The stock price had risen by more than 31 per cent last Friday.
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