IT major Satyam Computer Services today surged as much as 6% in early trade on the bourses on reports that the company is being targeted byother rival software services firms for a possible buyout.
Satyam's stock opened on a bullish note and then rallied ahead to witness an intra-day high of Rs 177.90, up 6.59% from its previous close on the Bombay Stock Exchange.
Similarly on the National Stock Exchange, the scrip opened at Rs 167.50, touched an intra-day high of Rs 177.95, up 6.46% from yesterday's close.
The surge in the stock assumes significance as both the benchmark indices -- Sensex and Nifty -- were trading in the negative territory.
Over 23.11 lakh shares got traded on the BSE, while on the NSE nearly 52.74 lakh scrips exchanged hands.
Despite the corporate-governance concerns at Satyam, the company is attracting a a good number of suiters. According to unconfirmed media reports, besides Delhi-based HCL Technologies and Bangalore-based MindTree, the company is also being mulled by Tech Mahindra.
The M&M group company Tech Mahindra has approached Satyam Computer for an all-share merger, pursuant to which Tech Mahindra will have control over the combined entity.