Acquisition scuttlebutt boosts Satyam

DALAL STREET SPIKES

Technology company Satyam Computer has been in the limelight of late on rumours of an American depositary receipt (ADR) issue and foreign acquisition.

In Thursday's subdued market, Satyam was up 4.11 per cent to close at Rs 428.15, backed by an impressive volume of more than 20.9 lakh shares on the Bombay Stock Exchange (BSE) alone.

There are rumours that the company is considering a sponsored ADR issue to increase the float in the overseas market. The stock, in intra-day trades, touched a 52-week high of Rs 432.5.

This has resulted in a sharp rise in the stock prices of late. Sources said the stock has also attracted renewed buying after a re-rating of the entire IT sector.

Among other IT pivotals, TCS ended 2.2 per cent higher to close at Rs 1,230.95 and Wipro ended nearly one per cent higher at Rs 721.45.