Satyam surges on acquisition buzz

DALAL STREET SPIKES

Tech major Satyam Computer was in the limelight ahead of its fourth quarter results, with the stock gaining 1.37 per cent onTuesday.

According to market sources, select operators are punting at this counter in anticipation of the company announcing some tie-up to acquire a company. The counter was extremely volatile. The stock finally closed at Rs 328.65 after touching the day's high of Rs 331.90.

Dealers said, punters have been active in this counter ever since there were speculations that the company is planning a bonus issue which the company later denied. Now there are speculations doing rounds that the company is looking for an acquisition, said an institutional dealer.

The company is scheduled to announce its fourth quarter results on April 22. As on December 31, 2003, promoters held 18.30 per cent stake in the company, while the public, institutions and foreign bodies held 4.84 per cent, 8.75 per cent and 66.48 per cent stake, respectively.