Mphasis BFL soars on big contract bid

DALAL STREET SPIKES

Mphasis BFL jumped 6.3 per cent to close at Rs 280 with volumes of 0.8 million shares. The company has been in the limelight and an outperformer for quite some time and trades at 70 times its annualised half-yearly EPS for FY07.

The company along with its American promoter EDS has bid for a large $2.4 billion contract. Recently, Electronic Data Systems Corporation, US, that bought 52 per cent stake in the company, made an open offer for approximately 32.95 million shares.

The offer is slated to open on November 27 and closes on December 18. As a result, EDS' holding in MphasiS BFL will increase to 70.4 per cent.