Satyam surges 5%, Tech Mahindra dips 8%

Satyam Computer Services today surged over 5% on the Bombay Stock Exchange with its new owner, Tech Mahindra, scheduled to make an open offer on Tuesday for a 20% stake in the IT firm.

Meanwhile, shares of Tech Mahindra dipped as much as 8% in the intra-day trade on the bourses.

Tech Mahindra would today announce an open offer for a 20% additional stake in Satyam.

Marketmen said there was a surge in Satyam scrip owing to the open offer, while the dip in Tech Mahindra was largely because investors turned cautious and dumped the stock.

The government-appointed board of Satyam met in Hyderabad yesterday. In the meeting, Tech Mahindra officials and Mahindra Group chief Anand Mahindra were invitees.

Tech Mahindra yesterday deposited Rs 2,910 crore for a 51% controlling stake in Satyam Computer.

Shares of Satyam opened firm and rallied further to touch a high of Rs 50.15, up 5.47% over previous close on the BSE.

Similar movement was seen on the National Stock Exchange, where the scrip surged 5.03% to a high of Rs 50.10.

On the volume front, a good 1.55 crore shares changed hands on both the bourses.