Avaya Global rises on stake buy

DALAL STREET SPIKES

Avaya Global Connect rose 3.8 per cent to Rs 268.5 on volumes of nearly 92,000 shares on a day it announced that Reliance Growth Fund had bought a further 5 lakh shares of the company.

This increases the fund's stake from 2.62 per cent earlier to 6.13 per cent. Avaya Global is a 59.13 per cent subsidiary of Avaya, US. and is a dominant player in the contact center and Internet Protocol (IP) telephony market.

Late last year, Avaya was in the news for its buyout of the assets, manpower and business contracts of the converged solutions division of Sirius Telecommunications through its subsidiary. The stock has seen quite a choppy 2007 swinging within the limits of Rs 210 to 258.