Mphasis gains 10% on HP stake sale plan

Hewlett-Packard, the US-headquartered technology major had given UBS the job of finding a suitor for Mphasis, report.

Mphasis has surged 10% to Rs 463 in early morning deals on the National Stock Exchange on reports that Hewlett-Packard (HP) is planning to sell its stake in the Bangalore-based information technology services company.

Hewlett-Packard, the US-headquartered technology major had given UBS the job of finding a suitor for Mphasis, the Business Standard report suggests.

HP, through its wholly-owned subsidiaries--EDS Asia Pacific Holdings, EDS World Corporation (Far East) & EDS World Corporation (Netherlands)--holds 60.49% stake in Mphasis.

The stock opened at Rs 428 and touched a high of Rs 464 on NSE. A combined 462,624 shares changed hands on the counter so far on NSE and BSE.