Overseas buyout lifts Patni Computers

DALAL STREET SPIKES

Patni Computers was in the limelight on Tuesday, gaining 1.81 per cent after the company announced an acquisition in the overseas market.

The stock hit an intra-day high of Rs 373.90, before closing at Rs 358.75. Patni Computer Systems Ltd announced that through its wholly owned subsidiary in the US it has entered into an agreement to acquire Cymbal Corporation for a total consideration of approximately $68 million in cash to be paid over a period of time.

The acquisition would be significant as it extends Patni's portfolio into the global high-growth telecommunications segment, Patni said in a communication to the exchange.

A fund manager with a domestic mutual fund said, "The stock has gained in the past few weeks on back of strong buying support in tech stocks and in anticipation of some positive development."

The counter witnessed an impressive volume of more than 2.14 lakh shares on the BSE on Tuesday.