Satyam stock rebounds, Maytas still fallingDecember 18th, 2008 - 2:59 pm ICT by IANS
Mumbai, Dec 18 (IANS) The Satyam scrip recovered somewhat Thursday after Wednesday’s rout at the Indian stock markets following its management’s decision to take over two group companies, a decision it had to revoke within hours. The scrip of Maytas Infra - one of the group companies Satyam was hoping to acquire - kept falling Thursday for the second day in succession.
Satyam’s stock was trading about 6 percent higher on the 30-share sensitive index of the Bombay Stock Exchange (Sensex), with the scrip ruling at Rs.168-levels in midday trading, compared to Wednesday’s close of Rs.158.05.
“The IT business of the company is not a bad bet and at current levels, it seems a good buy, hence the rise in prices for Satyam,” said an analyst from a leading brokerage firm.
Satyam’s bid to buy out Maytas Properties and Maytas Infra has not gone down well with investors, analysts and industry trackers, which forced the company to shelve the acquisition plans.
The Maytas Infra scrip was at Rs.310.65 at the Bombay Stock Exchange around midday, falling almost 20 percent since its previous close of Rs.388.25. The scrip, which was trading above the Rs.500-level till Tuesday, fell 20 percent Wednesday to close at Rs.388.25.
Maytas Properties is an unlisted company.
Satyam’s stock was hammered on the bourses Wednesday, with over 33 million shares changing hands, and the scrip shedding over 30 percent or Rs.68.45 to close at Rs.158.05.