Telecom software major Tech Mahindra topped the gainers in the Bombay Stock Exchange's A group, with its scrip surging by 25.46 per cent to Rs 744.20 after Satyam Computer Services posted unaudited consolidated net profit of Rs 160 crore in Q3 December 2008.
On June 12, the company will launch an open offer to buy up to 20 per cent in Satyam from its shareholders. If the open offer is fully accepted, it would take Tech Mahindra's holding in Satyam to 51 per cent.
Satyam Computer Services was locked at upper limit of 10 per cent at Rs 66.85 on the BSE after posting unaudited consolidated net profit of Rs 160 crore in Q3 December 2008, a leading broker said.
On BSE, 1.40 crore shares were traded at the counter. The scrip had an average daily volume of 1.47 crore shares in the past one quarter. The stock hit a low of Rs 58.25 so far during the day. The stock had hit a 52-week high of Rs 502 on June 9, 2008, and a 52-week low of Rs 11.50 on January 9, 2009.
The stock had outperformed the market over the past one month till June 8, rising 34.22 per cent as compared to the Sensex's 23.49 per cent rise. It had, however, underperformed the market in the past one quarter, gaining 44.42 per cent as against the Sensex rise of 76.15 per cent. The mid-cap software outsourcer has an equity capital of Rs 195.34 crore. Face value per share is Rs 2.