Mahindra Satyam rose 5.27% after the company agreed to settle Upaid case for $70 million (around Rs327 crore) which removed a key overhang on the stock. Upaid was earlier asking for a settlement of $2 billion. JPMorgan says it has kept target price unchanged at Rs140 per share.
Tech Mahindra Ltd gained 2.10% after the company’s subsidiary settled a dispute with British firm Upaid Systems Ltd. The company would not need to make any additional investment in Satyam to fund the liability. The firm’s shares closed at Rs1,017.00 each on the National Stock Exchange on Thursday.
FCS Software Solutions Ltd rose 20.16% after the company closed its Global depository receipt (GDR) issue and raised around Rs110 crore. The firm had allotted 10 million GDRs at $2.41 per share. The firm told CNBC-TV18 that the GDR issue will result in dilution of around 25-30%.
Four Soft Ltd surged 20.11% after the firm won an overseas order for one of its software products for an undisclosed sum. Also, Samudera Shipping Line Ltd, Singapore, selected Four Soft’s shipping solution—4S iShipping, to help manage and consolidate its shipping operations.
Shares of Syndicate Bank rose 3.17% after CNBC-TV18 reported that the bank is in talks to buy a stake in Bharti Axa Life Insurance. The bank may buy 20-25% stake in Bharti Axa. The firm’s shares closed at Rs97.70 each on the National Stock Exchange on Thursday.
Shares of Idea Cellular Ltd ended up 4.76% on reports that the company will seek shareholder approval to increase its borrowing limit to Rs25,000 crore at the annual general meeting on 21 December. The company’s shares closed at Rs60.70 each on the National Stock Exchange on Thursday.
Shares of Micro Inks Ltd surged 20% after its parent, Huber Group, announced plans to delist the firm. Huber Group, which holds 70.5% stake in the firm, intends to buy an additional 20% stake at Rs550 per share. Reliance Mutual Fund holds 7.23% stake and HDFC Mutual Fund holds 3.42% in the firm.
Take Solutions Ltd ended up 7.63% after the company sold its entire 51% stake in Malaysian subsidiary, Take United, for Rs4.9 crore. While Take Solution’s investment in this subsidiary was Rs2.65 crore, the latter contributed nearly 2.3% to the firm’s FY09 consolidated revenue.