A board member of IT services firm said that six to seven companies are ready to take over Satyam computers completely besides the private equity funds it also includes global and Indian IT firms.
earlier this week government had appointed Goldman Sachs and Avendus Capital as investment bankers to Satyam Computers, It said that the investment bankers will lookinto this matter seriously and will evaluate their proposals as the process will take a little longer it is expected to be over by next month, However on the other side Mr Tarun Das refused to reveal the names of the companies that are standing as potential suitors for Satyam.
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Satyam Board which is meeting toady will decide on CEO of the company and also appoint the investment Banker,
Market news is that the company has received some of the receivable to the company and working with the newly appointed auditors to restate the accounts.
The company may hold press meet in late evening,
Meanwhile, the market buzz is Larsan Turbo(L&T) which hold 4% stake in the company has increased its stake to 12% via block deals, this steps has been taken in order to proctet the LNT Intrest
Share price of Satyam closed at 38.85 up by 31%
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L&T ups stake in Satyam to 12% from 4%( market Buzz)
Lnt has done bulk buying in today trade
L&T has increased the stake in satyam computer to protect the companies intrest in Satyam.
LNT has not yet confirmed the same, and market buzz is that company may look for management control.
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Larsen & Toubro Ltd (L&T) has announced the following Unaudited results for the quarter ended December 31, 2007: The Company has posted a profit after tax of Rs 4817.90 million for the quarter ended December 31, 2007 as compared to Rs 3439.00 million for the quarter ended December 31, 2006. Total Income has increased from Rs 42244.90 million for the quarter ended December 31, 2006 to Rs 64835.50 million for the quarter ended December 31, 2007.
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Short term trader can buy L&T Jan futures with stop loss 4050 for target price of Rs 4450 and 4500.
after the run up fr0m 2900 to 4690 the stock has been trading in the range of 4000 and 4400. The stock may give break out in the week.
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L&T, construction division has announced that it has bagged projects worth
Rs 3,500 Crore in the form of office and residential buildings in Mumbai.
This unit had bagged orders worth Rs 12,500 crore in the first nine months
of the fiscal for the Mumbai International Airport Ltd. The orders for
construction of offices and residential buildings cumulatively amounting to
2,000 crore is offered by Kingston Properties Pvt Ltd. The remaining Contracts
include a Rs 665 crore contract from Cognizant Technologies for their
development centres in Kolkata and Chennai, and Rs 187 Crore order from
ITC Hotels for a 600 room Chennai project, and a 408 crore order from ICICI
Bank for a 16 floor office building at Hyderabad.
Indian Market News
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