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A maturing market amid the mayhem

Satyam gains in choppy market


Shares of Mahindra Satyam rose in an otherwise lacklustre market today, ending 5.41 percent higher at 112.95 rupees.

During market hours on Wednesday, Larsen & Toubro Ltd sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam Ltd, according to a company spokesman.

L&T which lost out in the race for a controlling race in Satyam is considering the exit route, but under current conditions of sale, bidders for the company are barred from selling their stake. SATYAM/

L&T’s stake in Satyam dropped from 12 percent to 6.9 percent (valued at nearly 9 billion rupees or $190 million) post sale of the outsourcer to Mahindra, according to Thomson Reuters data. Institutional investors hold 10.39 percent, insiders or stakeholders 50.18 percent and mutual funds about 8.45 percent.