Home / Market Beat / Markets move up. Tech Mahindra up 4% on merger news.

Markets move up. Tech Mahindra up 4% on merger news.

Markets have moved up in the later half of the trade. The stocks from Infrastructure and metals sectors have seen rising, pushing the indices higher. The markets had earlier shown a quiet trade during the beginning.

The Nifty held up at 5339, up by 65 points or 1.23%.

Reliance Infra has shot up by 4%. JPAssociates has moved up by 4% at 81.40. Punj lloyd had also gained 3.4%. L&T had also moved significantly up – 3.2% higher at 1328.

Some of the stocks from the banking sector have also contributed to the uprise. ICICI Bank is up by 1.6%. PNB had moved up by 1.6%. SBI had shown a gain of 1.4%.

The CNX IT Index was up by over 1%. Infy held up in the green with 1.2% gains, while TCS was the star performer with 3.2% hike.

tech-mahindra

Tech Mahindra and Mahindra Satyam had both gained over 4%, in the wake of their merger news arriving. Mahindra satyam was up by 4.3% at 77.35, while Tech Mahindra traded 3.7% higher. Around 24 million shares of Mahindra Satyam were traded in the counter till the afternoon.

The two companies have been slated to merge from April 2012. The swap ratio of the shares has been decided as 1 share of Tech Mahindra for every 8.5 shares of Mahindra Satyam being held in the portfolio.


 

 

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