In 2012, the ED had issued attachment orders freezing fixed deposits of Mahindra Satyam (now merged into Tech Mahindra) in connection with its probe in a money laundering case.
Reliance Capital Asset Management bought HCL Technologies, TCS, and Infosys and also introduced Tech Mahindra in its portfolio during June-September 2013.
Sesa Sterlite, LIC Housing Finance and Orient Cement were the top buys, while Mahindra Satyam, Sterlite Industries (India) and Ashok Leyland were the top sells by Birla Sun Life Asset Management.
Tata Motors (DVR), Mahindra Satyam and Power Finance Corporation were the top sells, while IDFC, Sesa Sterlite and Bharti Airtel were the top buys by DSP BlackRock Mutual Fund.
Tech Mahindra recently completed the acquisition of Mahindra Satyam and says it will continue to seek more buyout opportunities going ahead.
IT analyst Rumit Dugar said that one can look to play TCS, Infosys, Tech Mahindra using a three-pronged strategy.
On July 03, 2013 Northern Trust Investments National Association A/C NTGI-Q sold 73,34,536 shares of Mahindra Satyam at Rs 115.09 on the NSE. In the previous trading session, the share closed at Rs 115.30.
Hindustan Unilever | Mangalore Chemical | Deepak Fertilisers | Future Ventures | Tech Mahindra | Hindustan Copper | NTPC | Sadbhav Engineering | Jet Airways | Prime Securities | CCL Products | JSW Energy and JSW Steel are stocks, which are in the news today.
Rajesh Agarwal, Head of Research of Eastern Financiers recommends to hold Mahindra Satyam and convert these shares to Tech Mahindra. Mahindra Satyam will not be available for trading tomorrow onwards.
On July 02, 2013 Emerging Markets Sudan Free Equity Index Fund sold 86,24,539 shares of Mahindra Satyam at Rs 114.18 on the NSE.
SP Tulsian of sptulsian.com said he would't be surprised to see Tech Mahindra correcting to levels of Rs 960-965 in the next one week.
Dipen Sheth of HDFC Securities said he would invest in Tech Mahindra and HCL Technologies now, but he was cautious on Infosys.
The Mahindra group had taken over Satyam Computer Services in 2009 after a multi-billion dollar accounting scam by its founder Ramalinga Raju. Tech Mahindra & Satyam announced on June 25 that the merger of the two firms had been completed.
Emkay has raised its FY14 EPS est by 1-5% for Tier I IT Coverage universe driven by reset in currency assumptions (Rs 55/$ for FY14). Tier II companies see a 0-4% change in EPS estimates. The research firm upgrades Wipro to hold with a target price of Rs 360.
Ashish Kapur of Invest Shoppe India advises to go long on Mahindra Satyam with a target of Rs 125 and South Indian Bank with a target of Rs 22.50.
SP Tulsian of sptulsian.com recommends to buy Mangalore Chemicals with a target price of Rs 45.50 and Edelweiss Financial with a target price of Rs 33.50.
Phani Sekhar, Fund Manager of Angel Broking advises to hold Tech Mahindra and Mahindra Satyam as they have the potential to grow at 15-20 percent.
Ashish Kapur of Invest Shopee India recommends to go long in Jubilant Foodworks, Tata Global Beverages, Mahindra Satyam and Apollo Tyres.
The merged entity will be called Tech Mahindra; Anand Mahindra will be Chairman and CP Gurnani the MD and CEO. It will be among the top 5 IT services companies with revenue of USD 2.7 billion.
When contacted, a Mahindra Satyam spokesperson said clarity with regard to the AGM will emerge soon and as of now the proposed AGM stands cancelled.
SP Tulsian of sptulsian.com advises to go short on Jaiprakash Power Ventures with a target price of Rs 16.50 and Opto Circuit with a target price of Rs 17.50.
CNBC-TV18 learns from sources that both the companies have begun restructuring post the Andhra Pradesh High Court (HC) approval for the merger.
One can buy Wipro and Mahindra Satyam, says Sudarshan Sukhani of s2analytics.com. "IT is likely to outperform and actually go up even if the Nifty goes down," he adds.
Shardul Kulkarni of Angel Broking recommends to go short in Sintex Industries and Reliance Infrastructure and advises to go long in Mahindra Satyam.
Nooresh Merani, AVP Technical at AMSEC Research advices to buy Karnataka Bank, Gujarat State Fertilizers & Chemicals (GSFC), Tech Mahindra and Mahindra Satyam.