Polaris shoots up 7% on service biz sale buzz

Moneycontrol Bureau

Polaris is riding high on reports that the software services provider is in talks to sell services business to Japan's NEC Corporation. Shares of the Chennai-based company jumped 7 percent intraday in Wednesday trade.

According to a media report, the deal with NEC could possibly value the services division at USD 400-450 million. This is higher than what Tech Mahindra was reportedly to have valued Polaris' services business.

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Vishal Jajoo of Nirmal Bang has a buy rating on the stock with a stoploss at Rs 117 for a target price of Rs 128.

At 13:55 hrs the stock was quoting at Rs 122.10, up Rs 3.40, or 2.86 percent.

(Posted by Nasrin Sultana)