The Hindu Business Line : Stake sale talk buoys Patni

Patni Computer Systems has been buzzing with hectic buying activity of late, as rumours of IBM picking up a stake in the company once again resurfaced. According to stories doing the rounds, private investment firm Texas Pacific Group is also being talked about as a strong contender for picking up stake in Patni. The stock rose 10.05 per cent on a month-on-month basis, even as the BSE-IT Index went down by 4.73 per cent to 5053.29. On Tuesday, the stock had touched the 52-week high of Rs 572.95. But on Wednesday, it was down 7.63 per cent to Rs 522 in line with general market condition.

The company has dismissed the market talk as mere speculation. "Patni Computer Systems has not been informed by any of its large investors of their intent to offload any stake in Patni. As a policy, the company does not comment on market speculations," the company said in a communiqué.

Adith Charlie

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