Patni Computer in demand on stake sale buzz

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INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
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ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
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CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)
PROFIT UP 55% AT RS.143.50 CR; NET SALES UP 22.5% AT RS.2234.20 (YOY)
IMPORTING SUGAR BEING REVIEWED; NEED FOR ECONOMIC PRICING OF SUGAR
IN DISCUSSIONS WITH FARMERS TO COME AT PRICE COMFORTABLE FOR BOTH SIDES
TOO EARLY TO TALK OF DENA BANK MERGER WITH ANOTHER PSU BANK: NW
KEEPS OVERNIGHT LENDING RATE UNCHANGED AT 0.1%
STILL SEE DOWNSIDE RISK FOR THE ECONOMY
AIM TO CONVERT NON USERS TO USERS WITH THE HELP OF ROAMING TARIFF CUTS
PREFER TO REMAIN AGGRESSIVE WITHOUT GETTING INTO A PRICE WAR
MURTAZA KHORAKIWALA TO NDTV: CANNOT COMMENT ON SUB JUDICE MATTER
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DBS TOP BRASS MET HABIL KHORAKIWALA TO DISCUSS WAYS OF SETTLEMENT: SRCS
EYEING TO SETTLE PAYMENT DEFAULT CASE OUT OF COURT: SOURCES
ALERT: ROAMING CONTRIBUTES 15% OF BHARTI REVENUES
ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
ROAMING CALLS ON OWN NETWORK AT 60 PAISE/MIN
SWAP TO REDUCE OVERALL FINANCE CHARGES FOR THE COMPANY: CFO
COMPLETES SWAP OF $875MN FOREX CONVERTIBLE BONDS

Updated: 05/11/2009 | 11:46 PM IST

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Tuhina Pandey

Thursday, November 05, 2009 (Mumbai)

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Global IT services provider Patni Computer Systems is buzzing strong on the bourses. The stock zoomed over 8 per cent on Thursday taking a cue from the news of its possible buyout by L&T InfoTech.

Both L&T Infotech and Patni have called the news to be speculative in nature but they don't deny it outright either.

"The M&A space is not a spectator sport. I can’t comment on market speculation but want to get to a billion dollars in revenue and both organic and inorganic route will be used for that," said Sudip Banerjee, CEO of L&T Infotech.

L&T Tnfotech, part of engineering & construction major Larsen & Toubro (L&T), currently clocks around $500 million in revenue. After missing out on Satyam to Tech Mahindra, it has been actively looking for M&A options that will help it log into the big league.

Sources say L&T is evaluating Patni as a buyout target but valuations is considered to be the sticky point.

Deal or no deal, Sudip Banerjee, the man at the helm of L&T Infotech, knows not everything goes as per plan but his immediate focus is to grow the company.

"The next two quarters are looking promising. We are hiring and will leverage the parent company brand as well and go to market together," said Banerjee.

L&T's Chairman and Managing Director AM Naik has been on a silent mode ever since Satyam's takeover by Mahindra's. But it could very well be the lull before he storms in with Patni.