Spice Communications has gone up from Rs.27 to Rs. 92 in just two trading sessions. The stock is NOT in derivatives segment, but there was also no daily filter of 20% as with usual stocks. It has more than trebled since last week.
Idea Cellular Limited (Idea) together with its associate namely Green Acres Agro Services Pvt. Ltd., currently holds 49.9% equity in Spice Communications Limited (Spice). The other major shareholder in Spice is TMI India Limited which holds around 49.0% equity. The balance around 1.1% alone is held by public.
The share price is been jacked up due to low availability of the stock.
As prospective bidders for crisis-ridden Satyam Computer Services start lining up, industrialist BK Modi also joined the fray to buy out the IT firm.
Modi, however, made it clear that the group would be interested in buying out Satyam and that it was not looking at a piecemeal acquisition. He added that he saw Rs 2,000 crore as a benchmark for Satyam. Modi also said he had a full team in place for Satyam, in case of a takeover.
L&T is in the also in the fray by increasing its stake in Satyam, so Modi’s Satyam venture will not be that easy.
It is better to avoid both Satyam computers and Spice Communications