Sensex slips into the red at 15:19 hrs

Following a bout of selling in some blue chip stocks, the market has slipped into the red now. Oil, pharma, auto and capital goods stocks have declined sharply. Realty, power and bank stocks are also seen drifting lower. Select information technology, metal and consumer durables stocks are trading higher. Several midcap and smallcap stocks have come off their highs and a few of them have even slipped into the red on selling pressure.

The Sensex is down by 58.36 points or 0.38% at 15,409.10 now. The Nifty has lost 17.15 points or 0.37% at 4591.20. HCL Technologies, Ranbaxy Laboratories, Reliance Industries and Bharti Airtel have lost 2% - 2.5%. Tata Motors, Cipla, Mahindra & Mahindra, Siemens, ONGC, Larsen & Toubro, ACC, Wipro, Tata Communications and Power Grid Corporation are also down with sharp losses.

Reliance Communications rules firm with a strong gain of 5.5%. GAIL India, BPCL, Suzlon Energy, Ambuja Cements, Sterlite Industries, Infosys Technologies, Tata Steel, Sun Pharmaceuticals and State Bank of India are also trading in the positive territory with notable gains. Chennai Petroleum Corporation, Mundra Port, MphasiS, Glenmark Pharmaceuticals, Container Corporation and Aditya Birla Nuvo are some of the prominent gainers today. IFCI, Oracle Financial Services, Ashok Leyland, Tech Mahindra, Bank of India, GMR Infrastructure, United Spirits, Vijaya Bank, Reliance Natural Resources and Biocon are down with sharp losses.

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Mahindra Satyam open offer gets poor response

Indian software services firm Tech Mahindra Ltd (TECHM.NS : 707.3 -44.8) said on Monday its open offer to the shareholders of Mahindra Satyam (SATYAM.BO : 73.9 -3.65) received less than 0.1 percent of the outstanding shares.A total of 420,915 shares were tendered in the open offer, it said in a statement. Tech Mahindra intends to subscribe for 198.66 million additional shares at 58 rupees each, it said.

The company, which is 31 percent owned by BT Group, won an auction in April for a controlling stake in fraud-tainted Satyam Computer Services, now rebranded as Mahindra Satyam.After the open offer is completed, Tech Mahindra will own 31.04 percent of Mahindra Satyam, formerly Satyam Computer Services Ltd.

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Tech Mahindra wins Satyam bid: Report

Tech Mahindra on Monday outbid L&T and others and won the Satyam bid, TV reports said. According to Times Now sources, Tech Mahindra will pay Rs 1757cr for 31% stake in Satyam. It will pay Rs 58 per share of the company. The face value of Satyam shares is Rs 2 per share.

Meanwhile engineering firm L&T reportedly made an offer of around Rs 49 for each Satyam share. L&T, Tech Mahindra and Wilbur Ross had all put in technical and financial bid for Satyam Computer Services earlier on Monday. BK Modi's Spice Corp did not submitted a bid for Satyam.

"We have not submitted bid for Satyam. Our board wanted e-auction and since there is no e-auction, so we decided not to participate in the process," Spice Corp chairman B K Modi said. According to PTI sources, Cognizant Technologies also did not put in its bid to acquire stake in the firm.

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