Equity Alert: Patni Computer off highs in line with broad market

[K.Karthik Raja]

Equity Alert: Patni Computer off highs in line with broad market
MUMBAI--11:10AM--Shares of Patni Computer Systems shed their early
gains
in line with broad market trend and were trading up nearly 1% at 239
rupees.
Shares moved up to a high of 243 rupees on buying support ahead of
the
company's share buy back plan which commences Thursday, dealers and
analysts
said.
Shares were also buoyed by the upturn in the company's ADR
overnight, an
analyst at a domestic brokerage said. Patni's ADRs moved up 7.90%
overnight
to $11.06.
"The share is up only due to buy back," said Raju Bhavsar, dealer,
PINC
Securities.
However, analysts also pointed out that the company's Apr-Jun
earnings
are expected to be good and therefore saw some buying in early trade.
The share is likely to face resistance at 248 rupees, the analyst
said.