Nirmal Bang has maintained ‘Buy’ rating on Satyam Computer Services Ltd stock to achieve a short term target of Rs 72.

The interested investors can buy the stock on dips and hold it to reap good returns. The strong support is placed in the region of 48.

The stock may face some resistance around Rs 56 levels, but after that it can even have more upward movement.

Shares of the company, on Tuesday (May 26), closed at Rs 52.40 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 544 and a low of Rs 11.50 on BSE. Current EPS and P/E of the stock stood at 21.32 & 2.56 respectively.

According to Nirmal Bang, huge buying interest was seen in the cash segment.

Satyam Computer is expected to fire the majority of its non-billable employees working in the marketing, human-resource and administrative divisions.

Around 8000 people would be asked to leave once Tech Mahindra manages the company by the next month.

On May 14, the six board members of the company met Prime Minister Dr. Manmohan Singh and Planning Commission deputy chairman Montek Singh Ahluwalia and apprised them regarding the actions taken to revitalize the IT giant.

The meetings with Mr. Singh and Mr. Ahluwalia took place just two days before the declaration of the results of the general elections for the 15th Lok Sabha.

Tech Mahindra`s arm, Ventrubay (P) got hold of up to 302.76 million shares (initial) or 31% of the share capital of Satyam for a consideration of $351 million (Rs 17,560,330,966).