Heard on the street: Kavveri Telecom soars on Nasdaq Company stake buy buzz

Kavveri Telecom, a Bangalore-based wireless subsystem manufacturer, is close to acquiring the wireless division of a Nasdaq-listed company, said sources. The buzz is that the deal is likely to be announced later this week. Kavveri shares rose 3% to Rs 221.25. While the financial details of the deal could not be ascertained, the acquisition will pave way for its entry into US markets. In May this year, it had set up a subsidiary in the US for the purpose of acquisition, said sources. Shivakumar Reddy C, managing director, Kavveri Telecom, said, “At this time, we would not like to comment on this. Once completed, this would be its second acquisition overseas. Few months ago, it acquired Rymsa Telecom in Europe to enhance its antenna product portfolio and expands the existing sales channels for its group of companies in Europe and Latin America.