The counter opened with a huge upside at Rs 219 and immediately shot up to the upper end of the circuit filter at Rs 225.35 on BSE. The stock registered a turnover of 1.88 crore with 83,400 shares traded on the exchange. There was an outstanding buy order of 93,000 shares at the counter. The DSQ Software counter has seen a sharp spurt in volumes in the past few trading sessions with 7.75 lakh shares traded on June 7 and 6.13 lakh shares changing hands on June 14.

According to market sources, after acquiring 30 per cent of the paid-up equity capital, BankAm will further increase its stake to 51 per cent. ``Since there will be no change in management at 30 per cent, it will not trigger a takeovercode. The takeover code wil come into effect only after BankAm hikes its stake to 51 per cent,'' said a broker. It is rumoured that Goldman Sachs is involved with the due diligence of the deal, which is likely to be reported to the bourses on Tuesday. It is learnt that the deal will be in the form of private placement of equity shares. ``Once BankAm picks up stake in DSQ, it will eventually sell the stake to another company,'' said a market source.

It is the second time in two months that rumours of promoters' selling their stake is doing the rounds at the DSQ counter. In April, the company was reportedly in talks with Goldman Sachs and the American Insurance Group to privately place its stock amounting to 26 per cent of the equity at Rs 275 per share. However, the company was taken to court after DSQ Industries failed to pay Credit Agricole Bank. The bank had threatened to block the private placement deal as it did not want any change in shareholding pattern till its dues were paid. With DSQ Software'sdecision to drop plans for a private placement of equity, the scrip tumbled from a high of Rs 633 to a low of Rs 180 in just a few trading sessions.