Wednesday, June 10, 2009

Satyam hits upper circuit, Tech Mahindra surges

Satyam Computer today hit the upper limit surging by 10 per cent on the Bombay Stock Exchange (BSE), for the second consecutive session, a day after the scam-tainted IT firm came out with results demonstrating that it was down but not out.

Satyam's new owner Tech Mahindra soared nearly 28 per cent at Rs 758 on the BSE and later traded at Rs 744.20, up 25.46 per cent.

After opening high on bourses, shares of Satyam hit the upper circuit at Rs 73.50 on the BSE, up 9.95 per cent over previous close. On the National Stock Exchange, Tech Mahindra surged by 12.90 per cent to a high of Rs 840. It was later quoting at Rs 824, up by 10.75 per cent, a leading broker said.

Yesterday, Satyam reported a net profit of Rs 160.50 crore for the October-December 2008, a period that saw the beginning of Satyam's fall from grace. The total income was Rs 2,327.21 crore. Satyam was at lowest level in January with a profit of Rs four crore before showing signs of revival by recording a Rs 52 crore profit in February. This was despite losing about two dozen clients.

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