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Satyam hits upper circuit for second day

Satyam hits upper circuit for second day
PTI
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First Published: Wed, Jun 10 2009. 11 08 AM IST
Updated: Wed, Jun 10 2009. 11 08 AM IST
Mumbai: Satyam Computer on Wednesday hit the upper limit surging 10% on the Bombay Stock Exchange, for the second consecutive session, a day after the scam-tainted IT firm came out with results which demonstrated that it was down but not out.
Satyam’s new owner Tech Mahindra soared nearly 28% at Rs758 on the BSE and later traded at Rs744.20, up 25.46%.
After opening firm on bourses, shares of Satyam hit the upper circuit at Rs73.50 on the BSE, up 9.95% over previous close.
On the National Stock Exchange, Tech Mahindra surged 12.90% to tough a high of Rs840. It was later quoting at Rs824, up 10.75%.
Yesterday, Satyam reported a net profit of Rs160.50 crore for the October-December 2008 - a period that saw the beginning of Satyam’s fall from grace - and a total income of Rs2,327.21 crore.
Satyam was at its nadir in January with a measly profit of Rs4 crore before showing signs of revival by recording a Rs52 crore profit in February. This was despite losing about two dozen clients.
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First Published: Wed, Jun 10 2009. 11 08 AM IST
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