Satyam shares climb amid positive developments

Satyam shares climb amid positive developments
PTI
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First Published: Fri, Feb 06 2009. 12 12 PM IST
Updated: Fri, Feb 06 2009. 12 12 PM IST
Mumbai: Fraud-hit Satyam Computer Services opened on a firm note on the Bombay Stock Exchange (BSE) index on Friday and climbed nearly 7% after the company board appointed A S Murty as CEO on Thursday, and announced tying up Rs600 crore loans to meet working capital needs.
It’s shares touched an intra-day high of Rs49.40, up 6.81% from its previous close on the BSE. It was later quoting at Rs47.60, up 2.92% on the BSE.
Similarly, on the National Stock Exchange (NSE) the scrip opened 6.56% higher to touch an intra-day high of Rs49.50. Later it was trading at Rs47.80, up 2.91%.
A total of 43.44 lakh shares exchanged hands on the bourses.
On Thursday, Satyam board appointed A S Murty, as CEO and also roped in Homi Khusrokhan, a Tata group veteran, and chartered accountant Partho Datta, as special advisors to help the IT outsourcer in management and finance areas, respectively.
The company said that the special advisors, along with Boston Consulting Group, would assist the new CEO and the board in defining priorities and their execution.
According to the traders the stock will move northwards for a short while but nothing concrete can be said regarding this counter. One can see huge volumes trading on the bourses because the prices are currently at very low levels and there is a large number of day trading on this counter.
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First Published: Fri, Feb 06 2009. 12 12 PM IST
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