Satyam surges 19% on BSE

Satyam surges 19% on BSE
PTI
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First Published: Fri, Jan 23 2009. 11 43 AM IST
Updated: Fri, Jan 23 2009. 11 43 AM IST
Mumbai: Beleaguered Satyam Computer surged over 15% in the morning trade on the Bombay Stock Exchange amid expectations that the company’s board would announce some positive moves when the meeting finally ends on Friday.
Shares of Satyam surged 19.08% to a high of Rs35.25 on the BSE. It was later trading at Rs33.85, up 14.36% over previous closing.
The six-member board of Satyam Computer met on Thursday for the third time since last week to discuss ways and means to raise funds for the company and find a CEO and a CFO to run the firm.
The meeting is also expected to deliberate on class action lawsuits filed against the company in the US.
Similar movement was witnessed on the National Stock Exchange where the scrip surged 19.09% to an intra-day high of Rs35.25. It was later quoting at Rs33.95, up 14.70% over last close. Over 10.28 crore shares changed hands on the bourses.
Analysts believe that the investor sentiment was up amid expectations that the newly appointed board would come up with some positive move to salvage the company from the damage inflicted on by its ex-promoters.
Board member Deepak Parekh had on Wednesday said that the board had received 40 applications for the post of CEO. Besides, the company was also considering mortgaging assets like real estate to raise cash from banks, he added.
The board, appointed by the government to run the firm after a shocking Rs7,800 crore fraud disclosure by founder Ramalinga Raju on 7 January, last met on 22 January.
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First Published: Fri, Jan 23 2009. 11 43 AM IST