Satyam hits upper circuit, Tech Mahindra up 17% on BSE

Satyam hits upper circuit, Tech Mahindra up 17% on BSE
PTI
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First Published: Tue, Jun 09 2009. 11 50 AM IST
Updated: Tue, Jun 09 2009. 11 50 AM IST
Mumbai: Satyam Computer on Tuesday surged as much as 10% on the Bombay Stock Exchange after the IT firm reported a rise in February net profit at Rs52 crore over the month-ago period.
After opening firm on the bourses, the shares of Satyam hit upper circuit at Rs66.85 on the BSE, up 9.95% over its previous close on the exchange.
The scam-tainted company, in which Tech Mahindra has acquired a controlling stake in April, has reported a standalone net profit of Rs52 crore for the month of February, up from Rs4 crore in January 2009.
Shares of Tech Mahindra surged 16.71% to a high of Rs692.35 in the morning trade on the BSE.
Satyam’s total income in February stood at Rs637 crore, while in January it was at Rs647 crore.
On the National Stock Exchange, Satyam gained 10.04% to touch the day’s high at Rs66.80. On the volume front, a good over 3.5 crore shares changed hands on the bourses.
Besides, Tech Mahindra shot up 15% to touch a high of Rs694 on the NSE.
In morning trade today, IT stocks remained top performers with the 13-share BSE IT index gaining 3.43% to touch a high of 3,313.77 points.
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First Published: Tue, Jun 09 2009. 11 50 AM IST
More Topics: Stocks | Satyam | Tech Mahindra | Corporate | Equity |