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Source: media reports

Satyam shares surge 40% in early trade

Satyam shares surge 40% in early trade
PTI
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First Published: Fri, Jan 16 2009. 01 46 PM IST
Updated: Fri, Jan 16 2009. 01 46 PM IST
Mumbai: The battered Satyam Computer on Friday got some respite and surged as much as 40% in early morning trade on the Bombay Stock Exchange index after the government appointed three more directors to salvage the tainted firm.
Satyam Computer opened firm on the BSE and then rallied further to witness an intra-day high of Rs28.40, a jump of 39.90% from its previous closing price.
Similarly, on the NSE, the scrip opened at Rs21, touched an intra-day high of Rs28.40, a rise of 39.90% from its last close.
The government has appointed three more professionals on Satyam’s board, even as member Deepak Parekh said the IT firm can raise funds by mortgaging assets, dispensing with the need for central assistance.
On the volume front, good movement was witnessed as over 2.98 crore shares exchanged hands on the BSE and over 5.89 crore shares were traded on the NSE.
Apex industry association CII’s chief mentor Tarun Das, noted chartered accountant and a past president of ICAI TN Manoharan and S Balkrishna Mainak of LIC, a major investor in Satyam, would join Deepak Parekh, Kiran Karnik and C Achuthan at the board.
The government-appointed board of crisis-ridden Satyam Computer will meet again on Saturday to take stock of the situation.
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First Published: Fri, Jan 16 2009. 01 46 PM IST