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Satyam Stock Skyrockets

The company is reaping the rewards stemming from the unveiling of its results

Satyam is booking unforeseen gains from some revelations of the positive kind this time. After having put its financials in the public domain by unveiling the report that had been prepared for bidders interested in buying the company, on the basis of which Tech Mahindra paid Rs 58 per share to buy a majority stake in the company, the scrip of the beleaguered erstwhile IT behemoth has seen an upsurge.

For the third day running, the better-than expected results report was unveiled three days ago, the scrip has been hitting its upper circuit on the Bombay Stock Exchange, reaching Rs 80.85 levels, a rise of 10 per cent over its previous close.

Helped along by the Satyam-effect was its new owner, Tech Mahindra, which also jumped up by 3.5 per cent.

The scam-hit company had indicated that for its December-ending quarter it had a net profit of Rs160.50 crore to show. Its total income stood at Rs 2,327.21 crore.

Tech Mahindra won the bid to buy Satyam on April 13, 2009.

Satyam Show-stopper

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Check out stock information on Satyam & Tech Mahindra