Satyam hits upper circuit, Tech Mahindra surges 28 pc on BSE | business | Hindustan Times
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Satyam hits upper circuit, Tech Mahindra surges 28 pc on BSE

Satyam Computer on Wednesday hit the upper limit surging 10 per cent on the Bombay Stock Exchange, for the second consecutive session, a day after the scam-tainted IT firm came out with results which demonstrated that it was down but not out.

business Updated: Jun 10, 2009 11:35 IST

Satyam Computer on Wednesday hit the upper limit surging 10 per cent on the Bombay Stock Exchange, for the second consecutive session, a day after the scam-tainted IT firm came out with results which demonstrated that it was down but not out.

Satyam’s new owner Tech Mahindra soared nearly 28 per cent at Rs 758 on the BSE and later traded at Rs 744.20, up 25.46 per cent.

After opening firm on bourses, shares of Satyam hit the upper circuit at Rs 73.50 on the BSE, up 9.95 per cent over previous close.

On the National Stock Exchange, Tech Mahindra surged 12.90 per cent to tough a high of Rs 840. It was later quoting at Rs 824, up 10.75 per cent.

Yesterday, Satyam reported a net profit of Rs 160.50 crore for the October-December 2008 - a period that saw the beginning of Satyam’s fall from grace - and a total income of Rs 2,327.21 crore.

Satyam was at its nadir in January with a measly profit of Rs four crore before showing signs of revival by recording a Rs 52 crore profit in February. This was despite losing about two dozen clients.