Satyam surges 40 pc in morning trade
The battered Satyam Computer on Friday got some respite and surged as much as 40 per cent in early morning trade on the Bombay Stock Exchange after the government appointed three more directors to salvage the tainted firm.business Updated: Jan 16, 2009 12:32 IST
The battered Satyam Computer on Friday got some respite and surged as much as 40 per cent in early morning trade on the Bombay Stock Exchange 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 Rs 28.40, a jump of 39.90 per cent from its previous closing price.
Similarly, on the National Stock Exchange, the scrip opened at Rs 21, touched an intra-day high of Rs 28.40, a rise of 39.90 per cent 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 got traded on the NSE.
Apex industry association CII's chief mentor Tarun Das, noted chartered accountant and a past president of ICAI T N 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 tomorrow to take stock of the situation.