Satyam surges 6 pc after CEO assures of new contracts
Shares of tainted Satyam Computer Services surged over six per cent on the Bombay Stock Exchange after its CEO A S Murty said the company is getting new orders and existing clients have showed faith in the firm.business Updated: Feb 11, 2009 21:44 IST
Shares of tainted Satyam Computer Services on Wednesday surged over six per cent on the Bombay Stock Exchange after its CEO A S Murty said the company is getting new orders and existing clients have showed faith in the firm.
Satyam closed at Rs 47.15 on BSE, a gain of 6.67 per cent over the previous close.
Earlier, the scrip opened weak at Rs 42.70, but soon soared as much as 9.38 per cent to an intra-day high of Rs 48.35 on BSE.
Marketmen said the battered counter gathered some momentum after newly appointed CEO said Satyam's clients have indicated their support to the company. Besides, as the stock was heavily battered, buying activity emerged at lower levels.
"A significant majority of our clients have indicated their support for Satyam, and are staying with us. Orders continue to come in, and the organisation is (making) efforts to grow new businesses," Murty said.
On the volume front a good movement was witnessed as nearly 3 crore shares got traded on the BSE.
This is the first surge on the counter this week. Since the beginning of this month, the scrip had been on a downward spiral and had surged on two occasions -- February 6 and February 11 -- only.