Satyam surges 12 pc on Govt assurance
Satyam Computer Services surged as much as 12 per cent in early trade after the government came forward to explore all options to salvage the scam-tainted IT firm.business Updated: Jan 14, 2009 11:27 IST
Satyam Computer Services on Wednesday surged as much as 12 per cent in early trade after the government came forward to explore all options to salvage the scam-tainted IT firm.
Satyam Computer on Wednesday opened on a firm note and then soared about 8.8 per cent to witness an intra-day high of Rs 34, on the Bombay Stock Exchange.
On the National Stock Exchange, the scrip opened at Rs 32, then rallied ahead to touch an intra-day high of Rs 34.85, up 12.23 per cent from its previous closing price.
"Satyam is trading in the green because the government has come forward and is acting in a proactive manner to revive the company. But overall Satyam is a 'sinking ship' and the situation is quite messy and opaque," Ashika Stock Brokers Research Head Paras Bothra said.
Prime Minister Manmohan Singh on Wednesday held an exhaustive meeting with top Cabinet members, including Pranab Mukherjee and P Chidambaram, to explore all options to salvage the scam-tainted Satyam Computer.
"We are looking at different possibilities," Corporate Affairs Minister Prem Chand Gupta, emerging from the meeting, told reporters.
On the volume front, as many as 33.61 lakh shares exchanged hands on the BSE and over 76.40 shares got traded on the NSE.
Commerce Minister Kamal Nath, who had yesterday said that the government was open to consider a financial package for Satyam, and Planning Commission Deputy Chairman Montek Singh Ahluwalia also attended the review meeting held a day after the first meeting of three-member government appointed board.