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Satyam hits upper circuit, Tech Mahindra gains 17%

This article was posted on Jun 9, 2009 and is filed under Stock News

Satyam has hit the 10% upper limit after the company announced its earnings today. The stock is locked at Rs 66.85. The counter has seen trades of around 11.72 million shares so far on the BSE, with pening buy orders for nearly 1.50 million shares.

According to a release issued by Satyam to the BSE today, the company’s standalone net profit for the quarter ended December 31, 2008, stood at Rs 181 crore. Total income stood at Rs 2,294 crore.

Further the release added that, standalone net profit for the month of January 2009 was Rs 4 crore and total income was Rs 647 crore. For February, the company recorded a net profit of Rs 52 crore and total income of Rs 676 crore.

Meanwhile, Tech Mahindra too has zoomed significantly and is now up 13.4% at Rs 673 at 11.55 am. Around 527,000 shares have changes hands at the counter so far on the BSE.

Satyam Computer today surged as much as 10 per cent on the Bombay Stock Exchange after the IT firm reported a rise in February net profit at Rs 52 crore over the month-ago period.

After opening firm on the bourses, the shares of Satyam hit upper circuit at Rs 66.85 on the BSE, up 9.95 per cent over its previous close on the exchange.

The scam-tainted company, in which Tech Mahindra has acquired a controlling stake in April, has reported a standalone net profit of Rs 52 crore for the month of February, up from Rs four crore in January 2009.

Shares of Tech Mahindra surged 16.71 per cent to a high of Rs 692.35 in the morning trade on the BSE.

Satyam’s total income in February stood at Rs 637 crore, while in January it was at Rs 647 crore.

On the National Stock Exchange, Satyam gained 10.04 per cent to touch the day’s high at Rs 66.80. On the volume front, a good over 3.5 crore shares changed hands on the bourses.

Besides, Tech Mahindra shot up 15 per cent to touch a high of Rs 694 on the NSE.

In morning trade today, IT stocks remained top performers with the 13-share BSE IT index gaining 3.43 per cent to touch a high of 3,313.77 points.

source: Business-Standard

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