Satyam shares gain for the second day

MUMBAI, INDIA: Satyam Computer Services, which surprised the market with the revelation of profit of Rs 1.6 billion during the October-December 2008 quarter, today hit the upper limit surging 10 per cent on the Bombay Stock Exchange, as its shares touch Rs 73.50.

On Tuesday also Satyam shares had surged 10 percent to 66.85 rupees, following the revelation of the profit.

The shares of Tech Mahindra, the new owners of Satyam also gained nearly 28 per cent at Rs 758 on the BSE and later the shares were traded at Rs 744.20, up 25.46 per cent.

On the National Stock Exchange also Tech Mahindra gained 12.90 per cent to touch a high of Rs 840 and later came down to Rs 824.

Ever since the financial scam hit the firm Satyam was struggling hard to regain its market credentials.

Though the Satyam shares are up, Tech Mahindra has no plans to revise its open offer price for the 20  per cent shares of the Indian outsourcing firm, Dow Jones Newswires reported.

"It (the price) has been approved by the government. It will stay at INR58 (per share)," it quoted Tech Mahindra chief executive Vineet Nayyar as saying.