Satyam shines at Dalal Street

MUMBAI, INDIA: Though the share markets opened on a negative note on Thursday, Satyam Computer Services, which startled the market with profit after the great fall, hit the upper limit for the third consecutive straight session.

After opening firm on bourses, shares of Satyam hit the upper circuit at Rs 80.85 on the BSE, up 10 per cent over the previous close.

This also helped Tech Mahindra, the new owners of Satyam, as its shares rose to an opening high of Rs 812, 3.45 per cent higher than the previous day's closing. Later it came down to Rs 787.10, up 0.26 per cent. On the NSE too, Tech Mahindra surged 4.58 per cent to touch a high of Rs 818.70.

Satyam shares, which had touched Rs 494.50 on June 16, 2008, had come down to Rs 11.50 on January 9, 2009, following the revelation of the financial fraud in the company.

Meanwhile, a PTI report said that the Satyam Board meeting today will discuss cost-cutting and workforce rationalization. The board is likely to discuss various cost-cutting measures including slashing expenses related to real estate and leased properties to improve the margins of the IT firm, the report said a source privy to the development saying.