Fiis Up Stake In Satyam By 4% In Q3

Satyam Computer Services (SCS) seems to have emerged as the preferred counter among the top-rung technology stocks on Indian bourses as foreign institutional investors (FIIs) have scaled up their holding by over 4 per cent in the December quarter.

During the period, combined holding of FIIs in SCS went up from 42.32 per cent to 46.35 per cent showing increase of 4.03 per cent even though the company could not live up to its own performance guidance. Satyam has delivered a 1.2 per cent decline in net profit for third quarter at Rs 116.7 crore. This has disappointed the market which was expecting higher profit.

Analysts tracking the counter said most of the build up in Satyam counter was due to the interim dividend announced by the company during the counter. Satyam on October 23, 2002 had declared an interim dividend of 40 per cent for the financial year ended March 31, 2003.