Satyam up 8% in early trade on CLB nod

Satyam Computer today surged as much as eight per cent on the bourses, a day after the Company Law Board allowed it to induct one or more strategic investors through a public auction and raise funds by preferential allotment of shares.

Shares of the software company jumped 8.11 per cent on the National Stock Exchange to touch an intra-day high of Rs 49.95. It was later seen trading at Rs 48.05, up 4 per cent.

Similar movement was seen on the Bombay Stock Exchange, where the scrip opened up 6.37 per cent to touch an intra-day high of Rs 49.20. It was later quoting at Rs 47.90, up 3.57 per cent on the BSE.

A total of 34.41 lakh shares changed hands on both the bourses.

According to the marketmen, the scrip is taking cue from the positive news it has received and as the government is also taking care of transparency with regard to the company.

Yesterday, scam-hit IT firm Satyam moved closer to getting a new owner, with the CLB allowing it to induct one or more strategic investors through a public auction and raise funds by preferential allotment of shares.