Mahindra Satyam spurts on high volume

The company made the announcement during market hours on Tuesday, 11 December 2012. The stock rose 2.31% to Rs 97.55 on Tuesday.

Meanwhile, the BSE Sensex was down 26.88 points, or 0.14%, to 19,360.26.

On BSE, a huge 52.70 lakh shares were traded in the counter as against an average daily volume of 6 lakh shares in the past one quarter.

The stock hit a high of Rs 104.50 and a low of Rs 96.90 so far during the day. The stock had hit a 52-week high of Rs 116.40 on 1 October 2012. The stock had hit a 52-week low of Rs 62.15 on 19 December 2011.

The stock had underperformed the market over the past one month till 11 December 2012, falling 9.80% compared with the Sensex's 3.77% rise. The scrip had also underperformed the market in past one quarter, sliding 5.15% as against Sensex's 8.59% rise.

The large-cap IT company has equity capital of Rs 235.39 crore. Face value per share is Rs 2.

Mahindra Satyam said that the High Court of Andhra Pradesh has stayed the provisional attachment order dated 18 October 2012 passed by the Joint Director, Directorate of Enforcement, Hyderabad attaching the company's fixed deposit accounts of Rs 822 crore. The court has also admitted the writ petition filed by the company, Mahindra Satyam said.

It may be recalled that the Joint Director, Directorate of Enforcement, Hyderabad, had in October 2012 had issued a provisional attachment order attaching the fixed deposit accounts of the company for an amount of Rs 822 crore for a period of 150 days. The action was initiated consequent to the charge sheets filed by the Central Bureau of Investigation (CBI) against the erstwhile promoters of the company and others and investigation conducted by Directorate of Enforcement under Prevention of Money Laundering Act.

Mahindra Satyam's consolidated net profit fell 21.1% to Rs 277.93 crore on 6.81% fall in total income to Rs 1938.70 crore in Q2 September 2012 over Q1 June 2012.

Mahindra Satyam is a leading global business and information technology services company. The company's area of operations include enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services.

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