Friday, July 10, 2009

Tech Mahindra profits by 17%

S has reached the limit of 10% after the company announced earnings today. The stock is stuck at Rs 66.85. The counter saw trades of around 11.72 million shares to date on the BSE crisis, with PENING orders for nearly 1.50 million shares.

According to a statement issued by Satyam to the BSE today, the only company in the net profit for the quarter ended 31 December 2008 amounted to EUR 181 crore. Total revenues amounted to EUR 2294 crore.

In addition, the press release added that, standalone net profit for the month of January 2009 was RS 4 crore and total income stood at 647 crore. In February, the company had a net profit of EUR 52 crore and total income of EUR 676 crore.

Meanwhile, Tech Mahindra has also increased considerably enlarged and is now 13.4% to EUR 673 at 11.55 am. Approximately 527,000 shares changed hands on the counter so far on the BSE crisis.

Satyam Computer today has more than 10 percent of the stock exchange after the software company posted a net profit up Rs 52 crore in February for the period of months.

After the opening of stock exchanges of the company, shares of Satyam hit upper circuit at Rs 66.85 on BSE, up 9.95 percent from its previous close of trade.

The scam-tainted company, Tech Mahindra, which has a majority stake in April, has a program for a net profit of EUR 52 crore for the month of February, compared to EUR crore four in January 2009.

Shares of Tech Mahindra rose 16.71 percent to a record level of EUR 692.35 in morning trading on the BSE crisis.

Satyam's total revenue in February totaled EUR 637 crore, while January was Rs 647 crore.

On the National Stock Exchange, Satyam gained 10.04 percent to touch the top days at Rs 66.80. On the volume, worth over 3.5 crore share changed hands on the exchanges.

Moreover, Tech Mahindra surged 15 percent to reach a R 694 on the NSE.

In the morning trade today, stocks were the best performers in the BSE-IT 13 index gaining 3.43 percent

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