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IT space struggles but Satyam soars
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Shares in Mahindra Satyam closed nearly 8 percent higher on Thursday, bucking the trend as the overall IT space remained weak.
The BSE IT index closed 1.4 percent lower, with stocks such as Infosys and TCS ending down over 1.5 percent. Outsourcers like Infosys which get most of their revenue in dollars, felt the heat as the rupee climbed to a near 13-month high.
Satyam shares closed at 116.6 rupees with volumes of over 12 million shares on the BSE, its highest single-day volume since Sept 2.
Satyam shares have generated huge returns for investors this year. It has swung from a low of 20.3 rupees on January 15, after Ramalinga Raju disclosed that the company’s profits had been falsely inflated for years, to 123.25 rupees on September 1, translating to a return of over 500 percent.
Would you invest in Satyam shares which is seeing a rally now?
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