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Software services exporter Mahindra Satyam jumped 11.7 percent to 64.65 rupees after the firm reported its third quarter net profit, which more than doubled from a quarter ago.
The company also said that it put a planned merger with its parent firm, Tech Mahindra, on hold.
Shares in Tech Mahindra ended 10.6 percent higher.
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Shares in Mahindra Satyam gained 6.1 percent on Tuesday to close at 106.05 rupees. IT stocks in general posted decent gains, boosting the BSE IT Index 0.4 percent.
Shares in Mahindra Satyam have notched good gains, rising over 8 percent this year. Its shares had hit a low of 11.5 rupees almost a year ago after the then chief, R Raju, had confessed that the company’s profits had been overstated for years.
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.
Shares of Mahindra Satyam rose in an otherwise lacklustre market today, ending 5.41 percent higher at 112.95 rupees.
During market hours on Wednesday, Larsen & Toubro Ltd sought permission from market regulators to sell its stake in outsourcer Mahindra Satyam Ltd, according to a company spokesman.
The Sensex closed at 15,411 after recovering over 150 points from the day’s low. The index was led lower by losses in Infosys, ONGC and SBI.
The stock market ended 1.1 percent higher on Friday at 13,887, on account of buying by some funds, taking its gains for the week to 14 percent.
The election result has helped in restoring battered investor confidence.
Heavyweight stocks like Reliance Industries, ICICI Bank and L&T led the benchmark rise.
The Sensex broke a long positive run today and closed below 11,000 as investors booked profits in a market that had gained over 18 percent in the eight-session rally. The benchmark close at 10947, registering a drop of almost 3 percent
The fall was led by heavyweights like Reliance Industries, which slipped 4.8 percent, L&T, which was down 5.3 percent, and ONGC, which fell 4.8 percent.
The benchmark index ended at 9,568, having struggled throughout trade as investors booked profits. It had dropped over 5 percent just before close.