Money on the markets

A maturing market amid the mayhem

Tech Mahindra, Mahindra Satyam gain on Mahindra-Cisco deal

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Engineers attend to calls from abroad inside a call center in Gurgaon on the outskirts of New Delhi December 3, 2003. REUTERS/Kamal Kishore/Files

Shares of Mahindra group firm Tech Mahindra jumped 9.26 percent to 739 rupees, while outsourcer Mahindra Satyam rose 3.7 percent to 64.90 rupees after an agreement between Mahindra group and Cisco Systems was announced.

Mahindra group is partnering with U.S. telecom equipment maker Cisco Systems to provide a range of services including cloud computing.

For the year, Tech Mahindra has fallen over 25 percent while Mahindra Satyam rose over 20 percent.

Do you think there will be more upside for Mahindra Satyam after the Cisco alliance?

Tech Mahindra drops after results

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Employees at a call centre provide service support to international customers, in Bangalore March 17, 2004. REUTERS/Sherwin Crasto/Files

Shares of Tech Mahindra fell sharply on the first day of trade after the company declared a drop in Q2 profits after market hours on Tuesday.

Tech Mahindra said second-quarter net profit fell more than 10 percent as the IT services firm booked a charge related to its shareholding in Mahindra Satyam.

Satyam gains in choppy market

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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.

Profit-taking halts 8-day Sensex rally

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INDIAThe 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.

Sensex up 1.5 pct, Tech Mahindra jumps after winning Satyam bid

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SATYAM/A rally in global markets today saw the BSE Sensex swing from being briefly negative in early deals to over 11,000 in the last hour of trade, before closing 1.5 percent up at 10,967.

The big news of the day was Tech Mahindra winning the bid for fraud-hit Satyam Computer.

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