Money on the markets
A maturing market amid the mayhem
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?
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.
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 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.