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Mahindra Satyam shares rally over 5%

Helped by the smart results,shares of the company opened on a bullish note.

Written by Agencies | Mumbai | Published: February 2, 2012 11:36:40 am

Shares of IT firm Mahindra Satyam today jumped over 5 per cent in early trade on the company’s robust third quarter earnings.

Helped by the smart results,shares of the company opened on a bullish note and gained further 4.78 per cent to Rs 79.90 on the BSE.

Similar uptrend was seen on the National Stock Exchange,where the stock jumped 5.58 per cent to an early high of Rs 80.40.

Mahindra Satyam yesterday reported five-fold rise in profit after tax to Rs 308 crore for the quarter ended December 31,helped by forex gains.

“Mahindra Satyam announced its 3Q FY’12 results,which were in-line with our expectations on the revenue front but were higher than ours as well as street’s expectations on the operating and bottom-line fronts,” Angel Broking said in a report.

However,later the scrip witnessed profit booking and was trading at Rs 77.40,up 1.51 per cent from its previous close on the BSE at 1050 hrs.

The company made forex gain of Rs 66.39 crore on account of appreciating US dollar against the rupee.

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