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This is an archive article published on December 10, 2009
Upaid effect: Satyam soars 5.3 pc on BSE
Mahindra Satyam surged 5.26 pct to close at Rs 108.05 on the BSE after hitting an intra-day high of nearly 11 pct.
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Mahindra Satyam on Thursday surged 5.26 per cent to close at Rs 108.05 on the BSE after hitting an intra-day high of nearly 11 per cent,following its board approval to settle the lawsuit with the British payment services firm Upaid Systems for USD 70 million.
On the NSE,the Satyam counter fared even better intra-day with an over 11 per cent jump. However,the share settled a tad lower than the BSE at Rs 107.90,up 5.22 per cent.
A total of 4.97 crore shares of Mahindra Satyam changed hands on both the bourses on Thursday.
According to marketmen,investors are showing confidence in the stock after the settlement of one of the several lawsuits the company was fighting as the out-of-court settlement is much lesser than the over USD 1-billion Upaid was seeking in damages for alleged forgery,fraud and breach of contract.
Satyam would make the first payment of USD 45 million Upaid within 10 business days to and the rest within a year.
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