Satyam surges in a weak market
The government’s moves to put the beleaguered software firm back on track failed to lift the broader markets, as negative global cues weighed on the investor sentiments.
The government’s moves to put the beleaguered software firm back on track failed to lift the broader markets, as negative global cues weighed on the markets. Asian stock markets
retreated on Monday as a jump in US unemployment intensified concerns the global economy is facing a prolonged slump.
The Sensex is down 135 points to 9,271 while Nifty has shed 50 points to 2,822 level.
“Markets still remain in a bearish trend,” said Ajay Bagga, chairman of Financial Planning Standards Board of India. On Satyam, he said that the IT company’s brand image has been tarnished and the extent of liabilities needs to be figured out. However, the stock has rallied over 50 per cent after the government appointed three members to Satyam Computer’s board.
In a setback to another IT stock, Wipro, it is down nearly 4 per cent after Wipro disclosed that it can’t contest World Bank contracts for 2007-11.
Source /courtesy: NDTV profit
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