Archive for January 7th, 2009

Satyam loses Rs 10, 000 crore in market cap; shares tank over 80%

MUMBAI: Beleaguered software services major Satyam on Wednesday bit the dust on the bourses and lost as much as Rs 10,000 crore in market capitalisation in a single trading session, after the scrip dipped to hit an all-time low level.

NSE to remove Satyam shares from Nifty from January 12

MUMBAI: National Stock Exchange said on Wednesday it will remove Satyam Computer Services Ltd from its S&P CNX Nifty 50-share index from Jan 12.

Fraud to take Satyam stock to Rs 10: Shankar Sharma

Ramalinga Raju, Chairman of Satyam resigned from the Satyam board today, reports CNBC-TV18. He wrote a letter to the Satyam board admitting that the IT major’s balance sheet has an inflated cash and bank balance of Rs 5,040 crore.

5 reasons why Raju must go

Raju’s game plan had the potential to put foreign investors off India

Brokerages advising clients to discard Satyam from portfolio

Domestic brokerages are advising clients to discard Satyam Computers from their portfolios.

Infosys reacts to Satyam scam

Commenting on the magnitude of the Satyam scam, Mohandas Pai, Head-HR Administration, Infosys, said, he had never imagined something of this proportion would happen. “It is a bad day for corporate India and IT industry.” He feels that the auditing process should get more rigorous and that all companies should make sure that bank balance confirmation goes directly to auditors.

Sell Satyam Computer: Religare

Religare Hichens Harrison Research has recommended a sell rating on Satyam Computer Services. The research firm continues to maintain its earlier negative view on the Technology sector.

Raju admits fraud; Satyam books inflated of Rs 5040cr

Ramalinga Raju, Chairman of Satyam has resigned from the board, reports CNBC-TV18. In his letter to the board, Raju admitted that the IT major’s balance sheet has inflated cash and bank balance of Rs 5,040 crore. “No board member had any knowledge of the real situation. Accrued interest of Rs 376 crore in books is non-existent. Rs 1,230 crore was arranged to Satyam, but was not reflected in the books.”

Satyam may be removed from Sensex, Nifty

MUMBAI: Satyam Computers may be removed from the sensex and nifty following the revelation of manipulation in the company’s accounts, analysts said.

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Kotak maintains ‘accumulate’ on Cummins

CMP: Rs 222.10
Target price: Rs 270

BNP Paribas maintains ‘buy’ Sun Pharma

CMP: Rs 1,041.20
Target price: 1,695