Stock Watch

When Mahindra Satyam firstly got its contract to provide support for the IT systems for the most-awaited football tournament in the country, FIFA, it came as a surprise to many but the sporting authority is not having any second thoughts to renewing the contract in 2014 edition of the world cup.

An announcement was made on Monday by Mahindra Satyam, with its plans to sought another extension from the CLB in order to finish the statement remade by the accounts by the company. The re-branded Satyam Computer Services has requested for a 3-month extension buying more time for the 3rd time to complete the Satyam accounts restatement.

This process was supposed to be completed by the 30th of June, 2010.

Pune based Tech Mahindra is in controversy, as the engineering and construction major Larsen and Turbo, is not happy with the company for keeping its investors in the dark over the details of its performance. L & T which is rebranded as Mahindra Satyam, said that there is no information available about Satyam’s sales, earnings and employees , adding that due to a lack of information it was not able to decide when to sell stake in Mahindra Satyam.

The Andhra Pradesh High Court had appointed a special judge for the Satyam fraud case which involved millions of dollars. The transfer of the case details to the special court from the CBI court has begun on Wednesday.

The high court had appointed a special court with Senior Civil Judge BVLN Chakravarthy, as the special judge for the case. Mr. Chakravarthy took charge on February 15.

As confirmed by Union Minister for Corporate and Minority Affairs, Mr Salman Khurshid, the Union Government has urged the US Securities of Exchange Commission to not slap penalties on Satyam, the company charged with a major scam earlier this year. As the firm was also listed on the New York Stock Exchange, the US regulators are likely to penalize it under the US corporate law.

The Board of Mahindra Satyam, formerly known as Satyam Computer Services, has taken up work of settling pending disputes with its clients. In a similar move, the company has decided to pay $70 million to the U. K.-based company Upaid Systems Ltd for settling the suit filed in 2005 alleging Satyam Computer of fraud and forgery.

The Central Bureau of Investigation (CBI), one of the top investigating agencies in the Satyam fraud case, has arrested Prabhakar Gupta, the global head of internal audit of the beleaguered firm. The move has increased the tally of arrested persons in the Satyam fraud case to 10 and more persons are expected to be nabbed in coming days, said highly placed sources concerned with the investigation.

The Security and Exchange Board of India (SEBI) has directed disgraced Satyam Computer Services’ Chief –B Ramalinga Raju and others involved in the country’s largest ever accounting fraud to submit their replies by October 30.

The Indian market regulator had issued notices to the alleged people in connection with their role in the accounts fraud case at Satyam Computer Services.

Technology stocks have gained nicely in today’s session. Mahindra Satyam was among major gainers. The stock managed to cross the Rs 100 hurdle today and was trading at Rs 104 during afternoon session.

Mahindra Satyam has touched an intraday high of Rs 107 on NSE and trading volumes were huge. The stock is currently up by nearly 14%.

Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, has informed that it has inked a five-year multi-million dollar pact with UK-based GlaxoSmithKline (GSK).

The company has signed this deal to offer SAP and other critical systems support to GSK's businesses across the globe.