The Satyam stock price has zoomed today to a new high of 63.00.
It is primarily based on the thinking that the new management under Tech Mahindra will layoff 10,000 people and that will help manage the finance situation.
In fact a lot of investing experts have put a buy rating of the Satyam Stock with a stop loss of Rs 53.
Looking back Tech Mahindra had bought Satyam at a price of RS 58 which was considered very high at that time.
Here is what was said at that time
“Tech Mahindra Ltd has informed BSE that the Board of Directors of Satyam Computer Services Ltd has selected Venturbay Consultants Pvt. Ltd, a subsidiary controlled by Tech Mahindra
Ltd as the highest bidder to acquire a controlling stake in Satyam Computer Services Ltd, subject to the approval of the Hon'ble Company Law Board.”
News about Satyam
Satyam has also named Venki Prathivadi as its manager for operations in Australia and New Zealand.
This is in place of Deepak Nangia who resigned because of personal reasons.