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Shares of IT firm Mahindra Satyam soared nearly 8 per cent in the morning trade today as the company reported a net profit of Rs 534.21 crore for the fourth quarter ended March 31, 2012.
After a smart opening, the shares further surged 7.78 per cent to touch a high of Rs 72 on the BSE. On the NSE, the stock jumped 4.63 per cent to Rs 69.95.
However, later the scrip pared some of its initial gains and was trading at Rs 68.65, up 2.77 per cent on the BSE.
On the volume front, 6.7 lakh shares were traded on the BSE, while more than 35 lakh shares changed hands on the NSE in the morning trade.
The company had suffered a net loss of Rs 327 crore in the January-March period of 2011.
“This quarter we had a benefit of 1.3 per cent on currency rate. The growth was largely volume driven.
Efficiency levels are also pretty significant in this quarter,” Mahindra Satyam CFO, Mr Vasant Krishnan, had said.
On the outlook for this fiscal, the Chairman, Mr Vineet Nayyar, said though the global economic situation appears to be bleak at this point of time, the company would try to maintain the current level of growth.
Meanwhile, in the broader market, the BSE benchmark Sensex was trading at 15,834 .72, down 235.76 points.
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