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Mahindra Satyam surged 15 per cent in the early trade on the bourses today after the company clocked a profit of Rs 225.2 crore for the June quarter.
After a robust opening, the stock spurted 15.13 per cent to touch an early peak of Rs 81.80 on the NSE. A similar trend was witnessed on the BSE, where the stock shot up 12.23 per cent to an early high of Rs 79.80.
The surge in the stock market was in line with the bullish trend in the broader market, which has been reeling under heavy selling pressure for the past few days.
The BSE benchmark Sensex index opened nearly 400 points higher, snapping a six-session losing streak, and was later trading at 17,103.62, up 245.71 points.
Buoyed by improved business, Mahindra Satyam swung into the black in the April-June quarter, logging a Rs 225.2 crore profit.
The company raked in a consolidated profit of Rs 225.2 crore on revenues of Rs 1,433.9 crore in the June quarter. It had suffered a loss of Rs 327 crore in the January-March quarter.
In an unexpected move, Mahindra Satyam (erstwhile Satyam Computer Services) also said it would wind down its American Depository Shares (ADS) programme in 2012, as it was not able to meet the US accounting norms.
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