Fin results dispel uncertainties over Satyam shares: Analysts

Mahindra Satyam, earlier known as Satyam Computer, today reported the financial results for two fiscals -- 2008-09 and 2009-10. The IT major has posted a net loss of Rs 124.60 crore for the financial year ended March 2010, while the same was at Rs 8,176.8 crore in FY'09.

"The results are almost in line of expectations of Dalal Street. Uncertainties are now over and we expect to see some positive actions in tomorrow's trade," SMC Global Securities chief strategist Jagannadham Thunuguntla said.

Investors were trading in Satyam shares for the last two years without any clue about its financial health and now doubts have been dispelled.

The entity has added 44 new clients in past two years and is likely to perform well in coming days, he said, adding that some profit booking cannot be ruled out in tomorrow's trade.

Echoing the view, Networth Stock Broking's head of institutional business Prakash Diwan said it is significant that IT major has narrowed down the losses remarkably.
"The company is slated to announce results for first and second quarter results in mid-November and we may see some more good news that time," Diwan said.
Following an admission of multi-crore accounting fraud by its founder and the then chairman B Ramlinga Raju in January 2009, the beleaguered firm did not came up with audited results.

Tech Mahindra took over reins of the company in April 2009 and rebranded it as Mahindra Satyam.
Total income of the company stood at Rs 5,481 crore in FY'10, the total income stood at Rs 8,812.6 crore in previous fiscal.

"Though some analysts were expecting that it will report profit but these figures are not bad," Bonanza Portfolio V-P (Research-Equity) Avinash Gupta said.
Shares of Satyam today closed at Rs 98.90, up 0.10 per cent, despite a weak broader market.

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