Satyam Computer Services today (Monday, Dec 29) gained nearly fifteen percent (15%) on the Bombay Stock Exchange (BSE) after the company said it will mull over a possible business restructuring in its board meeting, now postponed to January 10, 2009.
The scrip opened strongly at Rs 133 and moved upwards to Rs 156.60, up 15.6%, from the last closure on the Bombay Stock Exchange (at 2:29 pm).
In a bid to enhance the shareholders’ value, country’s No. 4 software services exporter, Satyam Computer Services has decided to engage the services of DSP Merrill Lynch.
Earlier on Saturday evening, the company decided to postpone its December 29 meeting and also enlarged the agenda, which was only to discuss the buyback option.
It is learnt that the Satyam Computer Services could also see a change in the composition of its board when it meets on January 10 (as against the earlier date of December 29).
Even as the investor community is worried about the developments, Satyam Computer Services has postponed the crucial board meeting, which was to have taken place on Monday (Dec 29).
A Satyam representative said, “The meeting has been postponed to ensure physical participation by all members on the board. The idea is to have extensive discussions on all the issues, including buyback.”
The board of Satyam Computer Services would meet on December 29 to discuss the various issues including the fate of its independent director, Dr Mangalam Srinivasan and Chairman, Ramalinga Raju. Dr. Srinivasan and Mr. Raju are under pressure to quit their posts following the failed attempts to acquire Maytas firms. The Dean of Indian School of Business, Dr Mendu Rammohan Rao would also attend the proposed meet.
Indian IT services provider Wipro Technologies has decided to acquire Citigroup’s arm, Citi Technology Services, the technology and infrastructure outsourcing arm of Citibank for an all-cash offer of $127m.
Founded in 2005, India-based Citi Technology provides IT services to the Citigroup entities in more than 32 countries. The company provides critical technology infrastructure support, development and deployment of strategic software applications in the BFSI domain.
Personal computer (PC) shipments showed a marginal increase of 1.7% for the period ended September 2008. It indicates about 9 per cent drop in the PC shipments as compared to the previous data. Meanwhile, note book shipment has shown 38% increase in the third quarter according to the recently compiled data of research firm, IDC.
Satyam Computer Services today (Monday, Dec 29) gained nearly fifteen percent (15%) on the Bombay Stock Exchange (BSE) after the company said it will mull over a possible business restructuring in its board meeting, now postponed to January 10, 2009.
In a bid to enhance the shareholders’ value, country’s No. 4 software services exporter, Satyam Computer Services has decided to engage the services of DSP Merrill Lynch.
Even as the investor community is worried about the developments, Satyam Computer Services has postponed the crucial board meeting, which was to have taken place on Monday (Dec 29).
The board of Satyam Computer Services would meet on December 29 to discuss the various issues including the fate of its independent director, Dr Mangalam Srinivasan and Chairman, Ramalinga Raju. Dr. Srinivasan and Mr. Raju are under pressure to quit their posts following the failed attempts to acquire Maytas firms. The Dean of Indian School of Business, Dr Mendu Rammohan Rao would also attend the proposed meet. 
Indian IT services provider Wipro Technologies has decided to acquire Citigroup’s arm, Citi Technology Services, the technology and infrastructure outsourcing arm of Citibank for an all-cash offer of $127m. 
Personal computer (PC) shipments showed a marginal increase of 1.7% for the period ended September 2008. It indicates about 9 per cent drop in the PC shipments as compared to the previous data. Meanwhile, note book shipment has shown 38% increase in the third quarter according to the recently compiled data of research firm, IDC. 
