The shares of Indian IT sector firm, Mahindra Satyam increased About 8 per cent after the company said that its net profit rose to Rs 534.21 crore for the fourth quarter till March 2012.

The shares of the company increased 7.78 per cent to touch a high of Rs 72 on the Bombay Stock Exchange (BSE). The shares then lost of its initial gains and were trading at Rs 68.65, up 2.77 per cent on the BSE at the time of reporting this morning. On the other hand, the shares of the company rose 4.63 per cent to Rs 69.95 on the National Stock Exchange (NSE).

About 6.70 lakh shares of the company were traded on the BSE while more than 35 lakh shares were traded on the NSE on the day. The excitement comes as the company posted the net profit of Rs 534.21 crore compared to a net loss of Rs 327 crore in the same quarter of 2011.

Mahindra Satyam CFO Vasant Krishnan had said, "This quarter we had a benefit of 1.3% on currency rate. The growth was largely volume driven. Efficiency levels are also pretty significant in this quarter."

Company's chairman Vineet Nayyar added that the global economic condition is fragile and the company will aim at maintaining its current level of profitability.