Satyam Computer Services Ltd. (fka SAYCY)

[MQ]

Reverse Split : 11/19/2013 12:48:28 PM|NBB|SAYC|China Shianyun Group Corp., Ltd. Common Stock||1-200 R/S|11/20/2013|||New Symbol: SAYCD

[Renee]

Good mornin', Diannedawn. I only post SEC & Finra filings, most times not knowing anything about the stock.

There should be records of the class action somewhere.

Best o' luck!!

[diannedawn]

Do you know the status of the class action suit?
I've never received any news on it in a very long time.
I keep meaning to dig out the paperwork
and call the attorneys
but I never get around to it!
:)

[Renee]

SAYCY Revoked:

http://www.sec.gov/litigation/admin/2012/34-66673.pdf

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[diannedawn]

Has anyone gotten any money out of the class action suit?

[ThumsUp]

Wossup here? olume up, pps up? NYSE auction gonna stop soon. Who knows something?

[mlkrborn]

[mlkrborn]

Renee; looks like settled it with $10 m. Good deal even tho claim was $1B..Interesting! meanwhile SATYAM won fed's contracts! Wonder $3.00 share is not as risky as it sounded.

[Renee]

SEC CHARGES SATYAM COMPUTER SERVICES WITH FINANCIAL FRAUD


http://www.sec.gov/litigation/litreleases/2011/lr21915.htm

[mlkrborn]

Satyam Computer: ADRs To Start Trading On US Over-The-Counter Market Thursday
Date : 10/14/2010 @ 7:34AM
Source : Dow Jones News
Stock : Satyam Computer Services Ltd. ADS (SAY)
Quote : 3.75 0.0 (0.00%) @ 2:05AM

Satyam Computer: ADRs To Start Trading On US Over-The-Counter Market Thursday
Satyam (NYSE:SAY)
Historical Stock Chart

6 Months : July 2010 to January 2011
Click Here for more Satyam Charts.

Satyam Computer Services Ltd.'s (SAY) American Depository Receipts will start trading Thursday on the over-the-counter market operated by Pink OTC Markets Inc.

The ADRs, transferred from the New York Stock Exchange, will be traded under symbol, SAYCY, the fraud-hit Indian outsourcer said in a note to India's stock exchanges.

The holders of the company's ADRs retain the right to redeem Satyam shares, which will continue to be listed on the main stock exchanges in India, the firm added.

-By Kenan Machado, Dow Jones Newswires; [phone]; [e-mail]

[mlkrborn]

UPDATE: Satyam Chairman Says Will Seek Listing Again On NYSE; Shares Surge
6:18a ET December 21, 2010 (Dow Jones)
UPDATE: Satyam Chairman Says Will Seek Listing Again On NYSE; Shares Surge

(Adds analyst comments, share price, background.)

By Raghavendra Upadhyaya and Kenan Machado
Of DOW JONES NEWSWIRES

HYDERABAD (Dow Jones)--Satyam Computer Services Ltd. (500376.BY) will seek to list again on the New York Stock Exchange after filing its results based on U.S. accounting standards, Chairman Vineet Nayyar reiterated Tuesday, driving the Indian software exporter's shares sharply up.
Satyam shares closed 8.8% up at INR69.05 after rising to a nearly one-month high of INR70.8 on the Bombay Stock Exchange, where the benchmark Sensitive Index gained 0.9%.
Satyam in late September said it would delist its American Depositary Receipts from the NYSE as it was set to miss an Oct. 15 deadline to file its results with U.S. regulators. On Sept. 29, Nayyar told reporters that the company would seek to list back on the NYSE, but didn't giving any time frame for it.
The plan to list Satyam back on the NYSE will be an important step in the fraud-hit company's road to recovery and its ability to attract clients who require vendors to prove financial viability--usually through their compliance with U.S. accounting standards.
"The completion of the accounts under the [U.S.] Generally Accepted Accounting Principles is expected to take another six to eight months," Nayyar told shareholders at the company's annual general meeting. "As soon as the accounts are done, we will be happy to relist [on the NYSE]."
Satyam's ADRs had started trading on the over-the-counter market on Oct. 14.
Satyam, based in Hyderabad, is in the midst of recovering from one of India's biggest corporate scandals. In January 2009, the company plunged into turmoil after its founder and then chairman, B. Ramalinga Raju, confessed to overstating the company's profits for years and holding a fictitious cash balance of more than $1 billion.
"If this [listing] happens, then they can seek more clients who would want their vendors to file under the U.S. GAAP," said Pralay Das, an analyst at brokerage Elara Capital.
Satyam is currently listed in India and is now controlled by Tech Mahindra Ltd. (532755.BY), which bought a stake in it through a government-monitored auction and rebranded it Mahindra Satyam.
The company has reported its results for the last fiscal year ended March 31 and the two quarters through September based on Indian accounting rules, but is still working on its accounts to meet U.S. standards.
For the second quarter ended Sept. 30, Satyam Computer reported a net profit of INR233 million, or INR0.20 a share, compared with INR975 million, or INR0.83 a share, in the first quarter. Revenue in the last quarter fell marginally to INR12.42 billion from INR12.48 billion in April-June.
It was the first time the Hyderabad-based company reported quarterly results since the July-September quarter of 2008.
Meanwhile, Nayyar said Satyam plans to invest INR4 billion to build offices at some special economic zones in the southern cities of Hyderabad and Chennai.
Companies with operations in special economic zones get certain tax exemptions, especially on their exports.
Satyam's share of revenue from low-cost locations rose to more than 48.11% during fiscal 2010 from 46.15% the previous year, Nayyar added. "This gives an indication of our focus to increase the services to our customers from offshore to save on operating costs."
The Hyderabad-based company is trying to focus on growth in the Middle East, Africa and Asia to offset the effects of the weakening euro, he added.
Satyam gets about 54% of its revenue from North America and 26% from Europe.

-By Raghavendra Upadhyaya and Kenan Machado, Dow Jones Newswires; [phone]; [e-mail]

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=mDBf7%2FdkQU0ZXx4wBlrDPA%3D%3D. You can use this link on the day this article is published and the following day.

[mlkrborn]

SAY $ 3.85 Indian markets' down trend..

[Helium-3]

Akakaz, good luck to both of us as i have held on to my Oct. Calls. Sold my stock this morning and will go in again on Wed. I suspect if revenue is over $1.2B (say $1.3 or $1.4)for TTM this stock could really jump. But Citigroup is esitmating $1.1B and they are the "experts". Hopefully they didn't lose too many clients over these past 18 months. Keeping my fingers cross.

[akakaz]

BSIROLA


I don't go by the news I go what my teams and my company's research and on DD that we found.

That is what I am trading stocks base on.

CHEERS !!!

[Helium-3]

Hey Akakaz you sure you dont want to wait until after the financials are release on Wed. before buying? You can still sell your stocks at or close to where you bought. I think its a 50/50 chance that the price could spike down on Wed. Some on Yahoo message board are talking about $1 or even $2 drop. Citigroup is esitmating $1.1B in rev. which was close to my esitmates of $1.2B. EPS for 2010 is esitmated to be $0.12. If mgt. is esitmating anything over $0.50 eps for 2011 then i'm in.

Just a suggestion

[akakaz]

Just added another 22K shares today avg $4.51.

Wish me a luck folks.

Good luck for those LONG !!!

[pos_stock_hoarder]

Bsirola:

I also bought the Oct calls thanks to your earlier posts. Not being well versed in the company, I took the money and run after that nice pop. Thanks again for the tip.

How anyone could guess this kind of bs would happen is beyond me.

I took a 1/2 position (vs. my first call buy) in this for another pop next week.

LT? Heck, who knows, but I'm not going to trust any mgt. who pulls this kind of stunt. Hope to be out at another, if more modest, gain in two days.

GLTY.

POS

[Helium-3]

I'm coming at this stock as a short term trader. I bought the oct call options anticipating a pop, which there was for about 2 days and then the price quickly went south due to the delisting info. Not sure if i want to be an investor (long term)and I can't comment on what the true intentions of management are. However, i do think they probably knew that they weren't going to meet the NYSE deadline as far back as spring. As i understand, the differences between the Indian GAAP and US GAAP are minor. Unlike US GAAP the Indian GAAP is not required to go back to 2001 to restate financials. I think they just have to go back to 2008. To go back and audit to 2001 is quite a task and if slight mistakes are made in restating the financials then they will be constantly updating and restating financials, it could go on for a very long time.

If i was going to buy long term then I would wait to read the financials on Wed. Sept. 29 and make a prudent decision. Yes, the price may spike but you'll have a much better idea of the company's financial strength and guidance. Price movement for the these next few days is just based on speculation.

In my best estimation management is focusing on the immeidate operations and long term growth of MT and SAY. They could uplist to the NYSE in the near future. Again, just my opinon from what i've read.

[Florinda]

Clarification, Bsirola I realized in retropspect that when I asked in my last post--and it was a real question--"How can one put a favorable spin on that?", that it could have been easily misconstrued as suggesting that I thought you have been "pumping" the stock. Anyway, I wanted to make clear that that is not what I meant to imply. Indeed, I appreciated that you took the time to give me/us a heads up to consider what you thought was a potentially lucrative investment.

That being said, I still would appreciate hearing if anyone can sincerely and credibly advance an explanation of what just happened that exonerates the mangagement from wrong doing.

Steve

[Florinda]

They had to delist since they couldnt meet the deadline. Company and fundamentals HAVE NOT changed. --Bsirola

This statement is true, but I find it very disconcerting that as recently as 9/22 an article was published which states:

"Satyam ...will announce audited earnings for the fiscal years ended March 2009 and 2010, on Sept. 29, spokesman Sridhar Maturi said."

http://www.bloomberg.com/news/2010-09-22/satyam-rises-to-6-month-high-as-it-prepares-its-first-earnings-in-2-years.html

And only two days later the Company announces that there is no way they can meet that deadline and they are going to have to delist the company. How can one put a favorable spin on that?

Steve

[akakaz]

Got in 59K shares avg of $4.43

I will get in some more if it drops further...

Wish me a luck folks!


CHEERS !!!

[Minddoc7]

Preserved 20% of my gains by selling in pre-market. Will wait for things to settle before re-entering. GLTA!!!

[Helium-3]

The Sept. 29 reporting date is just a few days away. They had to delist since they couldnt meet the deadline. Company and fundamentals HAVE NOT changed.

[Minddoc7]

Satyam to delist ADRs from NYSE

Satyam Computer Services Limited

MUMBAI, Sept 24 | Fri Sep 24, 2010 9:09am EDT

MUMBAI, Sept 24 (Reuters) - Indian IT firm Mahindra Satyam (SATY.BO) said on Friday it would delist from the New York Stock Exchange in mid-October due to non-compliance, adding that it would likely miss its deadline to report financial results for fiscal year 2009.

Satyam (SAY.N) shocked investors in January 2009 when the firm's former chairman and founder Ramalinga Raju said its profits had been overstated and assets falsified in a fraud allegedly worth over $1.5 billion. (Reporting by Devidutta Tripathy; Editing by Jui Chakravorty)

[Helium-3]

I have 2 positions, one is the Oct 7.50 with 800 contracts, the other position (not yet taken) is I will buy upon release of the restated financials the $8 or $9 April 11 contracts, depending on the price, only IF the financials are good as defined by: rev of $1.2B+ TTM, $1.00+ eps TTM, and at least $800M in equity. The last reported equity in 08 was falsely reported at $1.8B. The more i read about this company the more i'm convince that there is some equity or why else would there be several buyers showing interest at the auction over one year ago. However, if the numbers are lousy i will unload my Oct contracts right away and that will be the end of that. There are so many unknowns and it's definitly a medium to high risk play, so be prepared.

[Florinda]

"Steve, use your intuition."--Tothe

Yes, this is how I "survive" in the stock world along with communication with others. But, this aside, thank you very much for the immense amount of info you passed along. I don't know if I'll ever get my mind around what you're passing along, but I will look at.

Again, muchas gracias for taking so much time to put together such a thoughtful and informative response. And of course, congrats on getting in at a much better price than what would have seemed possible given the tear this one's been on.

Best,

Steve

[tothe]

Steve, use your intuition.
1. look at my daily chart.
2. read my idiot notes for volume money.
3. read Lowtrade's condensation of "trend" & "momentum" at the bottom of this post.
4. make two screens on your computer of this post and the daily chart; look at both.
5. you better learn to be a numbers guy when it comes to TA or you are going to lose your ass over time.
6. as for today: I am very happy we are in a consolidation for me to pounce on this one.

How to use indicators from Lowtrade compiled from his posts. Quick & condenced for reference:

Momentum
TRIX - rate-of-change of smoothed moving average momo
StochRSI - overbought and oversold levels in RSI momo
ROC - percent change momo
Stochastic - over bought / over sold momo
RSI - Average Gain / Average Loss momo
WM%R - price close vs. range top /bottom momo
----------------------------------------------------------
Trend
Aroon - close high /low trend
DMI - price direction / ADX strength trend
ATR - gap /small move - up down reversal trend
Macd - +/- moving averages - direction & strength trend
PPO - increasing / decreasing price trend
-----------------------------------------------------------------
Volume
PVO - increasing / decreasing volume volume
OBV - close above vs below totals volume
Acc/Dist - ave close totals volume
CMF - A/D strength divided by volume = pressure volume
MFI - RSI volume-weighted volume

TRIX & Aroon are trend indicators, not momo. As they are not oscilators but do present a stocks trend indication.

momentum/ trend indicators
RSI, & MFI; are oscillators. Good for support of trend.

MFI over bought over sold; 0 to 100, 50 is zero
RSI over bought over sold; o to 100, 50 is zero

The Money Flow Index (MFI) is a momentum indicator that is similar to the Relative Strength Index (RSI) in both interpretation and calculation. However, MFI is a more rigid indicator in that it is volume-weighted, and is therefore a good measure of the strength of money flowing in and out of a security


Volume indicators

OBV & CMF are volume indications good for pressure expected when a move starts.CMF shows pressure. 0 is zero + positive, - negative
Accumulation Distribution shows pressure, bottom is zero shows increasing and decreasing. Not +/-
OBV being less useful then AccumDist, AccumDist which is in turn less useful the CMF. Because AccumDist was an improvement to OBV and CMF an improvement to AccumDist. We should always put more weight on CMF.

Being in or being out vs.get in or get out: RSI and MFI

Like StochRSI, MFI shows 2 indications. Strength & overbought/oversold, because it graphs like an oscilator. It mainly relies on RSI for it's basis.

MFI uses volume with RSI to determine if more money is coming into a stock, then going out. And because the consensus is, price follows volume. You can judge entry/exit with the RSI position on the graph. MFI above 80 signals entry and below 20 exit.

While StochRSI signals Be In the stock or Be Out of the stock. MFI signals get In or Out.

It has a different focus then OBV, Acc/Dist, or CMF. While being in the volume group, because it uses volume in it's formula. It is mainly used for decision making, rather then support.

Like the Aroon, I disagree with where the books place this indicator. I would put it in the momo group, where you find other decision making indicators. They have the aroon in the momo group for decisions and I would place that in the trend group.

RECAP, MFI determines entry exit, or positive negative momentum. It's name and placement in the volume group is misleading. IMO


Summery
Choose 3 indicators, one trend, one momentum & one volume. Your watching for trend entry, will retail support your decision and how strong to expect any move you enter, will be. My choices to fulfill these are DMI, StochRSI and CMF.

.

sources

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45219382&txt2find=mfi

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45336616&txt2find=mfi

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45337703&txt2find=mfi

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48320279&txt2find=mfi

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46259534&txt2find=mfi

[Florinda]

Wow, Tothe, you're jumping in with both feet. Where do you see this going? Bsirola guessitmated this going up to $10-20 in the next six months. Obviously, that's a wide spread. Have you refined that any in your expectations? It seems without financial it would be very difficult if not impossible to fine tune it any more. But I'm not a numbers guy so I don't. Anyway, I would appreciate hearing where you think this one might go, although of course feel free to pass if you'd prefer.

Thanks,

Steve

[tothe]

Fill @ $6.17

EXECUTIONS FOR THIS TRADE  
  Date       Time         Price   Quantity   Total  
 09/23/2010  02:48:31 PM  $6.17    25.000    $154.25     
 NET TOTAL  25.000   $154.25    
 

[tothe]

I am in here, needed a red day to join you guys. Got another order at $6.17 but I doubt there will be a fill today. We need more sellers.

 
 Buy 600 Shares of SAY Details  Filled at $6.2498  
 Order Number:I23CKPRR

[Florinda]

Bsirola,

Thanks for your further thoughts. I tooled around the Mahindra Satyam site and didn't find where they state the number of employees they have. However, I googled it, and it brought up this webpage:

http://www.linkedin.com/companies/mahindra-satyam

wherein it states they have 25,000 employees, not 30,000. I have no idea how up-to-date this information is. But, as I said, I didn't see that kind of information on their website--it's probably somewhere, just not sure where.

Also, as the previous poster posted, today (Wednesday) a brief note from Barron's stated that:

The company hasn’t reported results since former Chairman Ramalinga Raju disclosed in January 2009 that he had over-stated the company’s assets by $1 billion.

http://blogs.barrons.com/techtraderdaily/2010/09/22/satyam-to-catch-up-on-rpts-could-merge-with-tech-mahindra/?mod=yahoobarrons

So if the 25,000 is correct, I'm not sure how (or if) you would incorporate the above statement about the billion dollar over-statement of company assests into the equation.

For those who are already in, it's obviously a nice play. But with a 30% run-up in two days, not sure I want to jump on at this point. And now a blantant suggestion of a possible buyout after the audits are out, that is, that "Satyam could be absorbed by controlling investor Tech Mahindra". Although that bit of "news", which came about a half hour before the close and evidently fueled the late day buying binge, will presumably fuel a rally tomorrow, it sounds like a perfect setup for buy the rumor sell the fact type of situation. If one is quick, that could be fine. But it gives me pause. We'll see. I wish we would have had this conversation a few days back. Still, thanks a lot for calling it to our attention over on the SIAF board.

Steve

[tothe]

SAY charts
Quick fundies
http://finviz.com/quote.ashx?t=say&ty=c&ta=1&p=d
Financials
http://www.gurufocus.com/financials.php?symbol=SAY
Options link
http://www.optionseducation.org/quotes/
Filings
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001106056&action=getcompany
Institutional investors
http://www.dailyfinance.com/company/satyam-computer-services-limited/say/nys/institutional-ownership

.


Trigger list
#1. AROON- 8 you watch as the Aroon down crosses the 75 down and the aroon up comes up from zero. Most important. (\0/)
#2. WILLIAMS%R- 9 You watch the line cross the 50.
#3. CMF- 15 You will usually only see growth when the CMF is in the negative.
#4. ADX/DMI-5 You watch as the D+ line either crosses the D-, or crosses above the 20.
#5. MACD histogram- 5,15,10 You watch the negative bars register -50% smaller then the bar before it, or -50% smaller then the largest in the grouping.
#6. Full Stoch- 5, 5 You watch the fast line cross the slow line while the aroon down(8) crosses the 87.50. Crossing the 20 would be best, when the williams agrees.
#7. Bollinger Band 20,2 You watch for the Magic Box to occur when the negative close touches above the lower bolly and the next day’s close to it is positive growth in a white candle.
#8. RSI 5 you watch as the indicator crosses above the 50 for a quick pop.

Links to kgoodrich or Chartinator on chart application toward buying stock for the compound
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37119243

[Minddoc7]

Tech Trader Daily
News, analysis and insights from Barron's Silicon Valley bureau.
Search Tech Trader Daily September 22, 2010, 3:27 PM ET.Satyam To Catch Up On Rpts; Could Merge With Tech Mahindra.Apple: CDMA iPhone Production To Start Next Qtr, Analyst Says
EmailPrintPermalinkShare:
Twitter facebookYahoo! BuzzStumbleUponDiggfarkredditMySpaceLinkedIndel.icio.us Text Size
By Eric Savitz
Satyam Computer Services (SAY) shares are trading sharply higher after the Indian IT services company said it will announce audited results for both its March 2009 and March 2010 fiscal years on September 29. Bloomberg also notes that following the company’s announcement, Satyam could be absorbed by controlling investor Tech Mahindra.

The company hasn’t reported results since former Chairman Ramalinga Raju disclosed in January 2009 that he had over-stated the company’s assets by $1 billion. The scandal that followed eventually spurred the sale of control of the company to Tech Mahindra.

[Helium-3]

Florinda, i finally got one right. I can only tell you that my value is based solely on estimated revnue. You will see that even when they posted annual revenues of $1.4B +/- in 2007 the stock was trading over $20 and even in the $30's. If you investigate you will see they have over 30000 employees and recently said they were interviewing and hiring more. Their 3 competitors - WIT infosys and antoher one (i think its private) had average rev per employye of $40,000+/-. So I estimated that they did at least $1.2B (40,000 x 30,000 employees) and some analysst were guestimaitng $1.5B and still others on the message boards were estimating $2B. Their last report in 2008 was falesly reported at $2.2B and the govt. said this was about 18% higher than actual. As you can see this is a medium to high risk play with big upside. Personally, i'm very curious to see shareholder equity as i'm pretty confident about the $1.2B+ in revenue. Equity is the great unknown.

So in my opinion the stock will be above the Oct. $7.5 strike price next week when reports are released. Please note I AM NOT AN EXPERT. Just have been watching this stock off and on for about 1 year.

Florinda, if you could reciprocate and be so kind as to investigate the actual number of employees. Check their website (Mahindra Satyam). I'm out of the office this week and currently dont have the time. I will check I-HUB for your postings.

Thanks

[Minddoc7]

Same here. I bought in on 10/6/09 @ $6.57 and added more on 10/27/09 @ $4.92. Doubled my position on 5/20/10 @ $4.80 and added again @ $ 5.02 on 6/17/10. IMO, and considering the recent move, the $6.48 target price is a rather low estimate.GLTA!!!

[Florinda]

Thanks, Bsirola, that was a good interview. Congrats on another great day at the races. Given your expectations of where this is going, even after todays great run up, the stock is still quite under valued. However, here's my question:

If the former CEO and others cooked the books and took millions for themselvesis thus requiring new audits for the last 3 years, how can anyone derive that the books weren't burned as badly as the market has priced the stock?

Steve

[Helium-3]

CEO Mahindra interviewed on Fox News

Great interview.

[Helium-3]

Hello Boys & Girls, bought back in again


I bought a little over a year ago when they were coming out of trouble. I sold and made a little bit but from time to time kept an eye on stock price. Book value, rev. and income growth are great plus the darn thing is so undervalued. Maybe BRIC stocks are just out of favor right now, my chinese stocks all have taken a hit since April. Put in order today and will buy two more times (1/3, 1/3, & 1/3 - a Jim Cramer's rule).

[alhigou]

Technically, SAY is upgraded to buy with the $6.48 target price in six months.

Check here:
'http://www.stoxline.com/quote.php?symbol=say'

[joelegs]

Mahindra Satyam BPO eyes acquisitions

http://www.thehindubusinessline.com/2010/06/25/stories/2010062553100700.htm

[mlkrborn]

$4.84

[Seminole Red]

thanks jo....

[joelegs]

A little news:

UPDATE: AT&T International Buys 8.07% Stake In Tech Mahindra For $34.6MLast update: 3/23/2010 11:36:24 AM(Adds AT&T, BT comments, shareholding details, share price.)

By Ameya Karve & Romit Guha
Of DOW JONES NEWSWIRES
MUMBAI (Dow Jones)--AT&T International Inc., a unit of U.S. telecommunications major AT&T Inc. (T), Tuesday bought an 8.07% stake, or about 9.9 million shares, in Indian software firm Tech Mahindra Ltd. (532755.BY) from Mahindra-BT Investment Co. (Mauritius) Ltd. for $34.6 million through an off-market deal. In an emailed response to queries from Dow Jones Newswires, AT&T said it was granted options over approximately 9.9 million shares of Tech Mahindra as per the terms of a 2005 agreement signed with the Indian company, formerly known as Mahindra British Telecom. AT&T decided to exercise the options as they had vested and the exercise date was approaching, it said. Tech Mahindra was listed on the Indian bourses in 2006. AT&T International Inc. is primarily a holding company for certain of AT&T's equity investments in non-U.S. companies. Tech Mahindra--a joint venture between Mahindra & Mahindra Ltd. (500520.BY), India's largest utility vehicle and tractor maker by sales, and U.K. telecommunications company BT Group PLC (BT)--provides technology outsourcing services to telecom companies, mainly in the Europe and U.S. Mahindra held 43.99%, BT owned 30.86% and Mahindra-BT Investment held 8.13% stake in Tech Mahindra as on Dec. 31, according to data on the Bombay Stock Exchange. Mahindra Overseas Investment Co. (Mauritius) Ltd., an arm of Mahindra & Mahindra, holds 57% in Mahindra-BT Investment Co. (Mauritius) Ltd., with the rest owned by BT Holdings, a unit of BT. U.S.-based AT&T declined to comment on any future investments in Tech Mahindra. A person familiar with the matter said that the price that AT&T International paid was "pre-decided" during the signing of the 2005 agreement. AT&T said it paid $3.5022 (INR159.70) for each of the about 9.9 million shares it bought. Tech Mahindra shares closed down 0.2% at INR910.20 on the Bombay Stock Exchange Tuesday, compared with a 0.23% gain on the benchmark Sensex. BT said: "India remains a critical market both for BT and our customers, and we expect to continue developing the operational network and service presence". -By Ameya Karve & Romit Guha, Dow Jones Newswires; [phone]; [e-mail] (Lilly Vitorovich in London contributed to this article.) (END) Dow Jones NewswiresMarch 23, 2010 11:36 ET (15:36 GMT)

[Seminole Red]

might have to look close at this one tomorrow....

[mlkrborn]

5.19!

[Seminole Red]

ive said that all along...i got in this AFTER the accounting scandle....im glad its over and the company can move on to bigger and better things......the stock use to be like 80 bucks before the scandle...lets hope this new team can get em up and running again...ied like to see the 20's again

[BoricuaV]

from http://stocks.investopedia.com/stock-analysis/2010/5-Beaten-...

"Global IT firm Satyam Computer Services (NYSE: SAY) has seen its share price sink 28% from its September 52-week high of $6.93. But the firm's share price has experienced a resurgence in the past four weeks, returning 8%. Investors may still be wary of investing in Satyam due to its prior accounting scandals, but with new management on board and solid fundamentals, this might be an excellent stock to keep on your. Notable financial ratios include an astoundingly low P/E ratio of 3.58, PEG ratio of 0.22 and a long-term debt-equity of 0.01."

[Seminole Red]

itl be nice when they finish all that crap and let this company move back on to the 30 buck area

[scion]

US court declares Raju a pauper

Bloomberg
Published on Thu, Jan 28, 2010 at 10:13 IST
http://www.bloombergutv.com/industry-news/it-industry-news/43596/us-court-declares-satyam-s-raju-a-pauper.html

NEW YORK: Ramalinga Raju, who resigned as chairman of Satyam Computer Services Ltd. after saying he overstated the company’s assets by $1 billion, was granted pauper status in US litigation brought by investors.

US District Judge Barbara Jones in New York approved the status for Raju; his brother Rama Raju, Satyam’s former chief executive officer; and Srinivas Vadlamani, the company’s ex- finance chief. Proceeding “in forma pauperis” means the three men won’t have to pay filing fees and other court costs tied to the litigation because of their financial condition.

“The court finds that defendants have adequately demonstrated that they are unable to pay,” Jones wrote in a Jan. 26 order.

The three men have also been charged criminally and have been in custody in India since last January. Shares and American depositary receipts of the software-services provider based in Hyderabad, India, have plunged since Jan. 7, 2009, when Raju wrote a letter to the board explaining the financial irregularities. His letter touched off India’s biggest corporate-fraud inquiry.

In November, India’s Central Bureau of Investigation said it found $607 million of additional fraud at the company. Investors in the US suits, who say Raju’s confession wiped out $4 billion in market capitalization, filed at least a dozen class-action lawsuits that have been consolidated before Jones.

Ramalinga Raju, 55, Rama Raju, 50, and Vadlamani, 49, also asked Jones to appoint lawyers for them that they wouldn’t have to pay.

Lawyer Request Denied

She denied that request “at the present time,” finding that, because of their incarceration in India, “it would be unusually difficult for appointed counsel to meet with and otherwise competently represent defendants under the circumstances.”

The judge said they could renew the request later.

Keith Fleischman, a lawyer for the investors at Grant & Eisenhofer PA in New York, declined to comment on Jones’s rulings.

After Raju’s disclosures, India’s government fired the Satyam board and appointed new directors. Tech Mahindra Ltd., the Pune, India-based software company, gained control of Satyam in May.

American depositary receipts are issued by US banks to allow investment in non-US companies. Satyam raised $161.9 million from the May 2001 sale of its ADRs.

Satyam ADRs, each representing two ordinary shares, fell 17 cents, or 3.4%, to $4.85 yesterday in New York Stock Exchange composite trading. The ADRs have risen 5.2% this year.

The case is In re Satyam Computer Services Ltd. Securities Litigation, 09-md-02027, US District Court, Southern District of New York (Manhattan).

http://www.bloombergutv.com/industry-news/it-industry-news/43596/us-court-declares-satyam-s-raju-a-pauper.html