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Stocks in this range which have been beaten to death like this are very volatile IMHO. Plan to double up as soon as chart confirms reversal. Hoping for higher low just above $3. GLTY
Lets hope for a reversal on Monday. Another 14% lost today
This stock was WAY OVERSOLD...IMHO. In this afternoon, hoping for major breakout to low teens this summer. GLTA here.
Potential a very nice company to hold on to.
I bought some more today and cannot wait to see what happens on Friday.
Cheers
The holding company now wants to acquire 20% in the open market starting friday. I don't know if that is in India or here but either way, they made about 640 million in revenues for the last quarter and expected to make more in the coming years. The yearly revenues is about 2.5 billion and the current market cap is 1.6 billion. They have net cash equivalent of 1.6 billion which means if you buy the shares of SAY today, you will be buying it for free!!! :)
About to break $5!!! Woohooo!!!
Good luck to us.
Thanks a lot novicetrader. This looks like its trying to close the gap from the fall it had a couple of months ago. Git in today.. Lets see where its headed back!! Chart is looking extremely bullish!!
Sorry just got back from work & saw your msg.The link isn't working looks like,I'll try to locate it & repost if I get it.
Could you repost the link please? Looks like the gap is filling. Might be a good time to jump in for the ride!!
This news taken very well by the markets.
http://economictimes.indiatimes.com/Feat...
We are made scapegoats, say jailed PWC auditors
Heather Timmons,International Herald Tribune
Monday, June 01, 2009, 1:00 [IST]
http://www.deccanherald.com/content/5510/we-made-scapegoats-say-jailed.html
Srinivas Talluri and Subramani Gopalakrishnan, the PriceWaterhouse auditors of Satyam Computer Services, are in prison, charged with multiple offenses, including falsification of accounts. No one knows when they will get the bail.
Four months after the revelation of a major fraud at Satyam Computer Services shocked corporate India, markets here have practically declared the scandal over. Satyam's top managers confessed and were jailed, the board was fired, and the giant outsourcing company was sold.
But Satyam's independent auditors, two partners from the Indian office of PricewaterhouseCoopers, say they are innocent and remain in prison, charged with multiple offenses, including dishonesty, cheating, falsification of accounts and using forged documents.
The auditors, who are technically in "judicial custody," are luckier than most prisoners here. Their wives can bring them food from outside during their twice-weekly visits. But they receive few other privileges. They sleep on the floor in a cell with other inmates, in temperatures that often exceed 100 degrees.
In an interview in the prison's dim, noisy, concrete visitor's hall this week, the accountants said they were scapegoats for a system that failed to catch years of wrongdoing. "I've been 31 years in this profession, and I have never seen auditors being booked," said Subramani Gopalakrishnan, one of the jailed auditors and the founder of the PricewaterhouseCoopers office in Hyderabad. He yelled through three fences in the room. Prisoners pushed against one fence. Visitors - lawyers and wives with babies - pressed against another, and a third occupied a garbage-strewn no man's land between the first two.
PricewaterhouseCoopers audited Satyam's books worldwide from 2001 until the company's founder, B Ramalinga Raju, confessed in January that he had been manipulating the accounts for years and that more than $1 billion cash on the company's balance sheet did not exist.
Subsequent investigations revealed falsified bank balances, depository receipts, invoices and even bank letterhead used to bolster the fake accounts. Raju and some of the other top managers, who have confessed to crimes and are awaiting trial, are also in Hyderabad's prison, but in separate quarters from other prisoners.
PricewaterhouseCoopers, facing numerous shareholder class-action suits and investigations, is under intense pressure to prove that its partners were not complicit. But a preliminary report from India's Central Bureau of Investigation accuses the auditors of "consciously" overlooking accounting irregularities and "knowingly" certifying inflated and falsified data. In a petition for bail for the partners, PricewaterhouseCoopers said that the government had "no material or iota of evidence to even remotely suggest" that the partners "had any knowledge" that Satyam documents were falsified.
Fooling firm's board
Raju's "carefully crafted image" and political connections fooled the company's board, India's regulators and everyone else, Gopalakrishnan said from prison. In retrospect, the only thing he might have done differently, he said, would be to be more aware of the pressure on Indian outsourcing companies like Satyam to grow, and rely less on their employees to provide copies of the company's bank balances. The other PricewaterhouseCoopers partner, Srinivas Talluri, a youthful 48-year-old with wire-rim glasses, is trying to maintain his professional mien behind bars. In the interview, his hair was neatly brushed, he carried a notepad and a plastic water bottle and his T-shirt was so smooth it seemed ironed.
He said his two children had not visited him during his four-month prison stint because he did not want them to see him behind bars. He recently offered to check the accounts at the prison's canteen, just to keep his mind sharp. "The whole world believes that preventing and detecting fraud is my responsibility," he yelled through the wire fence. "No concerns were ever brought to us by anyone." He said he "could not imagine" the company would forge depository receipts, or balances on fake bank letterhead. Banks in India are not required to give balances directly to auditors, he added. Accounting experts say that while authorities may be treating the PricewaterhouseCoopers partners particularly harshly, making an example of them may prevent more serious repercussions for the country's economy and even the audit firm itself. "You can say it is a little unfair they are awaiting trial in prison, but at the same time it is part of a system of action that seeks to preserve investor confidence and limit collateral damage," said Sudhakar Balachandran, an associate professor of accounting at Columbia Business School in New York. Talluri and Mr. Gopalakrishnan provided more than 50,000 pages of documents from their office to investigators and sat for numerous interrogations, according to their bail petitions. PricewaterhouseCoopers maintains that the two partners are not a flight risk and keeping them in prison "constitutes a pretrial punishment," the bail plea said.
The auditors' wives say they have been doing their best to keep a brave face for their husbands, and spend a lot of time praying. Right now, "even God is not with us," said Gopalakrishnan's wife, Jaya Lakshmi.
http://www.deccanherald.com/content/5510/we-made-scapegoats-say-jailed.html
SAY yes CCI going over 200 weeeeeeeeeee
stock is toast for along time
DETAILS: TECH MAAHINDRA winner @58 ruppes but financing is an issue..
MUMBAI (Dow Jones)--India's Tech Mahindra Ltd. (532755.BY) plans to raise INR21.90 billion of debt to fund a majority stake buy in Satyam Computer Services Ltd. (500376.BY), a senior executive said Monday.
Mahindra Group Chief Financial Officer Bharat Doshi said at a press conference that the debt will be raised both by Tech Mahindra and Venturbay Consultants Pvt. Ltd. - a special purpose vehicle set up to bid for Satyam.
Earlier Monday, Tech Mahindra emerged as the highest bidder for Satyam with an offer of INR58 a share.
Doshi said that Tech Mahindra already has internal cash accruals of INR7 billion and would need to raise INR21.90 billion to fund the purchase of an eventual 51% of Satyam, which will cost a total of INR28.90 billion.
About INR17.56 billion will be used to fund a 31% stake purchase, while the rest will go toward an open offer for another 20% of Satyam.
"Tech Mahindra has the ability to raise that level of debt," Doshi said, adding that the company doesn't need to tap into private equity at the moment.
Tech Mahindra Chief Executive and Managing Director Vineet Nayyar said that the company carried out a fair assessment of Satyam's legal liabilities from class action suits and pending cases before pricing the bid.
He said that, both from a geographical and a client perspective, Satyam Computer is "almost completely complementary" to Tech Mahindra.
"I don't believe we have a single common client," he said.
leave it to people from India... to screw it up
I woke up to say at 2.5 - we'll have to wait and see not thrilled about Tech Mandri getting the company thats for sure. price already dropping incredible. Going back to bed!
SAY YOU SAY ME SAY IT FOR ALWAYS!! SAY UP BIGLY in the Indian Markets - Winning bidder to be named today! I told everyone to buy at 2.45 the other day! Its a winner winner chicken dinner!!!
im short stacked but have shares. said class action will be 80-100 mil and that say also made about 140mil in quarter. definitely will go up monday. the 290mil offer would be under what stock is now but they claim now bids are around 600 mil which should easily be $4.25 plus.
SAY!!!It's about time for a GO BABY GO!! MONDAY's coming did ya listen!!! I posted at 2.45 to buy she's gonna go big Monday!!!
I don't know - It will all depend on what they see this weekend. I expect it to be much higher than it is today!
so what do you think. $7 to $8 a pop
SAY - 3 Facts to BUY!
1) Company has Fortune 500 companies still with them - MANY!
2) JpMorgan and Wells Fargo have added shares in March!
3) 4 Great bidders trying to get the company!
Monday the winning bid will be announced - the company is going to be a winner come Monday - buy it cheap here!
Satyam founder faces life imprisonmentt
From Times Online
April 8, 2009
Rhys Blakely in Mumbai
http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article6058055.ece
B. Ramalinga Raju, the disgraced outsourcing mogul behind India's biggest corporate fraud, faces life imprisonment after being charged with forgery by the country's version of the FBI.
The founder and former chairman of Satyam has formally been accused of masterminding a deception worth at least £1 billion. The charges against him include the "forgery of a document which purports to be a valuable security", a misdemeanour that could attract a life sentence under the Indian Penal Code.
The development came amid speculation that Wilbur Ross, the American billionaire, is among those circling Satyam (the name means "truth" in Sanskrit). A majority stake in the company is to be auctioned off in a fire-sale that could be over in as little as a week, despite the doubts that remain over the scale and nature of a fraud that was conducted over at least seven years.
Mr Raju is one of nine people connected to Satyam to be charged for their alleged roles in a scandal that was dubbed "India's Enron" and has badly shaken confidence in corporate governance in the country.
The Central Bureau of Investigation (CBI) also accused Mr Raju, two of his brothers, two Price Waterhouse auditors and four others with criminal conspiracy, cheating, and falsification of accounts.
In January, Mr Raju shocked India when he confessed to fabricating "fictitious" cash and other non-existent assets worth about £1 billion. In a sensational confessional letter the disgraced IT mogul, who is under arrest in the southern city of Hyderabad, said he alone was guilty of wrongdoing.
However, investigators have long been sceptical of that version of events. In particular, they are probing the possibility that much of the missing money was siphoned off and used to fund property deals rather than being created by inflating profit margins as Mr Rahu claimed.
The CBI arrested three men who worked in Satyam's finance department on Sunday evening: G. Ramakrishna, vice-president, D. Venkatpati Raju, general manager, and Srisailam Chetkuru, assistant manager. They were produced in court in Hyderabad this week and were placed into judicial custody for 15 days.
Mr Raju's brother and former managing director of the company B. Rama Raju, another brother B. Suryanarayana Raju, Satyam's former chief financial officer Vadlamani Srinivas, and two Pricewaterhouse executives - S. Gopalakrishnan and Srinivas Taluri - who audited Satyam's accounts during the fraud have also been charged with wrongdoing.
Price Waterhouse (PW), Satyam's former auditor, which has faced fierce criticism from institutional investors for not spotting the fraud, said it was "surprised and disappointed" that two of its employees face charges.
"Both partners continue to vigorously deny any wrongdoing ? The fraud perpetrated by Mr Raju ... was designed to and did circumvent PW India's audit process; the two Satyam audit partners - and PW India - were victims of that fraud," it said in a statement.
Those known to be interested in buying Satyam include Larsen & Toubro, India's largest engineering company, and software services firm Tech Mahindra, which is partly owned by BT.
Cognizant, the US-listed outsourcer is also thought to be interested. Any buyer faces the risk of Satyam, which was listed in New York as well as Mumbai, facing a costly class action lawsuit in the US.
http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article6058055.ece
SAY - Loading up at this level! The pull back was from initial news and IBM pulling out - but look at the companies they still have world wide - Wilbur Ross in the hunt - He already has 2 companies that he brought from the dirt in India - This is number 3 look and read - Do your D&D folks less than 10 days to April 16th!! Tick Tock!
SAY - NEW BUYER to be in place by April 16th is what is wanted - Read the post and buy this dip - Mark this post - Its going to be great!
SAY - Important Read here with bid coming -
http://www.thehindubusinessline.com/2009/04/03/stories/2009040351730100.htm
This stock is not done! Mark this post!
it is getting bought out. that is why
up from here, announcement monday
Could get interesting next week.
http://finance.yahoo.com/news/IBM-Said-To-Have-Interest-In-ibd-14573363.html
Chowdhry figures Satyam shareholders would accept an offer that values the company at $5 per share, or roughly $1.6 billion. Among companies said to be likely bidders, probably only IBM and Larsen & Toubro could afford that price, says Chowdhry. "I definitely feel the company will be sold," he said.
Satyam seeking new investors, auditor after fraud
Saturday February 21, 4:57 pm ET
Indian outsourcing firm Satyam seeks new investors, auditor as it recovers in $1 billion fraud
HYDERABAD, India (AP) -- India's troubled Satyam Computer Services Ltd. said Saturday it will seek new investors and replace its auditors in the wake of a $1 billion fraud scandal.
Following a board meeting Saturday, the software services provider said in a statement that it has set up a process to line up potential strategic investors and next week will seek regulatory approval for that process.
ADVERTISEMENT
The Hyderabad, India-based company, one of India's largest outsourcing companies, also said it has notified the Indian Ministry of Corporate Affairs that it plans to remove PriceWaterhouseCoopers as its auditors. The statement said Price Waterhouse had been notified and resigned from that role. Satyam said the board will soon point a new auditing firm.
Two auditors from Price Waterhouse, the Indian unit of PriceWaterhouseCoopers, along with Satyam's founder, his brother and a third top official at Satyam, were arrested earlier this month in connection with the alleged fraud.
The chairman and founder, B. Ramalinga Raju, resigned on Jan. 7 after admitting Satyam's profits had been doctored for several years and its balance sheet contained a $1 billion hole. His brother, a company managing director, also quit.
The case, which is being investigated by India's market regulator and the U.S. Securities and Exchange Commission, shook faith in India's corporate giants. Satyam shares plunged nearly 80 percent initially on the news, which dragged down the benchmark Sensex stock index 7 percent the same day.
Earlier this month, A.S. Murty, a senior vice president who has worked at the company since 1994, was made the new chief executive, and the company secured $130 million in bank loans.
On Saturday, board member T.N. Manoharan said in a statement that the new money is being used to cover operating requirements, including payments to vendors.
"Furthermore, we are now receiving unsolicited offers from banks for additional funding," Manoharan added.
The board authorized Murty to take steps to retain key employees and endorsed efforts under way to cut expenses and boost profits.
The new board chairman, Kiran Karnik, said the board is satisfied with progress in the recovery so far. The company noted it has obtained new purchase orders and contract extensions worth more than $250 million since the fraud came to light.
26% dilution on finding an 'investor/buyer'.
Seem the pps already has all the good news factored in, so I no longer see much of a bump on news.
SAY down in India.
Maybe on news that preferred shares will be used and that more clients have fled....
SAY just opened in India and is up over 5%.
It's the highest it has been the last 5 days.
Looking good.
I'm one of those that jumped over to siri but SAY will be back in my portfolio after Tuesday.
Up almost 4 percent in India. Here flippers selling to gamble with SIRI.
47.15 r.s in india at close and $1.9422 by US currency..Shorts and ignorant retailers manipulating the PPS..
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