Mahindra Satyam jumped 3.28% to Rs 102.20 at 13:29 IST after the company won an IT outsourcing contract from Swedish defence and aerospace firm, Saab, to develop solutions in India for the global defence and homeland security market.
The announcement was made after market hours on Tuesday, 3 November 2009.
Meanwhile, the BSE Sensex was up 399.78 points, or 2.60%, to 15804.72.
On BSE, 23.62 lakh shares were traded in the counter as against an average daily volume of 84.21 lakh shares in the past one quarter.
The stock hit a high of Rs 104.90 and a low of Rs 100 so far during the day. The stock had hit a 52-week high of Rs 319 on 3 November 2008 and a 52-week low of Rs 11.50 on 9 January 2009.
The stock had underperformed the market over the past one month till 3 November 2009, falling 15.93% as compared to the Sensex 10.09% fall. It underperformed the market in past one quarter, falling 4.26% as against 3.26% decline in the Sensex.
The large-cap software company has an equity capital of Rs 235.13 crore. Face value per share is Rs 2.
The current price of Rs 102.20 discounts the company's Q2 September 2009 annualised EPS of Rs 35.48, by a PE multiple of 2.88.
Mahindra Satyam and Saab have already initiated moves to set up a Centre of Excellence for Network Centric Warfare. One of the activities under this initiative is that Mahindra Satyam and Saab will jointly address the battlefield management system (BMS) for the Indian Army.
Mahindra Satyam, which counts Citigroup, GE, GlaxoSmithKline, Cisco Systems Inc and Nissan among its top five clients, has over 430 clients now. Over the last four months, the company, erstwhile Satyam Computers, gained over 32 new customers including some large clients.
Satyam was acquired by Pune based IT services firm Tech Mahindra in April 2009, after the firm's defamed founder B Ramalinga Raju confessed to perpetrating India's biggest corporate fraud. Customer confidence took a knock after Raju's confession.
The company is attempting to regain contracts and enter into new strategic alliances to turn-around.
Mahindra Satyam's net profit rose 3.7% to Rs 597.43 crore on a 6.9% increase in sales to Rs 2700.52 crore in Q2 September 2009 over Q1 June 2009.
Mahindra Satyam is a global consulting and IT services company, offering a wide array of solutions; from strategy consulting right through to implementing IT solutions for customers.
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