Financial Daily from THE HINDU group of publications
Friday, Jul 26, 2002
Info-Tech - Stocks
Record volumes in Satyam stock
MUMBAI, July 25
SOFTWARE major Satyam Computer today witnessed record volumes on the NSE on account of first quarter results and the end of July contracts in the derivatives market.
On the NSE, Satyam Computer counter recorded volumes of 3.39 crore shares. This is the highest volume in Satyam Computer since the beginning of rolling settlement last year. The previous high volumes on the NSE were 3.27 crore shares on January 18, 2002.
On the BSE, volumes were 1.489 crore shares. However, volumes were lower than the previous high of 1.80 crore shares on January 8.
Along with the rise in volumes, the share price increased by 2.4 per cent at Rs 225.75 on BSE and on NSE the stock gained 2.45 per cent at Rs 226.
Dealers at top broking firm said that volumes were higher mainly due to the results of the company today. In addition, the stock futures and options contracts for July expired today and most of the traders were taking price advantage between the two markets.
Some institutional buying in the counter also brought interest in the counter.
There was sharp volatility in the stock price of Satyam Computer today. On the BSE, the stock opened at Rs 220.45, touched day's high of Rs 227.50 and low of Rs 213.35. Similar price movement was witnessed on the NSE as well.
Brokers said that the stock price of the company started falling after the results were announced. However, the guidance brought back buying interest in the stock.
Net profit of New York Stock Exchange (NYSE)-listed company dropped by 10.7 per cent to Rs 108.45 crore in the first quarter. While revenue of the company were up 12.6 per cent at Rs 463.81 crore. The company maintained the earning's outook for the full year at the same level as last year.
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