Mahindra Satyam has surged over 5% at Rs 103 after the Andhra Pradesh High Court (HC) stayed the order issued by the authorities of Enforcement Directorate (ED) that attached Rs 822 crore cash reserves of the company lying with various banks in Hyderabad.
“The Hon’ble High Court of Andhra Pradesh has stayed the provisional attachment order dated October 18, 2012 passed by the Joint Director, Directorate of Enforcement, Hyderabad attaching the fixed deposit accounts for an amount of Rs 822 crore and admitted the writ petition filed by the company,” Mahindra Satyam said in a filing.
The stock opened at Rs 98.50 and hit a high of Rs 104 on the Bombay Stock Exchange. A combined 6.47 million shares have already changed hands on the counter so far against an average sub 4 million shares that were traded daily in past two weeks.
