Satyam Computer Services today surged as much as eight per cent in early trade on the Bombay Stock Exchange despite reports surfacing that the company has received notice from two large customers for a possible termination of contract.
Satyam's scrip opened on a firm note and surged nearly 7.74 per cent to witness an intra-day high of Rs 29.90.
Similar movement was witnessed on the National Stock Exchange, where it opened at Rs 28.50, touched an intra-day high of Rs 29.90, up 7.74 per cent from its last close.
On the volume terms, over 51.59 lakh shares exchanged hands on the BSE and nearly 1.12 crore shares got traded on the NSE.
"Satyam has become a 'punter stock'. Huge volume are being traded on both the benchmark bourses, indicating that there exists significant day trading in the counter," an analyst from a leading domestic brokerage said.
Meanwhile, the beleaguered Satyam Computer has got notice from two large customers for a possible termination of contract.
"Two large customers have given us notice on leaving but others are there and many of them have indicated that they would like to renew and expand contract," Satyam's government- appointed director Kiran Karnik said in an interview to a television channel.
The former Nasscom chief also said there is virtually no money in the company, but it also does not need government money.
Besides, the Company Law Board has also directed founder Ramalinga Raju and four others not to sell shares and other properties without its permission.
