mahindra satyam

The Central Bureau of Investigation on Saturday arrested Mahindra Satyam's internal audit head VS Prabhakar Gupta for his alleged involvement in the multi-crore accounting fraud in Satyam Computer. Gupta, who is senior Vice-President-cum-Global Head of Internal Audit cell in Mahinda Satyam, held the same position in Satyam Computer Services Limited (SCSL). He was arrested on charges of fabricating account books and co-conspiring with the other accused.  

US markets slipped at the end of the week as worries about the economic recovery loomed once again. The Dow dropped 14 points to 10,318. The Nasdaq was down 11 points at 2,146.  

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M ahindra Satyam [ Get Quote ] is reportedly on the verge of finalising a deal to payback an undisclosed sum to the Victorian government following the collapse of a $75 million IT project in Geelong. According to The Australian newspaper, Satyam pledged to repay the funds given to the company by the Victorian government to lure it to Geelong after the scheme, which would have created 2000 jobs and contributed $175m to the state's economy, was canned in September as the IT firm struggled with the global f

Mahindra Satyam has committed to returning the grant and we expect that to occur shortly   -Venki Prathivadi

 

The Indian market may open on a flat to negative note on Thursday, tracking weak global cues after disappointing U.S economic data raised doubts about the strength of economic recovery in the world's largest economy. Trading is likely to remain range bound amid alternate bouts of buying and profit taking. For the past few sessions, the market is trying hard to sustain above the key resistance levels.  

The Central Bureau of Investigation (CBI) is gearing up for a speedy trial in the multi-crore scam in Satyam Computer Services, now known as Mahindra Satyam. According to a source, the CBI is making some brisk moves to effect some more arrests in the case. "There are at least three more people on the radar," the source said, adding these could be company seniors.  

IBM Corp. says it has won a $200 million contract to handle some technology chores for a company called Datacom Solutions as it rolls out telecommunications services in India. November 16th, 2009 Computer Sciences wins $75 million contractFALLS CHURCH, Va. — Computer Sciences Corp., an information technology services company, said Monday it has won a $75 million subcontract from Lockheed Martin Corp. September 17th, 2009 Globecomm Systems gets $3.7 million gov't contractHAUPPAUGE, N.Y. — Satellite-bas  

Indian information technology companies are eyeing the $10-billion medium multi-role combat aircraft deal, up for grabs from the Indian Air Force. Of this, about $1-1.5 billion (Rs 4,600-6,900 crore) is the size of the total IT integrated services pie, that would include engineering services and IT services, said industry sources. One of the largest deals, the $10 billion budget by the Indian Air Force for 126 multi-role combat aircraft is being eyed by global players.  

NASSCOM, the trade association for India's $60-billion IT industry, plans to seek government help to ensure technology transfer from global defence majors for execution of offset contracts by Indian companies. IT companies are one of the beneficiaries of the multi-billion-dollar defence and aerospace contracts that are to be finalised over the next 12 months. Under the offset clause, overseas suppliers that win these contracts are under obligation to do business worth 30% the contract value locally.  

Gujral told CNBC-TV18, "Mahindra Satyam now is likely to remain ranged because overall it's not outperforming as some of the other midcap IT stocks. So about Rs 90 is a decent support here and resistance is now around Rs 125. Once all negative news flow is discounted, around Rs 90 is good levels to get back into the stock although you would much rather trade something like an Mphasis or Polaris which are much stronger."