Mahindra Satyam shares up as funds discount one-time expense

Shares in Mahindra Satyam rose more than 5 percent on fund buying, two dealers said, continuing its recovery from Monday's intra-day low of 6.3 percent after the firm reported net loss for its fiscal fourth quarter, hurt by a one-time expense due to settlement of a U.S. lawsuit. It closed down 4 percent on Monday.

"If you exclude the one-time expense, the growth at the operational level is decent. This can be improved further as the company is still concentrating on stabilising revenue," said Rohit Anand, analyst with PINC Research . "The EBITDA outperformance, significant other income gains and a tax-reversal pushed pre-exceptional profit to 2.44 billion rupees, much higher than our 732 million rupees estimate," BNP Paribas said in a note.

At 1:59 p.m. shares in the company were trading at 76.75 rupees, up 4.21 percent.

Source : http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/mahindra-satyam-shares-up-as-funds-discount-one-time-expense/articleshow/8554312.cms

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