Satyam (SAY) Surges Higher
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Shares of India-based outsourcing company Satyam Computer Services Ltd. (NYSE: SAY) are higher today which could be related news that Infrastructure Leasing & Financial Services Ltd. will take over control of Maytas Infra Ltd., partly owned by the family and founder of Satyam. The stock is 15% higher at noon.
Infrastructure Leasing will control 37.1% of Maytas and invest 550 million rupees ($11 million) within three months, according to reports from Bloomberg.
In January, Satyam Chairman B. Ramalinga Raju announced a massive accounting fraud, admitting that he falsified earnings and assets for years.
Infrastructure Leasing will control 37.1% of Maytas and invest 550 million rupees ($11 million) within three months, according to reports from Bloomberg.
In January, Satyam Chairman B. Ramalinga Raju announced a massive accounting fraud, admitting that he falsified earnings and assets for years.
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