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Kaustubh Katdare
Kaustubh Katdare • Sep 30, 2010

Indian IT Major Satyam Reports Loss

The company that got lot of negative press coverage because of the multi-million dollar scam devised by top bosses, has announced its financial reports. According to the report, the company's sales touched Rs. 5481 crores. The company suffered a loss of Rs 124.6 cr. FY-10 standalone loss stood at Rs 71.2 cr. The board however calls this a 'a new beginning' for the company.

Mahindra Satyam

The company however is optimistic about its growth and positive cashflow. The company has declared that they will hire about 3000 employees in the current financial year. In the mean time, Larsen & Tubro has reduced its stake in Mahindra Satyam from 12% to mere 4.58%. The company will delist from New York Stock Exchange because of inability to comply with the NYSE norms regarding disclosure of financial reports by the set deadlines.

The times surely look bad for the company. However, we are positive that Mahindra Satyam will emerge out as winner despite all the odds.

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