Satyam Computer Services earlier last week was into a big problem with its stock moving down from 225 to 168 because of its acquition of 100% stake in the Maytas Properties ( USD 1.3 billion) and 51% stake in Maytas Infra which was not acceptable by all the stock investors and finally the deal was not completed and cancelled, but this broke out their stocks and no one was really believing the management.
Now world bank has claimed that Satyam has not provided proper documentation of expenses and has also bribed their employees because of which world bank which had a 100 million USD contract every year would be cancelled for atleast 7 years in a row. This news gave another shock in the stock markets dragging the price of the stocks to 114.55 which is its 52 weeks lowest rate.
Date : 24/11/2008 Quote of Satyam
Open Price 121.55
High Price 136.50
Low Price 114.65
Prev. Close 141.30
1 Year Historic Prices Current % Gain/Loss
Open Price 433.00 129.15
High Price 460.00 140.00
Low Price 433.00 114.55
Last Price 458.00 134.65 -70.60
Its recommended to buy this stock if the price goes down below 100 Rs to make a quick profit within 2-3 months time because its going to bounce back to 150+ very soon, book profits in short term!