Mahindra Satyam gives first dividend after scam
PrintListen to this Article
Signalling that it had finally hit turnaround street, the scam-hitMahindraSatyam on Thursday declared a dividend of 30% for the first time after it was rocked by the worst corporate scandal in India's history.
The dividend declared for fiscal 2012-13 despite an 11% drop in net profit at Rs 1,164 crore as against Rs 1,306 crore in FY12, ends a dry spell of four years as the company had last rewarded its shareholders in 2008-09. However, the company's FY13 revenues rose 20% to Rs 7,693 crore as against Rs 6,396 crore.
"The turnaround of Mahindra Satyam is symbolically and practically complete, hence we are announcing a dividend for the last financial year and the long wait for our shareholders is over. They are being rewarded for their patience and faith in the company," Mahindra Satyam chairman Vineet Nayyar said here on Thursday while announcing the company's annual results.
Angel Broking analyst Ankita Somani said, "The new management was trying to turnaround the company for the last few years and now the company seems to be in a good shape. They have ample cash on their books and hence have decided to share it with the shareholders." (Times of India)
Category : Shares & Stock | Comments : 0 | Hits : 507
NSE will introduce four indices from April 8 in both the cash and derivatives segments. These include Nifty Tata Group 25 per cent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare. Nifty Tata Group 25 per cent Cap Index consists of 10 companies and is based on free float market capitalisation method. The indices have a base date of April 01, 2005 and a base value of 1000. The Nifty500 Multicap India Manufactu...
Investment firm BlackRock Inc's equity holding has surpassed the five per cent level in renewable energy solution provider Suzlon Energy with the acquisition of about 24.73 lakh shares. "The aggregate holdings of BlackRock, Inc. (on behalf of discretionary management clients) in Suzlon Energy Limited has moved above 5 per cent," a regulatory filing has said. The filing showed that BlackRock has acquired 24,73,442 shares (0.02 per cent of total share capital) in Su...
The National Stock Exchange (NSE) is looking to increase trading hours in the equity derivatives segment in a phased manner, a move that will potentially curtail the overnight risk arising from global information flow, a senior official said on Monday. The bourse is planning a session from 6 pm to 9 pm after a break from the closure of the regular session from 9.15 am to 3.30 pm, Sriram Krishnan, Chief Business Development Officer of NSE, told PTI. Further, transactions in the evening sess...
The Central Bureau of Investigation (CBI) on February 25 arrested Anand Subramanian, a former top official of the National Stock Exchange (NSE), in connection with alleged favour dolled out to certain traders. The development comes as authorities pressed ahead with an investigation into whether high-frequency traders were given unfair access to network servers at the exchange. News reports suggest that Subramanian, the former group operating officer and advisor to former managing direc...
Top stock exchanges on Monday said they will introduce the T+1 settlement cycle for trading equity shares and other instruments in a phased manner, starting 25 February. A joint statement issued by the National Stock Exchange of India Ltd and BSE Ltd confirmed a 3 November Mint report that said the Securities and Exchange Board of India (Sebi) has agreed to recalibrate its trade settlement circular and may implement T+1 in a phased manner. The change will make India one of the first co...
Comments