Tech Mahindra

  • Date of verdict in Satyam case to be announced on July 28 June 26, 2014

    Hyderabad: A special court will announce on July 28 the date of verdict in the case relating to multi-crore accounting fraud in erstwhile Satyam Computer Services Limited. The special court, which was to pronounce the date on Thursday, deferred it by over a month. Special Judge B.V.L.N. Chakravarthi of 21st additional chief...
  • Tech Mahindra shares surge to 6 year high on earnings November 8, 2013

    Mumbai: Tech Mahindra shares rose more than 5 per cent on Friday to its highest since May 2007 after the company's July-September earnings beat some analysts' estimates. Tech Mahindra on Thursday posted July-September consolidated net profit of Rs 718 crore slightly higher than consensus forecasts of Rs 71 crore. Tech Mahindra shares...
  • Tech Mahindra Q1 net profit up 27 pc at Rs 686.3 crore August 12, 2013

    Software major Tech Mahindra on Monday reported 27 per cent jump in consolidated net profit at Rs 686.3 crore for the quarter ended June 30, 2013, on the back of growth across verticals like manufacturing and media ~~amp; entertainment. The company's net profit stood at Rs 540.5 crore in the same...
  • Mahindra Satyam merges with Tech Mahindra June 25, 2013

    New Delhi: Software firm Mahindra Satyam was on Tuesday formally merged with its parent Tech Mahindra to create the country's fifth largest software services firm. "Over the past 4 years we worked through the statutory and legal issues, our teams worked closely on the ground to integrate processes, eliminate overlaps, leverage...
  • MSat-Tech Mahindra merger gets AP High Court approval June 11, 2013

    Hyderabad: The Andhra Pradesh High Court on Tueday approved the merger of Mahindra Satyam (MSat) with Tech Mahindra while dismissing the petitions of some shareholders seeking to stall the proposal in its current form so as to safeguard their financial interest. The Court said, however, that the investigations into the alleged...
  • Tech Mahindra shares jump after earnings results May 22, 2013

    Mumbai: Shares in Tech Mahindra Ltd rose as much as 6.8 per cent on Wednesday after its January-March quarter net profit rose 24 per cent, beating estimates. Tech Mahindra said its March-quarter consolidated net profit rose 24.4 per cent. The results came out after the close of markets on Tuesday ...
  • Tech Mahindra shares fall as merger with Satyam delayed March 26, 2013

    Mumbai: Shares in Tech Mahindra Ltd fall 1.9 per cent, while Satyam Computer Services Ltd drops 1.6 per cent, a day after the companies said a long-planned merger between the two had been delayed by an additional six months up to September 30. The companies did not give a reason...
  • FightBack app: India's first mobile application for women's safety February 1, 2013

    Developed by IT major Tech Mahindra, 'FightTBacK' was initially developed for inhouse use. The company made it publicly available from its website for free after the Delhi gangrape. ...
  • Tech Mahindra, Satyam to hire up to 10,000 staff April 11, 2012

    Bangalore: Tech Mahindra Ltd and Satyam Computer Services Ltd, which are in the process of a merger, aim to hire up to 10,000 staff for the combined entity in 2012/13 to meet an expected rise in demand for technology services. The companies also plan to complement their parent Mahindra & Mahindra...
  • Merged Tech Mahindra, Satyam may hire 10,000 April 10, 2012

    Bangalore: The combined entity resulting from the merger of Tech Mahindra Ltd and Satyam Computer Services Ltd may hire as many as 10,000 new employees in the current fiscal year, said Vineet Nayyar, CEO of Tech Mahindra. "We are trying to secure more efficiencies internally, we'll see how it works out,...
  • Tech Mahindra, Mahindra Satyam merge March 21, 2012

    New Delhi: The swap ratio for the merger of Mahindra Satyam with Tech Mahindra has been fixed at 8.5 shares of Satyam for every one share of Tech Mahindra, by the boards of the two companies. The ratio is on expected lines, though some players felt Tech Mahindra shareholders should have...
  • UK concerned over visas to Indian IT experts May 17, 2011

    London: The Public Accounts Committee of the House of Commons on Tuesday expressed concern over immigration officials' alleged "lack of control" over Indian and other non-European Union workers entering Britain through the Inter-Company Transfer (ICT) route. Many Indian IT companies use this route to transfer staff to offices in Britain. Since...
  • BT planning to sell its stake in Tech Mahindra February 16, 2011

    Mumbai: British Telecom is in talks with hardware telecom companies to sell its 24.4 per cent stake in Tech Mahindra, reports CNBC-TV18’s Kritika Saxena quoting sources. It is learnt that Alcatel-Lucent, Ericsson and Siemens are in the fray. Sources add that the stake sale may be in two tranches, selling 10...
  • Govt hopeful US won't penalise Satyam for previous frauds July 13, 2010

    Kolkata: Corporate Affairs Minister Salman Khurshid said in Kolkata on Tuesday the government is hopeful that the capital market regulator in the United States would not impose any penalty on Satyam Computer Services Ltd. The market regulator in India, Securities Exchange Board of India (SEBI) had earlier requested the Securities Exchange...
  • New charges filed against Satyam's Raju, others January 7, 2010

    Bangalore: The Central Bureau of Investigation filed new charges against the founder of Satyam Computer Services Ltd and five others on Thursday over an accounting fraud that hit the software services company early last year. The Central Bureau of Investigation said it had filed a third charge sheet against...
  • Satyam pulls out of $75-mn Australian project September 11, 2009

    Canbera: Mahindra Satyam has pulled out of a $75 million software development project that the disgraced Satyam founder had promised to set up in Australia's Geelong city, media reports said on Friday. Satyam's President of Corporate affairs, Sujit Baksi formally conveyed the decision to the government of Victoria state through a...
  • Forbes India: Building dreams from Satyam's rubble July 17, 2009

    Creation is only the first phase. You then have to move on to the next phase of sustaining that creation to the realm of Vishnu the preserver… Perhaps that is why Vishnu comes not in one, but in ten incarnations. - Anand Mahindra, February 13, 2008, Nasscom Leadership Summit Anand Mahindra has...
  • Mahindra had been eyeing Satyam for a long time July 15, 2009

    Mumbai: Business decisions are never made at the spur of the moment and the belief that Anand Mahindra decided to go after Satyam Computer Services Ltd after the scam broke out is wrong. Anand Mahindra had long been eyeing the IT major. He disclosed this in an exclusive chat with Vir...
  • CP Gurnani is new CEO of Mahindra Satyam June 23, 2009

    Mumbai: Asserting its control over Mahindra Satyam, Tech Mahindra on Tuesday appointed its executive C P Gurnani CEO of the company it acquired through open auction. The company also appointed S Durgashankar CFO of the Mahindra Satyam whose account books were cooked by the previous management in what is now...
  • Satyam Computers is now Mahindra Satyam June 21, 2009

    Hyderabad: Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra on Sunday renamed the IT major as Mahindra Satyam. The logo will be adopted from the Mahindra Group. "This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the...
  • Satyam's February net profit at Rs 52 crore June 9, 2009

    Mumbai: Tainted IT firm Satyam Computer Services on Tuesday reported a stand-alone net profit of Rs 52 crore for the month ended in February 2009. The company had a net profit of Rs 4 crore in January 2009, Satyam said in a regulatory filing to the stock exchanges. The total income...
  • Satyam to cut cost, may lay-off 5,000 employees June 3, 2009

    Mumbai: Satyam is bulging with at least 10,000 employees who are not needed and half of them could lose their jobs. With Tech Mahindra as the new owner, it's wait and watch for Satyam employees as plans to rationalise cost is chalked out. "It is more than 10,000 people. Some form of...
  • Raju's sons move court to de-freeze account May 26, 2009

    Hyderabad: The family of B Ramalinga Raju, the main accused in the multi-crore fraud at Satyam Computer, has approached a local court seeking a direction to de-freeze bank accounts and get back seized electronic items. In two separate petitions filed in the XIV Additional Chief Metropolitan Magistrate court by kins of...
  • 10,000 excess staff in Satyam, says new owner May 22, 2009

    New Delhi: Satyam Computer Services' has more than 10,000 excess staff, new owner Tech Mahindra said on Friday, and the fraud-hit outsourcer's chairman said revenues remained on a downward slope. Vineet Nayyar, the chief executive of Tech Mahindra which last month won an auction for a controlling stake in Satyam, said...
  • Tech Mahindra completes 31 pc acquisition in Satyam May 6, 2009

    Mumbai: IT firm Satyam Computer on Tuesday said its new owner Tech Mahindra has completed the process for acquiring 31 per cent stake in the company. In a filing to the BSE, Satyam said Tech Mahindra, via its subsidiary Venturbay Consultants, has been alloted 30,27,64,327 shares or 31 per cent stake...
  • Raju used 7,000 false invoices to fudge books: CBI April 27, 2009

    New Delhi: The financial fraud perpetrated by the founders of Satyam Computer Services was executed through a well-planned accounting system that used as many as 7,561 fraudulent invoices worth Rs 5,117 crore to inflate the company's sales, the Central Bureau of Investigation (CBI) alleged on Monday. To perpetrate the fraud, the...
  • Tech Mahindra may raise Satyam share's offer price April 24, 2009

    New Delhi: Hinting at a possible increase in its open offer price for Satyam, the new owner Tech Mahindra has advised shareholders of crisis-hit IT firm to wait till June 22 for the final price before tendering their shares. The open offer for acquiring 20 per cent equity in Satyam at Rs...
  • Tech Mahindra's open offer for Satyam opens June 12 April 22, 2009

    New Delhi: IT firm Tech Mahindra on Wednesday said its Rs 1,154.66-crore open offer for an additional 20 per cent stake in Satyam Computer will begin on June 12 and close on July 1, 2009. In a public announcement made to the shareholders of Satyam Computer,...
  • Satyam strong and safe, says Mahindra April 20, 2009

    Hyderabad: Tech Mahindra, the new owner of Satyam Computer Services, on Monday said it was excited about the prospects of the fraud-hit IT major and that restoring financial health was the priority. After the first meeting with the government-appointed board, Chief of Mahindra Group, Anand Mahindra, said Satyam would remain a...
  • Satyam overstaffed by 3,000-5,000 people: Board April 19, 2009

    Mumbai: Fraud-hit Satyam Computer Services Ltd may have up to 10 percent excess staff, a local newspaper reported on Saturday, quoting the head of the company's government-appointed board. Kiran Karnik told the Economic Times that 3,000 to 5,000 staff were in excess, over and above the normal 'bench' maintained at...