Software services exporter Mahindra Satyam, recovering from India's biggest corporate fraud, reported an upturn in quarterly net profit Monday, sending its shares soaring. The company, previously known as Satyam Computer Services, said third-quarter net profit to December more than doubled to 589 million rupees ($13 million) from 233 million rupees in the second quarter to September.
The company's shares leapt 11.23 percent, or 6.50 rupees, to 64.40 rupees in morning trade on news of the profit, which was boosted by new outsourcing contracts from Western customers. Revenues at the company, based in the southern city of Hyderabad, rose three percent to 12.79 billion rupees in the third quarter from 12.42 billion rupees in the second quarter. The results are "encouraging" and "true reflections of our inherent capabilities," company chairman Vineet Nayyar said in a statement.
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