Shares in fraud-hit Satyam Computers rebounded more than 50 percent in early trade yesterday on investor confidence in the new government-installed board, dealers said.
The company’s stocks rose 12.7 rupees, or 53.25 percent, to 36.55 rupees on the same day the Mumbai stock exchange removed the company from the benchmark 30-share Sensex index in reaction to a billion-dollar accounting scandal.
Satyam shares were in freefall last week, closing at 23.85 rupees on Friday compared with a value of around 180 rupees before the scandal broke.
“The stock had been battered ... there is hope that the new board would help improve fortunes for the company,” said Advait Date, a dealer with brokerage BHH Securities.
Indian authorities on Sunday appointed three prominent business leaders to run the software giant in an effort to salvage the country’s international business image.
The government appointees replaced Satyam’s own interim board of directors who took charge after founder and chairman B. Ramalinga Raju admitted his company’s accounts and assets had been falsified.
Meanwhile, Satyam will have to restate earnings and may be broken up after the company’s founder was arrested in India’s biggest corporate fraud investigation, executives said.
Three new directors led by Housing Development Finance Corp. chairman Deepak Parekh are meeting in Hyderabad today to take over India’s fourth-largest software exporter after the government replaced its board and detained chairman Ramalinga Raju.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last