Larsen & Toubro has increased its stake in Satyam from 12% to 15%. On this news the shares of Satyam touched a recent high of Rs. 46.70. Earlier in the day L&T’s Chairman A.M Naik was quoted saying in an analysts call that: “we don’t rule out moving from 12 to 15 per cent. “We have got a good report on Satyam’s services,” We have been constantly encouraged by the government that this is the company that they would like to save” Naik said. The scam-scarred software giant has been struggling for survival since January 7th, when its’ then Chairman Ramalinga Raju admitted to fraud and financial irregularities by overstating profits and misleading stakeholders about non-existent cash reserves to the extent of USD 2 billion. L&T is India’s biggest engineering and construction firm with a market valuation of USD 7 billion. Interestingly Reliance has a significant stake in L&TLarsen & Toubro has increased its stake in Satyam from 12% to 15%. On this news the shares of Satyam touched a recent high of Rs. 46.70. Earlier in the day L&T’s Chairman A.M Naik was quoted saying in an analysts call that: “we don’t rule out moving from 12 to 15 per cent. “We have got a good report on Satyam’s services,” We have been constantly encouraged by the government that this is the company that they would like to save” Naik said. The scam-scarred software giant has been struggling for survival since January 7th, when its’ then Chairman Ramalinga Raju admitted to fraud and financial irregularities by overstating profits and misleading stakeholders about non-existent cash reserves to the extent of USD 2 billion. L&T is India’s biggest engineering and construction firm with a market valuation of USD 7 billion. Interestingly Reliance has a significant stake in L&T
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