Mahindra Satyam today surged nearly 12 per cent on the National Stock Exchange, a day after the company’s board approved settling dispute with Upaid by paying USD 70 million.
Shares of Mahindra Satyam (formerly Satyam Computer) climbed nearly 12 per cent to Rs 113.80 on NSE.
Similar movement was seen on the Bombay Stock Exchange, where Mahindra Satyam climbed 6.57 per cent to Rs 109.40.
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In early trade, a total of 18.71 lakh shares of Mahindra Satyam changed hands on both the bourses.
The company, yesterday, said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying USD 70 million.
The company would make the first payment of USD 45 million to Upaid, which had filed a forgery case against Satyam. Further, the troubled Indian outsourcer would make a payment of USD 25 million within the next 12 months of making the first payment.
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Shares of Mahindra Satyam were trading higher 6.23 per cent at Rs 109.05 on BSE, while on NSE the scrip was quoted at Rs 108.95, up 6.24 per cent, at 1051 hrs.