India's fraud-hit Satyam posts loss but is on the mend
Mahindra Satyam
"The patient has been revived and is convalescing. But it could be a year or two before the company will be healthy and running again " Mahindra Satyam chairman Vineet Nayyar told a news conference.
 Satyam was taken over in April by mid-sized software outsourcer Tech Mahindra  a unit of the tractors-to-holidays conglomerate Mahindra and Mahindra  which paid nearly 600 million dollars for a majority share.
 Before the scandal broke  Satyam reported net profit for the quarter ending December 2008 of 1.81 billion rupees (38 million dollars).
 Satyam shares rose 3.6 percent during the day on earnings optimism but ended the day flat at 98.9 rupees.
 The company is in the process of restating its accounts for the last half dozen years.
 "We saw a huge exodus of clients after the scam broke " Nayyar said.
Mahindra Satyam chairman Vineet Nayyar told a news conference.
 The net loss was higher for the previous full-year ended March 2009 at 81.76 billion rupees  the Hyderabad-based company said.
 In March 2009  Satyam had 500 clients and it now has 350.
 Analysts have been divided about Satyam's future  with some saying the worst is over while others argue it could take a "few quarters or even years" of uphill struggle to fully emerge from the scandal.
 Satyam's stock plunged more than 90 percent when the scandal broke but recovered when a government-appointed board took charge and later chose Tech Mahindra as the new owners through a bidding process.
 Satyam's shares  however  are still around 45 percent below their pre-crisis levels.
 Investors have been waiting for signs of recovery  particularly after the firm said last week it would delist from the New York stock exchange amid fears it might not meet US reporting deadlines for its restated accounts.
"The patient has been revived and is convalescing. But it could be a year or two before the company will be healthy and running again [TGT] told a news conference.
 [TGT] was taken over in April by mid-sized software outsourcer Tech Mahindra  a unit of the tractors-to-holidays conglomerate Mahindra and Mahindra  which paid nearly 600 million dollars for a majority share.
 Before the scandal broke  [TGT] reported net profit for the quarter ending December 2008 of 1.81 billion rupees (38 million dollars).
 [TGT] shares rose 3.6 percent during the day on earnings optimism but ended the day flat at 98.9 rupees.
 [TGT] is in the process of restating [TGT] accounts for the last half dozen years.
 "We saw a huge exodus of clients after the scam broke " [TGT] said.
[TGT] chairman Vineet Nayyar told a news conference.
 The net loss was higher for the previous full-year ended March 2009 at 81.76 billion rupees  [TGT] said.
 In March 2009  [TGT] had 500 clients and [TGT] now has 350.
 Analysts have been divided about [TGT]'s future  with some saying the worst is over while others argue [TGT] could take a "few quarters or even years" of uphill struggle to fully emerge from the scandal.
 [TGT]'s stock plunged more than 90 percent when the scandal broke but recovered when a government-appointed board took charge and later chose Tech Mahindra as the new owners through a bidding process.
 [TGT]'s shares  however  are still around 45 percent below their pre-crisis levels.
 Investors have been waiting for signs of recovery  particularly after [TGT] said last week [TGT] would delist from the New York stock exchange amid fears [TGT] might not meet US reporting deadlines for [TGT] restated accounts.