Satyam Computer Services News

Tech Mahindra Ltd. Wednesday reported a more than threefold jump in quarterly profit, aided by a surge in the share of income from associate Satyam Computer Services Ltd.

Satyam Computer Services Ltd. Thursday reported a net profit for the fourth straight quarter, and said it has recovered from an accounting fraud that had pushed the Indian outsourcing-services provider to a near collapse three years ago.

When Vineet Nayyar, vice-chairman, CEO and managing director, Tech Mahindra and now Chairman, Mahindra Satyam, flashed the victory sign after having emerged as the highest bidder in the race to acquire Satyam Computer Services, many within the industry were not so sure that there was any reason to feel triumphant.

New Delhi has been lobbying against the US visa law passed in August 2010 that has doubled the visa fees for companies with at least 50 employees in the US and if more than half of them are on work visas.

Interest in the take over of Satyam has been increasing as the company is seen as stabilising under the aegis of the board of directors appointed by the government.