Page last updated at 11:46 GMT, Thursday, 11 June 2009 12:46 UK

Satyam shares rise after profit

Satyam office
Satyam is one of the biggest software firms in India

Shares in Satyam, the fraud-hit Indian IT firm, have risen for a third consecutive day after it released figures showing it remained in profit.

The stock jumped 10%, the maximum daily limit allowed, rising 7.35 rupees (15 cents) to 80.85 rupees ($1.70).

A local company Tech Mahindra bought a controlling stake in the IT company in April this year.

Satyam has struggled since its founder Ramalinga Raju said in January that its profits had been overstated for years.

He and eight others are facing charges of criminal conspiracy, cheating and forgery for allegedly stealing millions of dollars from the company.

Satyam announced robust earnings for the October-December quarter and a profit of more than 500 million rupees ($10.5m).

Federal corporate affairs minister Salman Khursheed said that the government-appointed directors nominated to run the company were now ready to move out.

"Our job is done. I think they can now be phased out. We can take credit for what we have done and will give credit to them for what they have done," he said on Wednesday

Satyam had been one of the biggest players in the booming Indian IT software market, supplying back-office services to firms from around the world, including General Electric and Qantas.

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