Maha Satyam bounces into Group-A category stocks

Mahindra Satyam, which in its pre-scam erstwhile form as Satyam Computer figured as one of the top blue-chip shares of the country, will once again become a Group-A stock on the BSE from the next week.

The country's leading bourse BSE broadly categorises the stocks in three groups -- Group A for top ranked shares, Group Z for penny stocks, Group T for those under serveillance or facing restricted trading and Group B for all others. Currently, Mahindra Satyam is placed in the Group B, but would be moved back to Group A from October 8, the BSE said in a circular today.

Before a major scam -- the country's biggest ever -- broke out at the company over three years ago, Satyam Computer figured among India's top IT firms and was also part of the benchmark index Sensex. It was moved out of Sensex with effect from January 12, 2009 -- within days of its then Chairman B Ramalinga Raju admitted to major discrepancies at the company.

At the same time, the stock was also moved out of all other major indices of the BSE. Later, Satyam Computer was acquired by Mahindra group, renamed Mahindra Satyam and is currently in the process of being merged with group's another IT firm Tech Mahindra.

Satyam's stock has been performing well in the recent past.