Dow Jones Newswires First to Report on Tech Mahindra's Top Bid on Rival Satyam Computer Services
April 27 2009 - 11:02AM
PR Newswire (US)
- Dow Jones' Release of the Market Moving News Sent Shares of Both
Satyam and Tech Mahindra Sharply Higher - NEW YORK, April 27
/PRNewswire/ -- On April 13, 2009, Dow Jones Newswires was first
with news that Tech Mahindra was the top bidder to buy a stake in
rival Satyam Computer Services. The much anticipated sale, which is
expected to help revive the troubled Indian outsourcing company,
could put an end to the turmoil that started in January after
Satyam's founder revealed that he had overstated its profits over
several years and created a fictitious cash balance of more than $1
billion. Dow Jones broke the news soon after the bids were opened,
along with details on the price offered and other bids submitted.
Rival news organizations Thomson Reuters and Bloomberg failed to
immediately match the story - Bloomberg cited a TV report several
minutes later, while Reuters did not report the news until Satyam's
announcement 44 minutes later. Soon after the Dow Jones report hit
the wire, shares of Tech Mahindra shot up over 19%, while Satyam
shares hit a high of INR54.90, before closing 3.6% higher at
INR48.85. Tech Mahindra ended up 12.31% at INR359.45. More than
435,000 financial professionals in 66 countries turn to Dow Jones
for breaking news, commentary and analysis, including market moving
corporate, economic, market, financial and political news.
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