Directed by Ramalinga Raju
+ “Rather a Bloody Wednesday” Ramalinga Raju has created history, he will henceforth be remembered along with Harshad Mehta and Ketan Parikh. Scam of Rs.7000+ Crs hole in the balance sheet is by no means small. It may have been started as small manipulation to inflate Satyam’s value but with time became so big that the scam today has eaten off dreams of thousands of people like investors, employees. Not to forget the image of India which has been tarnished by the incident.
+ Price Waterhouse Coopers (PWC), Satyam’s auditors should be, after investigations, taken to task. If found guilty, they should be directed to windup their business in India apart from penalizing the firm, with the people responsible sent to jail. It is not possible that 7000 Cr mismatch in the balance sheet can go un-noticed by any reasonable auditor. They definitely must be a party to the scam. The Government has to take most strict action possible in order to send strong message to the world that Hindusthan does not tolerate such heinous act.
+ Market sentiment has been totally spoilt and that’s the reason we saw the free fall. The satya is Satyam has no future, the existing investors who hold the shares would have some respite if Satyam can find someone who can merge it buy taking it over. The episode has put yet another speed breaker in the recovery of the markets.
+ If you remember since few days MFF was mentioning that a correction is over due. Many even spoke to us saying that there was no news, due to which market can fall, and then came the Wednesday’s incident. Infact if market has to correct news will automatically be prepared and served! Nifty has support at 2900 and that may be tested and broken taking the index to 2860 – 2840. If a bigger correction has to come on account of FII selling on spooked sentiments then we may see 2750 – 2725. Join the MFF SMS Group.