The Supreme Court on Wednesday ordered the Central Board of Direct Taxes (CBDT) to maintain status quo on its demand for Rs 617 crore income tax from Satyam Computer.

As high input cost continue to squeeze the profit margins of automakers, Maruti Suzuki India Ltd (MSIL), the country's largest carmaker, has increased prices of its models by Rs 1,100 to Rs 9,000.

Shares of Mahindra Satyam, jumped by over 9 per cent in early trade on the BSE after the company reached a settlement with the US Securities Exchange Commission.

In volatile trading, the BSESensex on Wednesday fell 75 points to 19,612 on profit selling, as rising oilprices fuelled investor concerns that inflation and hike in interest ratescould hit corporate earnings.

Mahindra Satyam and its former auditor PricewaterhouseCoopers agree to pay a $10 million and $6 million repectively to settle charges related to the accounting scam

Among top performers, automaker Mahindra & Mahindra, which reported a 19 per cent jump in sales last month, shot-up by 4.75 per cent to settle at Rs 743.85.

The 30-share Bombay Stock Exchange index, Sensex, shot up 281.34 points to 19,701.73, a level last seen on January 7, on aggressive buying in capital goods, IT and banking stocks.

Last month, tax authorities slapped a Rs 617 crore demand on Mahindra Satyam, against which the company had moved the Andhra Pradesh High Court.

Car sales in the country showed signs of slow down in March despite market leader Maruti Suzuki India posting its highest-ever monthly sales as rival Hyundai posted only a marginal increase, while Tata Motors saw a decline over the same month last year.

The high court asks the IT company to deposit Rs 350 crore with Central Board of Direct Taxes  and also issue it bank guarantee of Rs 267 crore in its ongoing tax dispute with the I-T department.

US-listed iGate's open offer for buying a little over 20 per cent stake in Indian IT company Patni Computer Systems will begin on April 8 and close on April 27.

In January, US-based iGate-led consortium had clinched a deal to buy nearly 63 per cent stake in India's sixth largest IT firm Patni Computer Systems for Rs 4,188 crore.

The Andhra Pradesh High Court on Friday directed the Income Tax Department as well as Mahindra Satyam not to operate the company's account till March 31.

Software companies' stocks, led by Infosys Technologies, were the centre of brisk activity, pushing the IT index over by 4 per cent on BSE.

Mahindra & Mahindra will invest over Rs 300 crore to set up this plant, its first in south India, to cater to large demand from the region.

Sustaining its upward momentum for the third day, the BSE Sensex gained 145 points to close at over 18,350 on funds buying amid stable crude oil prices and firm stock markets globally.

Workers and engineers at one unit of automobile major Mahindra & Mahindra have mobilised Rs 21 lakh towards relief fund for the earthquake and tsunami victims in distant Japan.

Faced with surging raw material costs, Indian carmakers now face serious challenges, including a shortage of key components, which could impact their performance this year.

Shares of the Mahindra Satyam falls on BSE after Income Tax Department issues a notice to the company to pay Rs 616.53 crore in taxes.

The BSE Sensex fell 271 points on Friday to close below the 18,000 mark as investors sold stocks, including blue-chip Reliance Industries, over concerns that surging oil prices will stoke inflation and lead to even higher interest rates.