India's top information technology firm Tata Consultancy Services (TCS) has been hired to by the World Bank to replace Satyam Computer Services for some of its projects.
The World Bank had debarred a number of companies, including three Indian companies, working on projects assisted by it for failing to stick to its guidelines.
Satyam has been debarred for eight years beginning September 2008, while Wipro (from June 2007) and Megasoft Technologies (from December 2007) have been barred for 4 years each.
The World Bank has debarred as many as 111 companies and individuals from across the world from bidding for its projects for violating its procurement guidelines.
''We have hired Tata Consultancy Services (TCS) to do much of the IT work that Satyam used to do,'' a World Bank spokesperson said.
TCS, however, bagged the projects through competitive bidding early last year.
The World Bank revelations were meant to prove that the bank was not specifically targeting Indian companies.
The news sets the TCS scrip on fire. Shares of the company, which opened on a bearish note on the Bombay Stock Exchange at Rs504 (down 1.51 per cent from its previous close), rose to an intra-day high of Rs527, up nearly 3 per cent from its previous close.
On the National Stock Exchange, the scrip opened at Rs499.60 (down 2.52 per cent), but rebounded to touch an intra-day high of Rs528.70 (up 3.15 per cent) from its previous closing price.
Over 4.14 lakh shares changed hands on the BSE while nearly 14.56 shares were traded on the NSE.