Kotak downgrades Satyam after Q3 earnings
Reuters Market Eye - Kotak Institutional Equities downgraded Satyam Computer Services Ltd(SATY.NS) to "reduce" from "add", noting October-December revenue growth was "muted", given the impact from furloughs in the high-tech and manufacturing segments.
Kotak adds Satyam shares, also called Mahindra Satyam ahead of a pending merger with Tech Mahindra, are trading at fair value after gaining over the past few quarters.
On Thursday, Satyam Computer reported a 20.6 percent rise in third-quarter profit before a one-off loss.
Shares fall 1.8 percent as of 11.03 a.m.
(Reporting by Manoj Dharra)
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India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article