* Kotak Institutional Equities downgraded Satyam Computer
Services Ltd 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 0533 GMT.