Kotak downgrades Satyam after Q3 earnings

Last Updated: Fri, Feb 01, 2013 06:50 hrs

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 11.03 a.m.

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