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Hold Infosys Technologies: Indiabulls Securities
Indiabulls Securities Research has downgraded its rating on Infosys Technologies to hold. Infosys’s Q3’09 result was in line with expectations, despite pricing pressure and slow volume growth. Revenues grew 6.8% qoq to Rs. 57.9 billion, helped by the depreciation of the rupee vis-à-vis the dollar.
Indiabulls Securities Research has downgraded its rating on Infosys Technologies to hold in its January 16, 2009 research report. "Infosys's Q3'09 result was in line with expectations, despite pricing pressure and slow volume growth. Revenues grew 6.8% qoq to Rs. 57.9 billion, helped by the depreciation of the rupee vis-à-vis the dollar. Our DCF valuation suggests a fair value of Rs 1,325, assuming an 8% Rf, a 13.36% WACC, and a 5% terminal growth. While the stock has limited downside risks, the near-term upside appears limited due to the expected weakness in IT spending and the continuing recession in the developed economies. Hence, we downgrade our rating on the stock to Hold," says Indiabulls Securities' research report.
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