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Hold Satyam Computer Services: Indiabulls Securities
Indiabulls Securities Research has downgraded its rating on Satyam Computer Services to hold with a target price of Rs 307. For Q2’09, Satyam Computer Services Ltd (Satyam) registered a modest sequential revenue growth of 7.6% to Rs 28.2 billion, driven by a 4% volume growth and the depreciation of the rupee.
Indiabulls Securities Research has downgraded its rating on Satyam Computer Services to hold with a target price of Rs 307 in its November 4, 2008 research report. "For Q2'09, Satyam Computer Services Ltd (Satyam) registered a modest sequential revenue growth of 7.6% to Rs 28.2 billion, driven by a 4% volume growth and the depreciation of the rupee. Based on our DCF valuation, we have arrived at a target price of Rs. 307, assuming an 8% Rf, a 13.25% WACC, and a 5% terminal growth rate. Our fair price provides an upside of 10.6% over the current levels; thus, we downgrade our rating to Hold," says Indiabulls Securities' research report.
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