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Hold Satyam Computer, target of Rs 330: Reliance Money
Reliance Money has maintained its hold rating on Satyam Computer Services with a target of Rs 330. Satyam’s performance for Q2FY09, was quite inline with our expectations with 2.3% sequential growth in the topline in the USD term to USD 652.2 million (close to upper end of Q2FY09 guided revenues).
Reliance Money has maintained its hold rating on Satyam Computer Services with a target of Rs 330 in its October 21, 2008 research report. "Satyam's performance for Q2FY09, was quite inline with our expectations with 2.3% sequential growth in the topline in the USD term to USD 652.2 million (close to upper end of Q2FY09 guided revenues) , driven by 4% qoq blended volume growth and marginal declined in the blended pricing (on account of cross currency fluctuations). Net profit for the quarter was higher by 6.1% to Rs 5808.6 million."
"We assign a reasonable 20% discount to one year forward multiple of Infosys at 10x, which correspond to a 12M target price of Rs 330. We maintain a HOLD rating for Satyam with a revised downward target price of Rs 330," says Reliance Money's research report.
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