Kotak Institutional Equities downgraded Satyam Computer Services Ltd to "reduce" from "add", noting the October-December revenue growth which was "muted", given the impact from furloughs in the high-tech and manufacturing segments.
Kotak added 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 per cent rise in the third-quarter profit before a one-off loss. Shares fell 1.88 per cent on the BSE, compared to 0.57 per cent decline in the broader 30-share Sensex.
Copyright @ Thomson Reuters 2013