Wipro - Target of Rs 358
Karvy Stock Broking has downgraded its rating on Wipro from an outpeformer to buy with a target of Rs 358 in it October 16, 2008 research report. We for Q2FY09, expect its global IT revenues to breach to USD 1.09 billion, which in INR terms works out to sequential growth of 10% and the overall revenues to grow by 9.9%, as we expect its other revenue streams to perform better than the previous quarter."
"As we expect the treasury loss to be to the tune of Rs 745 million, its other income would be negative, as it has a forex cover to the tune of USD 2.2 billion. Even after factoring for higher effective tax rate,the net profit would increase by 6.3% As the stock as come off significantly, we are upgrading the stock from an outpeformer to BUY,target of Rs 358" says Karvy Stock Broking's research report.
Satyam - Target of Rs 350
Karvy Stock Broking has upgraded its rating on Satyam Computer Services from outperformer to buy with a target of Rs 350 in its October 8, 2008 research report. "We expect Satyam to report a sequential revenue growth of 10.3%. It should report a net profit growth of 9.5% sequentially. In terms of people addition there would be a significant improvement and we expect the company to add around 14000–15500 engineers by the year end. As the stock has corrected significantly from our previous recommendation, with no deterioration to its INR earnings, we are upgrading the stock to a BUY from outperformer with an upside of 25% from the current levels," says Karvy Stock Broking's research report.
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