Equity Alert: Frontline tech cos fall; Satyam Computer tumbles 8%

[K.Karthik Raja]

Equity Alert: Frontline tech cos fall; Satyam Computer tumbles 8%
MUMBAI--12:40PM--Frontline technology shares fell 3-8% after
Satyam Computer Services kept its dollar-denominated full year revenue
guidance unchanged, raising concerns about business traction.
Satyam Computer today said it sees 2008-09 (Apr-Mar) revenue
guidance at $2.65 bln-$2.69 bln, unchanged from before.
Sentiment for the sector was also hit after global majors
Microsoft and Google reported disappointing earnings, dealers said.
The outlook for earnings of technology companies has been
disappointing,as Infosys Technologies also kept its full-year dollar-
denominated revenue guidance unchanged at 19-21%, analysts said.
Satyam Computer Services was down 8%, HCL Technologies slipped 4%,
while Infosys Technologies, and Tata Consultancy Services fell 3%
each.
Wipro, which reported 25% on-year rise in Apr-Jun net profit to
9.08 bln rupees, was down 5%.
Earlier this week, Morgan Stanley downgraded its rating on the
Indian technology sector to "cautious", as outsourcing and technology
spending in the U.S. is likely to remain challenging in the coming
quarters.