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Buy 3i Infotech, target of Rs 59: Sharekhan

Posted on: May 4th, 2009 and is filed under Brokerage Recommendations.

Sharekhan has maintained its buy rating on 3i Infotech with a price target of Rs 59 in its April 29, 2009 research report.

“3i Infotech’s revenues declined by 0.3% sequentially to Rs 606.8 crore in Q4FY2009. The decline was driven by a sequential drop of 10.6% to Rs176.3 crore in the information technology (IT) services business due to the completion of some managed projects during the quarter. This decline was, however, partially offset by a 6.2% growth in the transaction services revenues. We maintain our Buy recommendation on the stock with a revised price target of Rs 59,” says Sharekhan’s research report.

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