<b>Satyam Q3</b>: Net drops 21% to Rs 337cr

 "We remain positive about the demand in the market, which we believe is fuelled by increasing budgets for IT spend and a rising number of global outsourcing deals. Against this backdrop, we are revising our US GAAP revenue guidance upwards. However, in view of the rupee appreciation, we now expect revenue, as per Indian GAAP consolidated financials, to grow between 34.3-34.4%. The corresponding EPS growth for fiscal 2007 is revised upwards to 37%," Raju said.

To spend $35-45mn for Nipuna buy

Satyam has entered into a definitive agreement with investors in Nipuna, the BPO subsidiary of the company,  for redemption of 50% of the preference shares held by them and the balance 50% to be converted into equity shares.

"The agreement provides for Satyam to buy out their equity stake for a consideration in the range of $35-45 million by May 2007," Raju said.

No sell-out, committed to growth: Raju

Ramalinga Raju reiterated his denial of being in talks with any global firm for a possible sell-out by the promoters.

"Sometime ago, there were rumors that Satyam was in dialogue with a large global SI for being acquired. We had vehemently denied having considered such an option directly or indirectly ever in the past.

"Subsequently, there was speculation on the part of some analysts about shareholder value on account of acquisition of the company.

"We would like to take this opportunity to put to rest any such speculation in the future. We firmly believe that enhancement in shareholder value is best when we continue to pursue the already successful global delivery model that we specialize in.

"Satyam, therefore, shall not indulge in any such pursuits of being acquired. We would continue to focus on aggressively expanding our business globally as an independent company," Raju said.