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| The Satyam stock has jumped by almost 15 per cent in the last two trading sessions, much of which has to do with its June quarter results announcement. |
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| Volumes, in terms of man-hours billed, grew by an impressive 6.24 per cent sequentially (q-o-q). But the growth in onsite revenues continues to be higher relative to offshore revenues, which, coupled with the pressure on pricing, led to a 55 basis points drop in operating margin last quarter. |
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| Expecting that this growth in volumes would continue, the company has raised its revenue guidance - Satyam now sees revenues rising between 18 and 20 per cent in dollar terms, against the earlier expectation of a 15-17 per cent growth. |
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| However, thanks to the appreciation in the rupee last quarter, there is no change in the guidance given in rupee terms. Even the EPS guidance has been left unchanged. |
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Thus, apart from the fact that volume growth is slightly higher than expected, there
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