New York, Dec 17: Satyam Infoway, India's largest Internet service provider, is among the ten top technology companies world-wide recommended for investment by the prestigious American business magazine, Fortune."Satyam's rich media content and large Internet subscriber base could position it as the AOL-Time Warner of India," the magazine said.In the 1999-2000 fiscal, Fortune says the company posted a loss of $8 million on a revenue of roughly $15 million.
Quoting analysts of Salmon Smith Securities, the magazine said Satyam's revenues would grow to $54 million this fiscal and its losses will widen to $12.9 million. But the company should turn the corner in 2001 when Salmon expects Satyam to post first net profit of $6.3 million and net profits to quadruple the following year.
Until those profits roll in, Satyam should remain financially stable. With $220 million in cash from two well in time Nasdaq stock offerings , Fortune said.
(PTI)
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