Stock market analysts have maintained 'buy' rating on Patni Computer Systems with an intraday target of Rs 500.

According to them, interested traders can purchase the stock around Rs 490-494 with a strict stop loss of Rs 485.

If the bourses remain on the positive track, then the stock price will hit a target above Rs 505.

Shares of the company, on Thursday (Nov 05), closed at Rs 494.50 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 31.50 and 15.94 respectively. The share price has seen a 52-week high of Rs 522.70 and a low of Rs 94 on BSE.

Global IT services supplier Patni Computer Systems has cleared up that the report, `L&T Info making discussion to get hold of Patni`, wondering in the media seems to be speculative in nature and it does not have any information of the contents of the transaction considered in the said article.

Moreover, the company has not obtained any notification from any of the major stockholders referred in the report about sale of their company's stake.

Patni Computer has recorded a fall of 17.2% in its net income at Rs 171.57 crore for the three month period ended September 30, 2009.

The company's revenue declined 8.9% to Rs 804.02 crore during the period from Rs 852.25 crore during the same period of 2008.

Patni Computer CEO Jeya Kumar stated that deflationary pressure on worldwide IT services market is expected to stay on for foreseeable future, but, the off shoring and international delivery services market share will go up eventually.