Harichandan's Feed
May 15, 2013

ATM heist: India’s IT sector in unwelcome spotlight

MUMBAI/BANGALORE (Reuters) – A breach of security at two payment card processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the Asian nation.

Global banks that ship work to be processed in India, either in-house or to big IT services vendors, were already under pressure to step up oversight of back-office functions after a series of scandals last year.

May 15, 2013

After ATM heist, India’s IT sector again in unwelcome spotlight

MUMBAI/BANGALORE (Reuters) – A breach of security at two payment card processing companies in India that led to heists at cash machines around the world has reopened questions on the risks of outsourcing sensitive financial services to the Asian nation.

Global banks that ship work to be processed in India, either in-house or to big IT services vendors, were already under pressure to step up oversight of back-office functions after a series of scandals last year.

Apr 25, 2013

Infosys’ missed guidance frustrates market

BANGALORE/MUMBAI (Reuters) – The openness that made IT services outsourcer Infosys Ltd(INFY.NS: Quote, Profile, Research) an investor darling has come back to haunt it.

For years, Infosys was an industry bellwether for not just giving revenue and earnings guidance but usually exceeding it, making it an outlier in a country where very few companies offer guidance and corporate transparency is often lacking.

Apr 24, 2013

Infosys openness backfires as missed guidance frustrates market

BANGALORE/MUMBAI, April 25 (Reuters) – The openness that
made Indian IT services outsourcer Infosys Ltd an
investor darling has come back to haunt it.

For years, Infosys was an industry bellwether for not just
giving revenue and earnings guidance but usually exceeding it,
making it an outlier in a country where very few companies offer
guidance and corporate transparency is often lacking.

Apr 19, 2013

Wipro forecasts weaker-than-expected revenue

BANGALORE (Reuters) – Wipro Ltd (WIPR.NS: Quote, Profile, Research), India’s third-largest software services provider, forecast on Friday weaker-than-expected revenue for the June quarter, including a possible decline in revenue.

Wipro, whose customers include Citigroup Inc and Apple Inc, projected first-quarter revenue for its IT services business to be in a range of $1.58 billion to $1.61 billion – a decline of 0.6 percent to a rise of 1.6 percent over the previous quarter. That compares with a rise of 1 to 4 percent that analysts were expecting.

Apr 19, 2013

India’s Wipro forecasts weaker-than-expected revenue

BANGALORE, April 19 (Reuters) – Wipro Ltd, India’s
third-largest software services provider, forecast on Friday
weaker-than-expected revenue for the June quarter, including a
possible decline in revenue.

Wipro, whose customers include Citigroup Inc and Apple Inc,
projected first-quarter revenue for its IT services business to
be in a range of $1.58 billion to $1.61 billion – a decline of
0.6 percent to a rise of 1.6 percent over the previous quarter.
That compares with a rise of 1 to 4 percent that analysts were
expecting.

Apr 17, 2013

HCL Tech third-quarter profit jumps 73 percent, beats estimates

BANGALORE (Reuters) – HCL Technologies Ltd, India’s fourth-biggest software services provider, beat analysts’ estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row.

Net profit rose to 10.4 billion rupees ($193 million) in its fiscal third-quarter ended March 31 from 6 billion rupees in the year-earlier period, said HCL Technologies, whose customers include Finnish mobile phone maker Nokia Oyj.

Apr 17, 2013

HCL Technologies profit up 73 percent, beats estimates

BANGALORE (Reuters) – HCL Technologies Ltd(HCLT.NS: Quote, Profile, Research), India’s fourth-biggest software services provider, beat analysts’ estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row.

Net profit rose to 10.4 billion rupees in its fiscal third-quarter ended March 31 from 6 billion rupees in the year-earlier period, said HCL Technologies, whose customers include Finnish mobile phone maker Nokia Oyj(NOK1V.HE: Quote, Profile, Research).

Apr 17, 2013

HCL Tech Q3 profit jumps 73 pct, beats estimates

BANGALORE, April 17 (Reuters) – HCL Technologies Ltd
, India’s fourth-biggest software services provider,
beat analysts’ estimates with a 73 percent rise in quarterly
profit after winning orders and reducing staff for the second
quarter in a row.

Net profit rose to 10.4 billion rupees ($193 million) in its
fiscal third-quarter ended March 31 from 6 billion rupees in the
year-earlier period, said HCL Technologies, whose customers
include Finnish mobile phone maker Nokia Oyj.

Apr 12, 2013

Infosys revenue forecast disappoints, shares dive

BANGALORE, April 12 (Reuters) – Infosys Ltd
forecast full-year sales growth that missed analyst expectations
by a margin of up to 50 percent, dimming investor hopes that
India’s No.2 software services firm will soon start reaping the
benefits of its strategic revamp.

Infosys forecast on Friday dollar revenue to grow between 6
percent and 10 percent for the fiscal year that began this
month. That was less than analysts’ estimates for revenue growth
of as much as 12 percent, and slower than a gain of 12 to 14
percent expected for the overall industry. Shares of Infosys
tumbled as much as about 20 percent.

    • About Harichandan

      "Harichandan Arakali is a technology reporter with Reuters News, covering the IT outsourcing industry and the companies that have come to define it the most. When not chasing a story that might give him the next big-picture fix on outsourcing, Hari loves long walks, taking in the vanishing acts of the trees of his adopted home, Bangalore, while listening to Rashid Khan or KT Tunstall on his BlackBerry, depending on his mood."
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