Depreciating rupee forces Infosys to slash hedging amount

December 27th, 2008 BANGALORE - After nearly a decade of uninterrupted boom, the Indian information technology industry finds the road ahead bumpy as 2008 draws to a close, with the global meltdown and financial turmoil in the US and other rich countries catching the otherwise resilient sector off-guard. With no signs of early revival, even the top firms - TCS, Infosys and Wipro - are bracing for hard times in the year ahead.

January 12th, 2009 BANGALORE - Further depreciation of the Indian rupee during the third quarter (October-December) has forced Infosys Technologies Ltd. to marginally revise upwards its revenue guidance for this fiscal (2008-09) under the Indian accounting system and downwards under the new international financial reporting standards (IFRS).

January 1st, 2009 NEW DELHI - The auction of third generation (3G) mobile services, which are slated to take place according to the revised time schedule, may be further delayed as the industry still is not ready. 'The government is ready for the auctions but it is the industry players who demand more time from us,' a Department of Telecom (DoT) official told IANS on condition of anonymity.

September 15th, 2009 MYSORE - Congress President Sonia Gandhi on Tuesday attributed nation's success in the field of Information technology to the Indian talent, ingenuity and hard work. She was speaking after inaugurating the Infosys technology campus in Mysore.

March 24th, 2009 MELBOURNE - Bangalore-based software giant Infosys will pick up most of IBM Global Services' multi-million dollar applications support contract with Australian software giant Telstra, after the latter's deal with the former was scrapped following TELCO reducing its outsourcing partners from four to two. According to The Australian, the decision to shift from IBM to Infosys could result in hundreds of job losses locally and in Bangalore, where IBM operates outsourcing centres.

May 22nd, 2009 In a recession hit period, where companies are downsizing to overcome the crisis, Indian software major Infosys plans to hire about 1,000 people in the US within a year and a half. Infosys Chief Executive, Kris Gopalakrishnan while attending Microsoft's CEO summit held in Seattle this week announced that the company is planning to add more than 100 employees as a part of a big US expansion in anticipation to the growth resuming in 2010.

February 16th, 2009 BANGALORE - Infosys Technologies Tuesday said it has instituted a Rs.5-million (Rs.50 lakh) award each for five top Indian scientists in recognition of their outstanding research contributions and achievements. The five awards will be given annually under the aegis of Infosys Science Foundation, a non-profit trust set up with a corpus of Rs.210.5 million (Rs.21.5 crore), the software major said in a statement here.

July 10th, 2009 India's Infosys says quarterly profit up 1.6 pctMUMBAI, India — Indian outsourcing bellwether Infosys Technologies Ltd. reported a slight rise in quarterly profit and warned of a steep drop in revenue as its global clients struggle to cope with the economic slowdown.

January 12th, 2009 BANGALORE - India's second largest IT bellwether Infosys Technologies Tuesday posted a net profit of Rs.16.41 billion (approx $335.5 million/Rs.1,641 crore) for the third quarter of this fiscal (2008-09), registering 33 percent year-on-year (YoY) growth and 14.6 percent sequentially as per the Indian accounting system. Under the international financial reporting standards (IFRS), the net income for the October-December quarter under review (Q3) is $330 million as against $310 million in the same period a year ago, a modest growth of 6.5 percent YoY.

February 4th, 2009 NEW DELHI - Employees of Infosys Technologies may have to live with a salary cut and without any significant increment, even as the IT bellwether has virtually frozen fresh recruitments on account of the global meltdown, a top company official has said. 'A part of our salary is determined by variable sales component, which is the percentage of the company's revenue,' said Infosys' director for human resources T.V.

January 21st, 2009 NEW YORK - Software giant Microsoft announced Thursday plans to slash up to 5,000 jobs as the company faces the effects of the world economic crisis. It would be the first job reductions ever in the company's history.

June 18th, 2009 BANGALORE - IT bellwether Tata Consultancy Services (TCS) is eyeing e-governance projects to cope with the downturn, according to a senior company official. "Post-elections, we believe conditions are ripe for e-governance projects to take off at the central and state levels," TCS chief financial officer S.

April 18th, 2009 Though the financial sector has started showing some signs of recovery from the global meltdown, the IT industry in the country will take some more time to regain the growth momentum, a top industry official said here saturday. 'The crisis started in the financial sector and recovery also seems to be happening first in that sector,' S.

January 20th, 2009 BANGALORE - Wipro Ltd posted net profit of Rs.10.04 billion (Rs.1,004 crore/$204 million) for the third quarter (October-December) of this fiscal (2008-09) as against Rs.8.54 billion (Rs. 8,540 crore) in the same period last fiscal, registering 18 percent year-on-year (YoY) growth under the Indian accounting system.

October 9th, 2009 Infosys profit falls 0.9 pct but outlook improvesMUMBAI, India — Infosys Technologies Ltd. reported a slight decrease in quarterly profit Friday but raised its revenue and earnings forecasts — a signal the worst may be over for India's software services industry after being hard hit by the global downturn.