Wipro Sees 4Q profit up by 4 percent Despite Recession

June 3rd, 2009 MUMBAI - Software giant Wipro's revenues will not be affected because of the bankruptcy of Detroit-based customer General Motors Corp, the Indian IT bellwether said in a regulatory filing Wednesday. "General Motors accounts for less than 1 percent of Wipro's IT services segment revenue, and our assessment is that a substantial portion is expected to continue," the company statement read.

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.

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.

April 22nd, 2009 HCL Technologies profit down by half on forex loss MUMBAI, India — Indian software services firm HCL Technologies Ltd. said quarterly profits plunged by nearly half as the company battled foreign exchange losses, lower prices, and declining demand from financial services and telecom customers.The company said Wednesday that it earned $43.0 million in net income during the quarter ended March 31, versus $85.4 million during the same period a year earlier.

January 14th, 2009 MUMBAI - Indian IT firms received another jolt Thursday when Canada-based Nortel Networks, one of North America's largest telecom equipment firm and an important client for outsourcing firms here, filed for bankruptcy. Among the biggies of Indian outsourcing firms that are expected to bear the heat of the development are Tata Consultancy Services (TCS), Wipro, Infosys and Sasken Communication Technologies, industry sources said.

April 20th, 2009 TCS quarterly profit up 4.7 pct to $261.2MMUMBAI, India — Tata Consultancy Services Ltd., India's largest outsourcing company, said Monday that net profit for last quarter grew 4.7 percent, to 13.14 billion rupees ($261.2 million), despite shrinking volumes as the company pulled thousands of Indian employees back home to save on costs. Revenues for quarter ending March 31 were 71.72 billion rupees ($1.4 billion), up 18.6 percent over the same quarter last year, but just 1.5 percent higher sequentially.

April 30th, 2009 Fujitsu books annual loss on restructuring feesTOKYO — Japanese computer maker Fujitsu Ltd. fell into the red for the just-ended fiscal year as revenues dropped and it booked large expenses for restructuring its business.

April 28th, 2009 China's Baidu.com says 1Q profit up 34.7 percent BEIJING — Baidu Inc., which runs China's leading Internet search engine, said Tuesday first quarter profit rose 34.7 percent from a year earlier on stronger online marketing revenue despite China's economic slowdown. Profit rose to 198.5 million yuan ($29 million) or 5.22 yuan (76 U.S.

April 30th, 2009 Taiwan chip maker TSMC says 1Q profit down 95 pct TAIPEI, Taiwan — Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, said Thursday its profit plunged by 94.5 percent in the first quarter, as the global recession hit demand for its products. The company said net income dropped to 1.56 billion New Taiwan dollars ($47.1 million) during the January-March quarter from NT$28.14 billion a year earlier.

January 14th, 2009 MUMBAI - India's outsourcing firms were jolted Thursday after Canada-based Nortel Networks, one of North America's largest telecom equipment firms and a key client for many IT firms in this country, filed for bankruptcy. Among the biggies of Indian outsourcing firms that are expected to bear the heat of the development are Tata Consultancy Services (TCS), Wipro, Infosys and Sasken Communication Technologies, industry sources said.

July 24th, 2009 China's Baidu.com says profit up 44.6 percentBEIJING — Baidu Inc., which operates China's leading Internet search engine, said Friday its quarterly profit rose 44.6 percent from a year earlier on strong growth in revenue and numbers of advertisers. Net income for the three months ending June 30 was 383.3 million yuan ($56.1 million), or 11.02 yuan ($1.61) per share, the Beijing-based company said.

July 24th, 2009 Samsung says quarter-2 net profit rose 5.2 percentSEOUL, South Korea — Samsung Electronics said Friday that second-quarter net profit rose 5.2 percent from the same period last year as sales of flat screen televisions and mobile phones increased and prices for memory chips moved higher amid stronger demand for personal computers. Samsung Electronics Co., the world's biggest manufacturer of computer memory chips and flat screen televisions, earned 2.25 trillion won ($1.81 billion) in the three months ended June 30, it said in a regulatory filing.

July 30th, 2009 Nintendo profit tumbles as gaming hits dwindleTOKYO — Nintendo's quarterly profit tumbled 61 percent, hurt by a stronger yen and fewer blockbuster games for its popular Wii gaming console and DS handheld device. The Kyoto-based company said Thursday its April-June net profit fell to 42.3 billion yen ($445.2 million) from 107.3 billion yen a year earlier.

January 6th, 2009 MUMBAI - The Indian equities markets dropped sharply after Satyam chairman and co-founder B. Ramalinga Raju revealed that the company was involved in a fraud of about Rs.40 billion ($823 million) over several years.

September 29th, 2009 MUMBAI - Software major MindTree said it would acquire the Bangalore-based subsidiary of Kyocera Wireless by making an upfront payment of $6 million, while further payments would be linked to revenues in the next two fiscals. "We expect this acquisition to contribute approximately $9 million in revenues for the period October 2009 to March 2010, with profit after tax expected to be in the range of 13-15 percent," MindTree said in a regulatory statement.