Balgates’s Weblog

I’m Wat I’m!!!

Infosys to freeze hiring, says signs aren’t good

S Gopalakrishnan, CEO and MD of Infosys, speaks at the Reuters India Investment Summit.

COMPANY FORECAST: S Gopalakrishnan, CEO and MD of Infosys, speaks at the Reuters India Investment Summit.

Infosys Technologies Ltd will freeze recruitment after meeting this fiscal year’s target of hiring 25,000 staff, a telling sign the global downturn is hitting India’s $52 billion outsourcing sector.

The country’s second largest software services firm however has no plans to cut jobs and is sticking with its third quarter outlook, CEO Kris Gopalakrishnan told reporters.

He said the outsourcing sector’s growth rate would halve next year as some customers delay orders. “Last year the IT industry grew more than 30 per cent, this year it is looking at somewhere in the region of 15 per cent,” Gopalakrishnan said.

India’s export-driven IT sector, used to a scorching pace of growth, has been hit by the financial crisis and recession in the United States, which contributes more than half their revenue. In the last few years, the outsourcing industry has created tens of thousands of jobs, mainly attracting young workers, as global companies look to trim labour costs.

Infosys hired 16,000-17,000 employees in the first half of the fiscal year that began in April and would honour commitments to 6,000 under training, Gopalakrishnan said. Infosys, which counts Goldman Sachs and Philips Electronics among its clients, cut its full-year dollar revenue outlook in October due to the worsening global downturn.

Gopalakrishnan said on Dec 04, 2008 the company would freeze fresh recruitment, apart from meeting specific skill needs. “We will have to look at controlling our cost, controlling our expenses making sure that we run an optimised business. We will have to look at what are things we need to do in order to prepare ourselves for the recovery.” “Growth is coming more and more from emerging markets so hese are the things we need to prepare ourselves. We should not lose momentum in this slowdown,” he said.

But Infosys still expects its strong client base and a weakening rupee to help it meet a forecast for December quarter earnings of $0.57 a share. The Indian rupee has fallen nearly six per cent so far this quarter against the dollar.

“Infosys is seeing further degradation of the demand environment, with headwinds from leadership changes at customers, a shrinking large deal pipeline …. Pricing pressure has emerged,” CLSA Asia-Pacific said in a report this week.

Advertisements

December 4, 2008 Posted by | General, India Related, IT, Software, Technology | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Injury almost pushed me into depression: Sania

The Indian ace has been out of action since the Beijing Olympics.

OFF COURT: The Indian ace has been out of action since the Beijing Olympics.

Forced to stay away from courts for almost half the season, a fit again Sania Mirza is eyeing a comeback at January’s Classic tennis tournament in Hong Kong and revealed that she almost sunk into depression while struggling to recover from a wrist injury.

The Indian ace has been out of action since the Beijing Olympics, where her wrist injury flared up again and she had to concede her first round singles match.

Sharing the trauma she faced when she ran out of options to get her wrist healed, she said it was difficult to cope with the situation at that time.

“It was scary. It was career threatening. I was almost going through depression. I think the post-injury period is more difficult to cope with and I am happy to be back. But I never doubted that I cannot make a comeback ,” Sania, who is in Capital for the treatment, said.

Sania said she was keen to make a comeback but was not in a hurry. She confirmed that she will play a team tournament in Hong Kong in January before resuming her Tour activities.

“It is a big honour to represent Asia. It is great to be a part of such a large field, where you have players like (Jelena) Jankovic and (Maria) Sharapova. But we still have two-and-a-half months to go and it is very long period in tennis,” she said after spending about an hour on the DLTA courts, practicing with Radhika Tulpule.

Talking about the next season, she said she was approaching it cautiously.

October 21, 2008 Posted by | General, Sports, Tennis | , , , , , , , , , , , , , , , , , , , , , , | Leave a comment