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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.

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

England may return, first Test shifted to Mohali

The England cricket team is likely to return to India on December 3 to play the two Test series against India.

The first Test from December 11 to 15 has been shifted to Mohali from Ahmedabad. The second Test had been shifted to Chennai earlier itself after the terror attack on Mumbai.

The three-day practice game that was scheduled to be held in Baroda from December 5 to 7 is also likely to be played in Mohali.

England called off their seven-match ODI series with two more games to play after the terror attacks in Mumbai. The visitors were playing their fifth ODI in Cuttack on December 26 when terrorists struck India’s financial capital.

The team flew to Bangalore from where they flew back home. While some England cricketers have voiced their reservations about coming back to play in India, England skipper Kevin Pietersen has refused to be cowed down by the attacks.

December 1, 2008 Posted by | Cricket, General, India Related, Sports | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

India’s 40 Richest Persons – 2008

Source: Forbes.com

Rank

Name

Net Worth ($mil)

Age

City

1

Mukesh Ambani (Reliance Industries Limited)

20,800

51

Mumbai

2

Lakshmi Mittal (Mittal Steel Company Ltd.)

20,500

58

London

3

Anil Ambani (Reliance Communications, Reliance Energy)

12,500

49

Mumbai

4

Sunil Mittal (Bharti Airtel Group)

7,900

51

Delhi

5

Kushal Pal Singh (DLF Limited)

7,800

77

Delhi

6

Shashi & Ravi Ruia (Essar Group)

7,600

64

Mumbai

7

Azim Premji (Wipro Technologies)

7,000

63

Bangalore

8

Kumar Birla (Aditya Birla Group)

5,000

41

Mumbai

9

Adi Godrej (Godrej Group)

4,000

66

Mumbai

10

Gautam Adani (Adani Enterprises Group)

3,900

46

Ahmedabad

11

Dilip Shanghvi (Sun Pharmaceutical Industries)

3,100

53

Mumbai

12

Savitri Jindal (O.P. Jindal Group)

2,900

59

Delhi & Hisar

13

Malvinder & Shivinder Singh (Ranbaxy Laboratories Limited)

2,800

36

Delhi

14

Anil Agarwal (Vedanta Resources Corporation)

2,400

55

London

15

Shiv Nadar (HCL Group)

2,200

63

Delhi

16

Micky Jagtiani (Landmark Group)

2,000

57

Dubai

17

Indu Jain (Bennett, Coleman & Co. Ltd.,)

1,800

72

Delhi

18

Cyrus Poonawalla (Poonawalla Group, Serum Institute of India)

1,600

67

Pune

19

Uday Kotak (Kotak Mahindra Bank)

1,550

49

Mumbai

20

Chandru Raheja (K. Raheja Corp.)

1,500

68

Mumbai

21

G.M. Rao (GMR Infrastructure Group)

1,470

58

Bangalore

22

Vivek Burman (Dabur India Limited)

1,300

71

Delhi

23

Anurag Dikshit (PartyGaming)

1,250

36

Gibraltar

24

Kalanithi Maran (Sun TV Network)

1,200

43

Chennai

25

Venugopal Dhoot (Videocon India)

1,100

57

Mumbai

26

Yusuf Hamied (Cipla Pharmaceutical Laboratories)

1,060

72

London & Mumbai

27

Ramesh Chandra (Unitech Group)

1,000

69

Delhi

28

Subhash Chandra (Zee TV Entertainment)

970

58

Mumbai

29

N.R. Narayana Murthy (Infosys Technologies Limited)

965

62

Bangalore

30

Rajan Raheja (Rajan Raheja Group)

950

54

Mumbai

31

Brijmohan Lall Munjal (Hero Honda Motors Limited)

940

85

Delhi

32

Baba Kalyani (Bharat Forge)

935

59

Pune

33

Tulsi Tanti (Suzlon Energy)

930

50

Pune

34

Jaiprakash Gaur (Jaypee Group)

890

77

Delhi

35

Niranjan Hiranandani (Niranjan Hiranandani Group)

885

58

Mumbai

36

Murali Divi (Divis Laboratories)

870

57

Hyderabad

37

Hemant Shah (Akruti City Limited)

830

55

Mumbai

38

Gracias Saldanha (Glenmark Pharmaceuticals Ltd.)

825

70

Mumbai

39

Anand Jain (Jai Corporation Ltd.)

810

51

Mumbai

40

Rahul Bajaj (Bajaj Auto Ltd.)

760

70

Pune

November 13, 2008 Posted by | Business, General, India Related, World News | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment