Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra on June 21, 2009 renamed the IT major as Mahindra Satyam.
The logo will be adopted from the Mahindra Group. “This strategic move paves the way for the emergence of a robust brand, which draws from the core values of the Mahindra group and the inherent strength of the Satyam brand,” said a company statement here June 21, 2009 evening.
“Customer centricity, high standards of corporate governance, unimpeachable ethics form the cornerstones of the Mahindra Group,” said Mahindra Group vice chairman and managing director Anand Mahindra.
“This rebranding exercise symbolizes an amalgamation of the Mahindra Group’s values with Satyam’s fabled expertise, even as it retains that part of Satyam’s identity which signifies commitment, purpose and proficiency of the organization and its people,” the statement said.
Satyam’s executive vice chairman Vineet Nayyar described the move as “a significant milestone towards the recovery of the company”.
Tech Mahindra, owned by the $6.3 billion Mahindra Group, bought the scam-hit IT company in an open auction in April 2009.
The re-branding comes six months after Satyam’s founder and then chairman B. Ramalinga Raju confessed to a Rs.78-billion accounting fraud.
The government launched a probe, superseded the board, and put the company up for sale in open auction.
Ramalinga Raju, his brother Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused are currently in jail.
June 22, 2009 Posted by Bala | Business, General, India Related, IT, Science, Software, Technology, World News | 78 Billion, Accounting, Accounts, Accused, Anand, Anand Mahindra, B. Ramalinga Raju, Bala, Balamurugan, Balamurugan R, Balgates, Brand, Brother, Centricity, CFO, Chairman, Chief, Chief Financial Officer, Commitment, Computer, Corporate, Customer, Customer Centricity, Director, Emergence, Ethics, Executive, Executive Vice Chairman, Expertise, Financial, Founder, Founder Chairman, Fraud, Governance, Information Technology, IT, Jail, Logo, Mahindra, Mahindra Group, Mahindra Satyam, Major, Managing, Managing Director, MD, Milestone, Nayyar, Officer, Organization, People, Prison, Proficiency, Purpose, R Balamurugan, Raju, Rama, Rama Raju, Ramalinga, Ramalinga Raju, Rebranding, Recovery, Robust, Rs., Rupees, Satyam, Satyam Computer Services, Satyam Computers, Significant, Srinivas, Strategic, Tech, Tech Mahindra, Vadlamani, Vadlamani Srinivas, Vice Chairman, Vineet, Vineet Nayyar | Leave a comment
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 Bala | General, India Related, IT, Software, Technology | $52, $52 Billion, 16000, 17000, 25000, 6000, America, Asia, Asia-Pacific, Attract, Attracting, Bad, Bala, Balamurugan, Balgates, Bangalore, Base, Billion, Business, CEO, Chief, Chief Executive Officer, Client, Clients, Commitment, Commitments, Company, Controlling, Cost, Costs, Country, Crisis, Cut, Degradation, Degrade, Director, Downturn, Earning, Earnings, Electronics, Employee, Employees, Environment, Executive, Expenses, Export, Export-Driven, Fall, Fallen, Financial, Financial Crisis, Forecast, Freeze, Fresh, Fresher, Freshers, Further, Global, Goldman, Goldman Sachs, Good, Gopalakrishnan, Growth, Hire, Hiring, Hit, Hitting, India, Indian, Infosys, Infosys Technologies Limited, Infosys Technologies Ltd, Infy, Invest, Investment, IT, Kris, Kris Gopalakrishnan, Labour, Largest, Leader, Leadership, Limited, Lose, Ltd, Managing, Managing Director, MD, Meet, Meeting, Momentum, Officer, Optimised, Outsource, Outsourcing, Pacific, Philips, Philips Electronics, Plan, Pressure, Quarter, Rate, Recession, Recruit, Recruitment, Reporters, Reuters, Rupee, S Gopalakrishnan, Sachs, Second, Sector, Services, Sign, Signs, Skill, Software, Specific, Staff, Strong, Summit, Target, Technologies, Third, Training, United States, United States of America, US, USA, Workers, Year, Young | 1 Comment
November 27, 2008 Posted by Bala | Attacks, General, India Related, World News | 101, Adlabs, AK-47, Army, Army Commandos, Attack, Attacks, Attention, Board of Control for Cricket in India, Boat, Bombay, Bombay Hospital, Chatrapathi Shivaji Terminus, Chief, Chief Minister, Colaba, Commandos, Commissioner, Control, Control Room, CST, Dead, Death, Deccan, Deccan Mujahideen, Deshmukh, Foreigners, Gateway, Gateway of India, Grenades, GT Hospital, Gunmen, Hospitals, Hotel, Hotels, India, Indian, International, Kerala, Killed, Landmark, Lashkar-e-Taiba, Luxury, Machine Guns, Maharashtra, Metro, Minister, Mujahideen, Mumbai, Mumbai Attack, Mumbai Terror Attack, Nariman, Nariman Point, Navy, Navy Commandos, Night, Oberoi, Oberoi Hotel, Officer, Organizations, People, Point, Police, Railway, Railway Stations, Santa Cruz, Sea, Senior, Six, State, State Police, Station, Taj, Taj Hotel, Taj Mahal, Taxi, Terror, Trident, Victoria Terminus, Vilasrao, Vilasrao Deshmukh, Violent, Visit, VT | 1 Comment
I’m Bala – The so called BALGATES 🙂
This blog is to express my thoughts to the World: blogging, which I do when I’m bored.
Mr.Bill Gates is my role model & inspiration. Hence, My Friends call me as Balgates 🙂
I’m a die – hard fan of Indian Cricket & Sourav Ganguly. U can expect a lot of updates from Cricket.
We can discuss a lot regarding my blogs. I hope you have a nice time here.
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