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Infosys looking at overseas acquisitions

IT major Infosys Technologies is looking at acquisitions in Europe, Latin America, the Middle East, Japan and Australia, a top company official said. “The size of the company should be around $450-500 million,” Infosys chief executive and managing director S. Gopalakrishnan told reporters on the sidelines of a seminar organised by the Confederation of Indian Industry (CII).

The US accounts for around 62 percent and Europe around 26 percent of the company’s total revenues of $4.6 billion. The company is now looking at increasing the revenue share from Europe to 30 percent.

Regarding recruitments, Gopalakrishnan said the company had hired 18,000 people in 2008, adding that it would look into further recruitment next January-February depending on the economic scenario.

Infosys is pursuing contract deals worth $1 billion, he added.

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October 6, 2009 Posted by | Business, General, India Related, IT, Science, Software, Technology, World News | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Sourav Ganguly promises Rs 60 lakh for Cyclone Aila victims

Former Team India captain Sourav Ganguly today assured West Bengal Chief Minister Buddhadeb Bhattacharjee of arranging Rs 50-60 lakh for relief to the Aila-affected people.

Ganguly went to the Writers’ Buildings and called on the Chief Minister to express his sympathy with the cyclone-hit people of the state.

After emerging out of the Chief Minister’s chamber, Ganguly told reporters that he assured him of arranging Rs 50-60 lakh for the cyclone-affected people.

He said he would contribute the money after returning from England.

He informed he would fly to London on June 05, 2009 to witness ICC Twenty20 World Cup. Ganguly had been assigned by the ESPN STAR Sports to give expert comment for two semifinals and the final match.

In reply to a question, he said he had apprised of a disputed matter to the Chief Minister regarding his proposed school at Salt Lake in the city.

The residents of CA and DA blocks of Salt Lake have been opposing construction of an English medium school on a 60-cottah land.

They said already there are two institutions Salt Lake School and Haryana Vidyamandir and the proposed six-storeyed third school- Wiffren International School of Ganguly- would cause environmental hazards and create noise pollution as the area is very congested.

Ganguly hoped the dispute would be resoved amicably.

June 5, 2009 Posted by | Cricket, General, India Related, Sports | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

India has no plans to attack Pakistan: Defence Minister

DEFENSIVE TALK? India’s Defence minister A K Antony has demanded sincere action by Pakistan against the terrorists.

DEFENSIVE TALK? India

India on Dec 16, 2008 said it is not planning any military action against Pakistan but stressed that the neighbouring country will have to take action against terrorists there for the relations to improve.

“We are not planning any military action but at the same time unless Pakistan takes actions against those terrorists who are operating from their soil against India and also against all those who are behind the Mumbai terrorist attack, things will not be normal,” Defence Minister A K Antony said.

He was talking to reporters on occasion of Vijay Diwas marking the 37th anniversary of India’s military victory on Dec 16, 2008 over Pakistan in the Bangladesh liberation war.

On the issue of troop deployment along the Indo-Pak border, Antony said the situation there was “normal” and armed forces were “always ready”.

“Everything is normal because our forces are always ready,” the Minister said.

The Minister denied that India was planning to call off the more than five-year-old ceasefire along the Line of Control (LoC).

“Nothing like that,” he stated when asked if India had any plans to call off the ceasefire with Pakistan.

Refusing to divulge India’s course of action in the present scenario, Antony demanded sincere action by Pakistan against the terrorists.

“I cannot say what course of action we will take but unless Pakistan shows sincerity in whatever they are saying through their actions, one thing is very sure that there is no question of things as usual,” he said.

The chiefs of Navy, Army and Air Force — Admiral Sureesh Mehta, General Deepak Kapoor and Air Chief Marshal Fali Homi Major — also attended the Vijay Diwas function.

December 16, 2008 Posted by | Attacks, General, India Related, Politics, World News | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

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