EXXONMOBIL IN TALKS WITH LOCAL VENDORS FOR $1BILLION IT CONTRACTS

World’s biggest oil company ExxonMobil is in talks with India’s top technology firms and multinational vendors for outsourcing of several IT contracts worth up to $1 billion.

A day after British Petroleum (BP) formally awarded over $1.5-billion outsourcing contracts to TCS, Infosys and Wipro along with IBM and Accenture, top Indian offshore vendors including L&T Infotech and HCL Technologies - along with other MNC vendors - have locked horns with each other for almost $1-billion outsourcing deal being fleshed out by ExxonMobil.

The Economic Times

INDIA INC ON THE PROWL FOR ACQUISITIONS

After a relative lull, India Inc is showing renewed interest in cracking deals. December 2008 suddenly saw a flurry of outbound M&A activity. Piramal Healthcare, Wipro and Rolta led the way with acquisitions ranging from $10 million (Rs 48.7 crore) to $127 million (Rs 618 crore).

SIFY - Business Today

SATYAM'S LOSS COULD BE TCS' GAIN

One company’s misfortune might well be another’s opportunity. It is widely believed that many scam-hit IT firm Satyam Computer’s clients will migrate to competitors such as Infosys, Tata Consultancy Services (TCS) and Wipro, over a period of time.

TCS is likely to garner maximum revenue from Satyam Computer’s pie as it has the highest client overlap with the latter. Infosys, it says, would perhaps gain less than Wipro, given its lower client overlap and greater selectivity.

The Economic Times

FRAUD, SLUMP? IT MAJORS TO BAG DEALS WORTH $4 bln

Tech biggies such as TCS, Infosys, Wipro and HCL are all set to get new outsourcing contracts worth $4 billion from top customers including British Telecom, Citi, GE and Bank of America this year. In a bid to cope with their tightened budgets, these companies plan to send their information technology works to offshore locations such as India.

The Economic Times

UNDETERRED I.T. INDUSTRY SAYS IT WON'T BOW DOWN TO TERROR

Shocked at the most terrible terrorist attack in the country, IT companies beefed up security in campuses across cities, including Bangalore, and said the industry will not "bow down to terror".

The IT Industry association Nasscom said, "We will not bow down to terror. As an industry that is international and services customers across the globe, we continue our operations, uninterrupted, from centers across India and even Mumbai."

The Economic Times

PROFIT-FOCUSED INFOSYS NOW LOOKS TO GROWTH

In a significant change of strategy, India’s second largest software services firm Infosys Technologies Ltd has said it will focus on growth, even if this means lower profitability — a reflection of a tougher business environment where Indian software firms are finding it harder to grow, and a contrarian play for a company that has sometimes walked away from deals that would have meant lower profitability.

MINT

INDIAN FIRMS EMPLOY OVER 30K US CITIZENS

Amidst the row in US over outsourcing, a study has said that big corporates like Essar, HCL, Tata, Mahindra and Wipro have generated over 30,000 jobs for Americans in recent years.

The Financial Express

RESULTS FROM IT COS SET TO EXCEED TARGETS

First-quarter results for India’s largest software services companies are expected to exceed the most bullish markets estimates, reflecting a windfall from the weaking of the rupee against the US dollar and the euro.

Livemint

Sensex up on tech stocks rally

The markets pared early losses as technology stocks rallied smartly on the back of Infosys results. The BSE sensex dropped by almost 235 points early in the session, however the 30 share index gained strength after Infosys announced its earnings for the financial year and gave a guidance that enthused investors. The sensex closed 346 points higher at 16,154, its highest closing in two weeks. The gains were across the board with the BSEs Midcap Index and Smallcap Index rising by over 1% each.

The Times of India
http://timesofindia.indiatimes.com/Business/India_Business/
Sensex_up_on_tech_stocks_rally/articleshow/2954633.cms

Mittal, Ambanis, Premji among world's wealthiest CEOs

Steel tycoon Lakshmi Mittal along with Ambani brothers - Mukesh and Anil, are among the 10 wealthiest CEOs in the world, according to American magazine Forbes. Out of the world's 10 wealthiest CEOs, four positions have been grabbed by Indians -- Lakshmi Mittal is ranked at the second place followed by Mukesh Ambani (6th place), Anil Ambani (7th) and Wipro chief Azim Premji (9th).

The Economic Times
http://economictimes.indiatimes.com/News_by_Industry/
Mittal_Ambanis_Premji_among_worlds_wealthiest_CEOs/
articleshow/2740535.cms

Tech results | Q3 on track, but all eyes on next quarter

Software services firms such as Tata Consultancy Services Ltd (TCS), Infosys Technologies Ltd and Wipro Ltd will start announcing their results for the December quarter later this week, but analysts say the focus will be more on their business outlook for the coming quarters from the US, where an economic slowdown could potentially shrink technology spending.

MINT
http://www.livemint.com/2008/01/08001417/
Tech-results--Q3-on-track-bu.html

Mukesh trails Anil in creating wealth for investors

Mukesh Ambani, the richest Indian and head of market leader Reliance Industries Ltd, was not the leading wealth creator for small investors in 2007 but was pipped for the top spot by younger brother Anil. A comparison of cumulative share price gains for the listed companies from the two groups puts the surge for Mukesh Ambani group at 153 per cent, as against about 232 per cent for the Anil Dhirubhai Ambani Group (ADAG).

The Economic Times
http://economictimes.indiatimes.com/
Mukesh_trails_Anil_in_creating_wealth_for_investors/
articleshow/2650121.cms

Indian chip design firms acquiring for scale, R&D

Indian information technology companies, such as Wipro Ltd, Sasken Communication Technologies Ltd and MindTree Consulting Ltd, which offer chip-design services, are in an acquisitive mode to consolidate their position in the global market. In the last two years, these firms have together made five acquisitions totalling Rs502 crore, mainly to broaden their customer base and intellectual property (IP) assets.

Mint
http://www.livemint.com/2007/12/23234905/
Indian-chip-design-firms-acqui.htmll