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Partnerships And Mergers Updates : Wipro Partners with BP, Endo Buys US Rights to Fortesta, Siemens Buys China Metal, Google's Search for Italian Solution

Fri, 28 Aug 2009 18:10:58 GMT

Wipro Technologies, the IT services business of Wipro Ltd. (WIT) announced that it has entered into a five year agreement with BP Plc. (BP) to provide IT Applications Development and Maintenance services for BP’s Fuels Value Chain and Corporate businesses across the globe. Endo Pharmaceuticals (ENDP) signed an agreement with UK-based ProStrakan Group Plc to acquire exclusive rights to commercialize Fortesta in the U.S., where the product is currently under Food and Drug Administration (FDA) review. Siemens Energy, a division of Siemens AG (SI), acquired the majority holding in the Chinese metalworking company Yangtze Delta Manufacturing and the Chinese aluminum foundry GISAP (GIS Steel & Aluminium Products), both headquartered in Hangzhou. The Italian Federation of Newspaper Publishers recently filed an anti-trust complaint against Google Inc. (GOOG). This prompted the Italian Competition Authority to search Google’s Milan offices on Thursday, pursuant to a probe that was ini[More...]

Wipro Reports Higher Earnings

Wed, 22 Jul 2009 21:14:01 GMT

Wipro Ltd (WIT) missed our revenue?forecasts but exceeded earnings estimates in the first quarter of 2010. The company reported total revenues of $1.3 billion and earnings of $0.16 per ADS in the quarter. We believe that as growth rates come down, the companies that have to acquire for growth will garner lower valuations. Also, Wipro is trading at a higher price multiple than most of its peers, which makes the company more risky on a relative valuation basis. Revenues came in below our estimates. Revenues were supported by large deal wins, geographic expansion, alliances and partnerships. On the profitability front, higher other income resulted in higher-than-expected net income. We are slightly reducing our revenue estimates based on the guidance for the second quarter of 2010 primarily because of difficult market conditions. We are however increasing our[More...]

Cognizant (NasdaqGS: CTSH) Holding Up Strong - Analyst Blog

Mon, 13 Jul 2009 15:54:47 GMT

The current economic slowdown has hit the IT industry quite, hard resulting in lower to negative growth rates, pricing pressure, project delays and cancellations, and a volatile currency exchange environment. Companies in financial services, manufacturing, and retail industries account for a major portion of total outsourced business for IT companies and are suffering from bankruptcies and consumer confidence is shaken. This has led to a slowdown in IT services. Moreover, the volatility in exchange rates has badly hurt the top line for most service providers. ? Amidst all this, Cognizant Technology Solutions (CTSH), leading provider of custom information technology (IT) to Fortune 1000 customers, seems to have weathered the storm compared to its Indian peer Wipro Ltd ([More...]

Indian Budget Disappoints Market

Mon, 06 Jul 2009 19:28:07 GMT

The Indian market reacted with disappointment to the budget presented this morning by the new Finance Minister, due to lack of any new liberalization measures and the ballooning budget deficit. The Bombay Sensitive Index plunged 870 points, or almost 6%, as the high hopes for major pro-market structural reform in pensions, insurance and retail sectors were not met. Markets were expecting that there would be a roadmap for bringing down the fiscal deficit, as also details of disinvestment and deregulation of oil prices. The budget seeks to boost government spending that would increase the fiscal deficit to 6.8% of GDP. The country's fiscal deficit has been soaring since the government enacted three fiscal stimulus packages of tax cuts and spending, on top of deep spending on fuel subsidies, government pay hikes and farmer loan and employment programs. Last year, the deficit was 6.2% of GDP, and the year before that it was 2.7% of GDP. Rising deficits[More...]

Indian Economy Will Grow Fastest

Tue, 23 Jun 2009 19:18:36 GMT

India to Be the Fastest-Growing Economy in 2010 The World Bank has projected (in its Global Development Finance Report) that the Indian economy will grow at 8% in 2010, which would make it the fastest-growing economy in the world for the first time, surpassing China, which is projected to grow at 7.7% rate. Please read Dirk Van Dijk's blog? for the World Bank's forecast on the global economy. For the current year, the Indian economy is projected to grow at 5.1%, revised up from an earlier projection of 4%. It may be added that India has consistently outperformed World Bank's forecasts in the past. The slow pace of reforms in critical areas had affected India's growth in the past years. However, the re-elected Government has promised to bring[More...]

Business Process Outsourcing

Mon, 13 Apr 2009 20:13:23 GMT

The current global economic and market downturn has taken its toll on the IT Services group as a whole. The Business Process Outsourcing (BPO) companies were all under significant pressure even before the economic malaise, with a slowdown in its growth trajectory. In other words, the BPO companies were all trading with an early 2009 growth/recovery story in mind. However, this thesis is now undergoing some re-evaluation, given that overall recovery prospects are being pushed towards the latter half of 2009 or early-2010. The current financial market fallout adds further uncertainty to their growth picture, with roughly 50% of market cap already shaved off for the BPO companies since the fallout -- relative to its 52-week high, Cognizant Tech (CTSH, Hold) is down approx. 38%, [More...]

Wipro's Guidance Hurts Stock

Thu, 22 Jan 2009 17:35:00 GMT

Wipro Ltd.'s (WIT) Q3 results met expectations with nearly 9% quarter-over-quarter increase in profits, but lower Q4 expectations are impacting the shares negatively in trading today. The company now expects revenues from IT services in Q4 to be around $1.05 billion, which is approx. 5 percent less sequentially in dollar terms. The revenue guidance includes Citi Technology Services Ltd., Citigroup's (C) in-house IT services provider in India, which Wipro acquired in December, 2008 for $127 million with an expected 2008 revenues of about $80 million. The current global downturn is clearly impacting the Indian IT Services providers, clouding visibility beyond the[More...]

Satyam Update: No Government Bailout

Thu, 15 Jan 2009 17:14:00 GMT

In this blog post, cited are Satyam Computer Services, Ltd. (SAY), Wipro (WIT), Infosys (INFY) and Nortel Networks Corp. (NT). In another blow to the struggling and beleaguered Satyam Computer Services, Ltd. (SAY), the Indian government announced earlier today that it would not step up to help Satyam with any financial assistance. We had indicated in our previous post that possibility exists for a government bailout, although there was no precedence in the Indian[More...]

Satyam Computer: Two Tier-1 Firms Out Negative - Expect Stock To Go Down

Fri, 02 Jan 2009 14:56:00 GMT

We have two tier-1 firms out cautious or even negative on Satyam Computer (NYSE:SAY) this morning: - UBS notes Satyam stock has rallied more than 25% over the past week on increased probability of a management change. While they think a smooth management change would be positive for the stock, the market has not factored in a potential disruption to business caused by uncertainty by the management/ownership change, in firm's view. New contract wins will be the first to be impacted; additionally Satyam faces competition from TCS/Infosys Technology (INFY) in its existing client base in an already challenging demand environment. Among Satyam’s large accounts, TCS also has a meaningful[More...]

India's Wipro To Acquire Citi Technology Unit For $127 Million

Tue, 23 Dec 2008 15:40:00 GMT

Wipro Technologies, a division of Wipro Limited (NYSE: WIT), said Tuesday it will purchase Citi Technology Services Ltd., a unit of Citigroup Inc. (NYSE: C), for around $127 million in cash.[More...]

India Budget Disappoints Investors

Tue, 07 Jul 2009 15:03:00 GMT

Trapped between a stuttering economy and a spiraling deficit, India's newly reelected government of Prime Minister Manmohan Singh decided on July 6 to toe a middle path, with Finance Minister Pranab Mukherjee presenting a budget that disappointed an over-eager stock market and provided little clarity on the future of reforms that have driven the country's economic growth in the past.
Instead, the government decided to tinker with tax rates, pledge increased spending in infrastructure, and borrow heavily from domestic markets to spend in rural areas, which make up more than 60% of India's population and 46% of its gross domestic product.
Investors immediately showed their disappointment.

: iStockAnalyst.com Symbols Feed

Partnerships And Mergers Updates : Wipro Partners with BP, Endo Buys US Rights to Fortesta, Siemens Buys China Metal, Google's Search for Italian Solution

Wipro Reports Higher Earnings

Cognizant (NasdaqGS: CTSH) Holding Up Strong - Analyst Blog

Indian Budget Disappoints Market

Indian Economy Will Grow Fastest

Business Process Outsourcing

Wipro's Guidance Hurts Stock

Satyam Update: No Government Bailout

Satyam Computer: Two Tier-1 Firms Out Negative - Expect Stock To Go Down

India's Wipro To Acquire Citi Technology Unit For $127 Million

India Budget Disappoints Investors

Satyam clients find that breaking up is hard to do

World Bank bars deals with unit of India's Wipro - Jan 12 2009 10:53AM

World Bank bars deals with unit of India's Wipro - Jan 12 2009 7:55AM

World Bank bars deals with unit of India's Wipro - Jan 12 2009 3:55AM

US Financial Meltdown Starting to Affect Indian IT Companies

World Financial Crisis: India's Hurting, Too

Why India Will Beat China

Zacks Analyst Blog Highlights: Wipro, Ltd., BOK Financial Corp., CarMax Inc., Coca-Cola Hellenic Bottling Co. And Iron Mountain Inc.

Jacada Signs Material Agreement With Large Public Gas & Electric Utility Provider

Wipro Signs Co-Development Agreement With Oracle

Infocrossing, a Wipro Company, Awarded PCI DSS Compliance Certification for Maximum Data Protection

Wipro Announces Oracle Powered Software-As-a-Service (SaaS) Platform ; Platform Will Help Independent Software Vendors Reduce the Cost for Enabling Their Existing Business Applications on SaaS Model

Wipro Enters into a Strategic Partnership With BP

Wipro Launches Consulting Academy in the United States

Wipro is a Leader in SAP Implementation Services - Independent Research Firm

Charming Shoppes, Inc. Expands Partnership with Wipro and Signs Strategic Servicing Agreement

Wipro First SAP Partner to be Certified Globally in Implementation of Run SAP(R) Methodology

Wipro Enters into a Strategic Partnership with BJ’s Wholesale Club