Thursday, October 23, 2008


India's Tech Firms Unlikely to Elude Global Crisis

Lackluster Profits From Flagship Companies Suggest Sector Won't Dodge Global Crisis

By NIRAJ SHETH and VIBHUTI AGARWAL

India's leading technology companies -- the flagships of the country's economy -- doused hopes that they could escape from a spreading global financial crisis anytime soon.

"Our outlook is cautious in the near term given the extent of strain on the global economy," said Azim Premji, chairman of Wipro Ltd.. That pessimism comes despite a sharp weakening of the Indian rupee, which helps tech companies that earn most of their revenue overseas.

Under Indian accounting standards, Bangalore-based Wipro said net profit for the July-September period rose to 9.78 billion rupees ($200.2 million) from 8.24 billion rupees in the year-earlier quarter. ...


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