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Economy
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Local chief executive Gary Ebeyan expects business process outsourcing work to double in the next year, while core banking revenues could grow rapidly if the company succeeds in several bids.
'We have four BPO customers and we are probably in negotiation with another six or seven on top of that, and we expect that to increase,' Mr Ebeyan said.
'The Finacle core banking platform will be explosive.'
The National Australia Bank has shortlisted Infosys along with Oracle for its billion-dollar core systems overhaul, but Mr Ebeyan declined to comment on these discussions.
He also expects growth of between 20 and 30 per cent in its 'bread and butter' enterprise application business, which includes application development and legacy application maintenance.
In the financial year ending March 31, 2008, Infosys recorded revenues of $159 million, up 24 per cent on the previous year.
This figure is only for work performed in Australia, and doesn't include revenue generated by offshore work on local projects.
Infosys's annual profit grew by 41 per cent to $28.9 million.
The company is well positioned to service the growing market for business process outsourcing, having appointed a local practice head last year.
Mr Ebeyan said Infosys started investing heavily in its core banking product two to three years ago.
'We hired a consulting team, which did a gap analysis of the market and where Finacle was, and we now have the roadmap to carry out those changes.'
Infosys employed between 900 and 1200 staff, depending on the workload, and this would probably grow by 20-30 per cent, Mr Ebeyan said.
Rival outsourcer Satyam is building a 2000-seat facility in Geelong and has a goal of hiring 1400 people over the next four years, a large number of whom would be local graduates.
Mr Ebeyan said Infosys's strategy did not include hiring a large number of local graduates.
'We aim to recruit a smaller number of high-calibre graduates who we can fast-track to a higher value role, such as architecture or program management. That's what we focus on, rather than getting 100 graduates and using them as programmers.'
The company sent about 10 students a year to its 1 million square metre training facility in Mysore, India.
'We have the largest training institute in the southern hemisphere in Mysore, where we can house and train 10,000 people at a time,' Mr Ebeyan said.
'They can actually learn our processes and see the organisation at its root level, and it also gives them opportunities to work on global delivery for global clients.'...
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The rupee is now within a striking distance of the 44-mark versus the greenback. On Wednesday, the local currency fell to 43.87 levels during the day, but timely intervention from RBI prevented the rupee from losing further ground against the dollar. The rupee has weakened over 150 paise over past 10 days.
Amid huge volatility, there was heavy dollar-demand from importers and oil companies, which took the rupee to a 17-month low. The rupee finally ended the day at 43.70/72 against the dollar, after state-owned banks sold dollars at RBI’s behest to halt the rupee’s fall. The rupee had closed at 43.59/60 levels on Monday. .
Foreign banks were also seen buying dollars in the spot market, in an attempt to arbitrage the price differential in the overseas non-deliverable forwards (NDF) market. Foreign banks often buy dollars in the spot market, and simultaneously sell them on the NDF market when the rates there are weaker. A dip in the stock market also raised fears of further dollar repatriation by foreign investors.
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Tomorrow you would see it is touching 13% sugar is spoiling the things...
In reply to:
Inflation at 12.44%: Is it time to panic?
Posted by :
sonu11
No , Do not panic now , as you will have lots of oppertunity to panic until end of 2009.
Inflation is not going to come down in single digit very soon. Unless cereal , commodity and fuel prices crash !!!
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The economic slowdown appears to be casting its shadow over corporate profitability expectations. So while direct tax proceeds have almost doubled in the first four months of the fiscal, the advance tax kitty has not risen proportionately.
While corporate collections from direct tax up to end-July increased by 46.95% over the previous fiscal, advance tax collections rose by a mere 18%. Until July 31 this year, the government netted Rs 23,500 crore in advance tax, against Rs 19,900 crore in the same period a year earlier. In 2007, advance tax collections from the first installment increased 35%, against Rs 14,700 crore up to July 31, 2006.
“There has been an increase in corporate advance tax collections, but it is lower than what was recorded last fiscal,” an official source told FE. A clearer picture will probably emerge once the second installment is paid by September 15, he added. Advance tax is considered a good indicator of corporate profitability as it is paid based on the year’s estimated earnings.
Instead of paying a lump sum at the end of the fiscal, companies make their tax payments in four installments, the deadlines for which are June 15, September 15, December 15 and March 15. Companies pay 15% of advance tax estimates by June 15, another 30% by September 15, followed by another 30% by December 15. The remaining 25% is paid by March 15.
Tax officials said the top 50 advance-tax paying companies paid at least 25% higher tax in the June 2008 installment. But smaller companies have made lower payments. According to the list of 100 top advance taxpayers until June 15, many banks and infrastructure companies expect a fall in profits and have paid less tax.
The higher cost of oil, raw materials and financing, along with the weakening rupee, has squeezed corporate margins, analysts said. So, while toplines may grow reasonably well this year, expenses would also be higher, impacting overall profitability.
“There is a sense that some sectors like automobiles are slowing down. There will continue to be growth in margins, although there is also greater pressure on them, which will impact advance tax payments,” said Gaurav Taneja, partner, Ernst & Young.
Mahesh Purohit, director, Foundation for Public Economics & Policy Research, said, “In view of the anticipated lower growth in the economy, companies may estimate a decline in their growth of income, which may affect their tax and contractual payments.” The September 15 payment will be crucial, he added.
The increase in direct taxes until July has been mainly because of better collections, an income-tax official explained. Despite the lower advance tax collections, the CBDT is confidence of achieving its Budget target of almost Rs 4 lakh crore. T
-TFE
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India\'s annual inflation rate is forecast to have risen to 12.63 percent on Aug. 9, which would be the highest since annual numbers in the current series ...
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Asian Currencies to remain stronger for more time of this remaining FY09\\\\`. Post olympics, the entire scene will be different. I think Rs. 40 per dollar would be soon revisited.
Oil demand is not at all strong & thst really speculative to say that demand is strong. Sharp fall in demand can be seen in crude from China followed by Japan. Also, many oil drilling coming next year, the supply seem to be much more than thought. Worldwide many oil drilling projects might be broght into play & demand is not at all increasing so rapidly. The recent price increase in oil is 80% due to speculation that oil reserves are going to end sooner than later. But in fact, the reserves are 100% more into unexplored form but would be brought under explored zone sooner than later by low cost oil extractions.
Bearish on Oil now. & also, strong asian currencies to take hit....
In reply to:
Rupee may touch 44/$ in short-term: StanChart
Posted by :
MMB Messenger
Agam Gupta, Head of Forex, StanChart feels that in the short-term, there could be a bit more of an upmove in the rupee because oil demand is still strong and RBI is not protecting any level at the moment. He is looking at highs of Rs 44 per dollar in the short-term.
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Agam Gupta, Head of Forex, StanChart feels that in the short-term, there could be a bit more of an upmove in the rupee because oil demand is still strong and RBI is not protecting any level at the moment. He is looking at highs of Rs 44 per dollar in the short-term....
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Rising inflation and higher input costs may be putting pressure on India Inc but this has not taken a toll on employee salaries. At least not yet. In fact, salaries went up by almost 14.8% this year. Indeed, this may be lower than last year\'s average of 15.1%, but the slowing down of the economy has not really affected salaries this year. This was revealed by a study conducted across 150 companies by Hewitt Associates.
However, the scene may change next year, as 63% of organisations surveyed said that inflation and rising input costs have been discussed and considered in the context of their salary increase budgets for 2009. Many of them are looking at ways to balance the pressures of inflation and lower HR budgets.
But there is no need to worry yet feels Sandeep Chaudhary, leader of Hewitt\'s Rewards Consulting Practice in India. \"While salary increases have been between 14%-15% since 2004, a slightly lowered projection is not a sign of worry. This is a good time for organisations to consolidate their HR strategies towards a high performance orientation and also look at removing redundancies.\"
Among the various sectors, it\'s the infrastructure (24.1%) which has registered the highest salary increase this year. Although, its lower than last year\'s 28.4%. Banking, financial services and insurance sector at 16.5% saw the second highest increase followed by manufacturing at 15.1%. Salaries in the IT/ITeS sector have dropped compared to 2007 at 12.6% and the trend is expected to continue in 2009.
In fact, projections for next year are not so hunky dowry. The average hike across sectors is expected to be 13.9%, lower than this year. However, salaries in the telecom sector is expected to continue moving north in 2009.
Most sectors will see a dip of 1-2 percentage points next year. At 19%, infrastructure sector is expected to register the maximum dip.
Much like last year, the average salary increases will be the highest at the middle and junior management levels at around 15%. Interestingly, general staff and manual workforce are witnessing higher salary increases compared to last year. Chaudhury says, \"The job market has slowed down considerably across sectors, and the irrational salary offers being given to hire talent in the past will now be restricted to a much smaller population.\"
-TOI...
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Rs. 40 per dollar would be revisited somewhat medium term. Downside for rupee is capped & I thin Rupee to be stronger on account of stronger asian currencies immediately post Beijing 2008 olympics....
In reply to:
See $ at Rs 42–44.50 range in 1 yr: Experts
Posted by : MMB Messenger
Thomas Harr, Senior Foreign Exchange Strategist at Standard Chartered Bank believes that in the short-term, euro-dollar will consolidate, with dollar retracing a bit; while in the medium-term, dollar is likely to be significantly stronger versus euro.
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Thomas Harr, Senior Foreign Exchange Strategist at Standard Chartered Bank believes that in the short-term, euro-dollar will consolidate, with dollar retracing a bit; while in the medium-term, dollar is likely to be significantly stronger versus euro. ...
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No , Do not panic now , as you will have lots of oppertunity to panic until end of 2009.
Inflation is not going to come down in single digit very soon. Unless cereal , commodity and fuel prices crash !!!
...
In reply to:
Inflation for week-ended Aug 2 at 12.44% vs 12.01%
Posted by : MMB Messenger
Inflation for the week-ended August 2 has come in at 12.44% as against 12.01%, reports CNBC-TV18. A CNBC-TV18 poll saw inflation rising to 12.15% for the week ended August 2.
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Weather Rumours of Hurricane & storms & some pipeline cut or some quick handmade news are making crude spike to some exit level so that inevstors are not moutning on losses & can safely exit with no loss-profit kind of game.
But How Long this would continue? I doubt NOT SURELY AFTER 24 August. POST Beijing 2008....
In reply to:
Crude slips below $112/bbl
Posted by : MMB Messenger
Crude prices fell below USD 113 per barrel as fears that tropical storm Fay would damage major oil and gas infrastructure in the Gulf of Mexico eased. In after hours access trading, crude is at USD 112.32 per barrel.
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Weather Rumours of Hurricane & storms & some pipeline cut or some quick handmade news are making crude spike to some exit level so that inevstors are not moutning on losses & can safely exit with no loss-profit kind of game.
But How Long this would continue? I doubt NOT SURELY AFTER 24 August. POST Beijing 2008....
In reply to:
Crude slips below $112/bbl
Posted by : MMB Messenger
Crude prices fell below USD 113 per barrel as fears that tropical storm Fay would damage major oil and gas infrastructure in the Gulf of Mexico eased. In after hours access trading, crude is at USD 112.32 per barrel.
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Crude could give some spike upto USD 120 per barrel but on poor buying Interest. FED might be just on its way to make its tight decision on inflation. Exit opporuinty coming way for small investors who cant stay for 2 more years. Even after some years there are no chances of crude touching its high....
In reply to:
Crude slips below $112/bbl
Posted by : MMB Messenger
Crude prices fell below USD 113 per barrel as fears that tropical storm Fay would damage major oil and gas infrastructure in the Gulf of Mexico eased. In after hours access trading, crude is at USD 112.32 per barrel.
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Crude gave intrday Spike at USD 116.65/barrel. However could end in negative background today itself....
In reply to:
Crude slips below $112/bbl
Posted by : MMB Messenger
Crude prices fell below USD 113 per barrel as fears that tropical storm Fay would damage major oil and gas infrastructure in the Gulf of Mexico eased. In after hours access trading, crude is at USD 112.32 per barrel.
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