The 30-share Sensex ended down 297 points at 27,438 and the 50-share Nifty closed 93 points lower at 8,305.
Within the IT industry, reactions to Barack Obama's historic victory have not been as pessimistic as expected. IT firms have been worried because Obama, as Senator, introduced the Patriot Employer Act of 2007 that gave tax credits for companies that maintain or increase the number of full-time workers in America relative to those outside the US.
Higher impetus on automation through higher funding of e-governance projects and rationalisation and clarity on levy of taxes would bring relief, says the computer hardware industry.
With prominent Indian IT companies such as Tata Consultancy Services (TCS), Wipro, Infosys Technologies, Zensar Technologies and Satyam Computer Services increasing their presence in Japan, the world's second largest IT services market is becoming a lucrative market for India.
The central government's view of exploring public-private partnership (PPP) in the establishment of new institutes of higher learning has a private hand, right from the first step.
Infosys Chairman Narayan Murthy equated the present economic crisis in the US to the Great Depression. "The present crisis in the US reminds me of the 1929 depression. More signals are emanating of the 1929 depression than the 70s' one. I have a suspicion that it (the present crisis) could be a longer one," he said. A recovery from the present crisis may take longer than 18 months, he said.
Indian IT companies can take a breather as the US Senate vote for imposing stringent conditions on the hiring of H-1B visa workers.
Analysts say the impact on Indian entities would not be immediate
Fearing that the image of the Indian IT companies globally will take a beating following the Satyam fiasco,IT-BPO union UNITES on Friday said that industry body Nasscom should institute an inquiry in association with World Bank on Satyam, which has been banned from doing business with the bank for eight years.
"Till the second quarter of last fiscal, the industry was on track to achieve the $50 billion export target by 2008-09. The aspiration to reach $60 billion by fiscal 2010 is at risk since an unprecedented slowdown is expected in key markets overseas, especially the US and Europe, which account for about 80 percent of Indian software exports," Nasscom president Som Mittal said. Nasscom has now extended the target year for achieving $60 billion export revenue to 2011.
Within the next two years the national capital will have its own IT hub aiming to foster industry-institute partnership in the areas of advanced technology research in the city.
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
Howard County delegates will meet Bangalore firms to explore possibilities of business expansion of Indian companies in Howard County.
As the co-founder of Comat Technologies, leading provider of e-governance solutions, Sriram Raghavan initiated the concept of rural business process outsourcing units and rural business centres.
From being a BSE employee, to starting Financial Technologies, to building the MCX, it has been an incredible journey for Dewang Neralla.
rediff.com brings to you a special series on India's best innovators and entrepreneurs, winners of the latest Nasscom Innovation Award 2007.
Meet Madan Padaki, the man behind MeritTrac, an online assessment company, which won the latest Nasscom Innovation Award.
But, majority might be left out, as only those investing in entities recognised by the government could qualify
Innovation often happens informally was the crux of Sabeer Bhatia's message at the Nasscom Product conclave in Bangalore to entrepreneurs who wanted to replicate the success of his hotmail.com
The Finance Ministry ruled out introduction of Advance Pricing Agreement programme for deciding tax liability of the companies in advance in the near future, saying that in the absence of an institutional mechanism such system would not be effective. An Advance Pricing Agreement is a binding contract between a taxpayer & the tax authority under which the 2 parties agree on the transfer pricing policy for specified transactions of the taxpayer over a given period of time.
Infosys' chief executive officer and managing director Vishal Sikka says despite a healthy guidance, he can't say if this would be 'industry leading'.
Indian export-oriented information technology (IT) and business process outsourcing (BPO) firms may be grappling with an appreciating rupee and clouds of doubt looming over the extension of tax sops for the sector beyond 2009. An Everest-Nasscom study points out that the domestic BPO market, with a growth rate of 50 per cent over the last five years, has grown faster than the overall Indian BPO market to reach nearly $1.6 billion (Rs 6,400 crore) by end of FY2008.
For the first time in three years, India will register lower growth rate, but some economists believe all is not lost.
Advances in technology could render much of the Indian IT services industry obsolete.
MindTree Consulting won the Nasscom award for innovation. In conversation with its CEO Subroto Bagchi on what makes MindTree an inspiring organisation.
Despite a tough economic scenario, the Indian IT software and services sector will touch the $50-billion mark in 2008-09, though the indicated growth is lower at 21-24 per cent (currency-adjusted), according to Nasscom.
Doing business in India is still not as easy as it is in the western world. But the change has begun. We are moving in the right direction.
"While $30 billion is the achievable target, 50 billion is the aspirational target", Nasscom President Som Mittal said on Tuesday while releasing the findings of a study on India's BPO industry conducted jointly with the Everest Group, a global strategy consulting group.
According to McKinsey numbers, IT expenditure can give a return of up to around 10 times by reworking supply chains and logistics, managing resources better and so on. If a firm reduces IT expenditures by around 15 per cent, this will add around 0.5 per cent to long-run EBIT. Retaining expenditure levels could add 1-2 per cent to EBIT in terms of better merchandising and 3-5 per cent in terms of better pricing by reducing revenue leakages.
Nasscom estimates that the KPO industry is poised for a 45 per cent per annum growth till 2010. The current hotspots in KPO are engineering and design, basic data search, integration and management and biotech & pharma.
Nasscom President R Chandrashekhar discusses the ramifications of Trump's 'Buy American-hire American' agenda with Raghu Krishnan.
The government has given an 'in-principle' approval to the special incentive package prepared by the department of information technology for semiconductor manufacturing and other high-tech industries.
India needs to provide vocational training to at least 10 million people in the 15-29 age group every year.
In January 2003, the American Finance Association awarded Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40.
The aerospace technology outsourcing market in India will touch $1 billion by 2009, according to Nasscom.
A recent study by Nasscom suggests that only a fourth of the 400,000 students graduating every year in the country are employable.
The Indian software product sector is expected to register a 10-fold increase in revenues over the next seven years. Revenues may range between $9.5 billion and $12 billion by FY15, from the current $1.4 billion, according to a new Nasscom-Zinnov study.
'The move is a succession plan where Sikka comes on the board as vice chairman.'
According to a study more than one-fifth of India's product start-ups are from the city.
The domestic market for business process outsourcing - which is growing at a compound annual growth rate of 50 per cent - is catching the attention of BPO companies that have traditionally catered to the international market.
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