The Hindu : Front Page : Indian IT majors cautious

Online edition of India's National Newspaper
Wednesday, Sep 17, 2008
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Indian IT majors cautious

NEW DELHI: With nearly half of their revenues coming from banking and financial services segments, India’s top software exporters said on Tuesday they were closely monitoring the crisis spreading across financial markets all over the world.

While Infosys and TCS, the country’s two largest IT firms, said they did not comment on individual clients, the third largest IT firm, Wipro, said it was in dialogue with failed Lehman Brothers, although revenues from it were modest.

The fourth largest software exporter from the country, Satyam, also said it was “concerned” at the developments in the U.S. “However, the Lehman Brothers episode will not have any impact on Satyam,” Satyam Computer CFO Srinivas Vadlamani said.

HCL Technologies said that the two American majors — Lehman Brothers and Merrill Lynch — were not its clients and therefore would not have any fallout for the company. — PTI

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