Stocks of several major Indian software firms including Satyam, Infosys, Wipro, Tata Consultancy Services and Patni have taken a severe beating this year and are currently trading close to their 52-week lows reflecting serious investor concerns about the future growth prospects. Take a look at how the stocks of some prominent Indian software companies have […]
Showing the middle finger to Swedish IT workers, Ericsson has inked a five-year contract with India’s Tata Consultancy Services to provide application maintenance and development services for Ericsson’s internal IT operations. Like their American counterparts, Nordic companies are increasingly hopping on to the outsourcing bandwagon. The value of the contract was not disclosed.
Citing “serious manufacturing deficiencies” at plants belonging to Indian drug manufacturer Ranbaxy, the U.S. Food and Drug Administration has banned import of over 30 different generic drugs from the company. The Ranbaxy plants under fire are located at Dewas and Paonta Sahib in India. The FDA also sent out two warning letters to Ranbaxy, the […]
HP is firing 24,600 employees following its acquisition of EDS to “streamline the combined company’s services businesses.” While roughly half the job-cuts will come in the U.S., the remaining will be spread over several other countries and is sure to impact India too. The guillotine will drop on both EDS and HP employees. We don’t […]
Latest reports from Indian newspapers suggest that the party may be coming to an end for Indian software developers whose rise has corresponded with a steady decline in fortunes for American programmers. India’s leading daily The Times of India reports that Satyam Computers could fire up to 4,500 employees, about 9% of the company’s 51,000 […]
Party Over for Indian Software Coolies With Indian IT majors like Infosys and Tata Consultancy Services openly expressing concern over project delays and the deteriorating economic situation in the U.S., the big question is not if but when the big desi software companies will start firing their software coolies. The economic malaise is now spreading […]