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TCS, Mitsubishi to create new Japan IT services firm

India's biggest outsourcing firm Tata Consultancy Services (TCS) and Japan's Mitsubishi Corp said Monday they are teaming up to create a Japanese software services provider with annual revenues of $600 million. Tata Consultancy Services Japan, Nippon TCS Solution Center and IT Frontier Corp -- a Mitsubishi unit -- will merge to create the provider under the agreement slated to close in June. "This strategic transaction signifies our serious commitment to the Japan market," TCS chief executive N. Chandrasekaran said in a joint statement with Mitsubishi.

India's RIL posts marginal quarterly profit rise

Energy giant Reliance Industries Ltd reported a marginal rise in quarterly profit Friday, with billionaire tycoon Mukesh Ambani saying his company had turned in a "satisfying" full-year performance. Reliance, which operates the world's biggest refining complex, said net profit for its fourth quarter ended March 31 rose 0.8 percent to 56.3 billion rupees ($933 million) from a year earlier. The profit was in line with analysts' forecasts.

India's Wipro reports quarterly profit up 41%

Wipro, one of India's biggest outsourcing exporters by sales, reported Thursday quarterly net profit jumped 41 percent as clients increased spending on the back of a pick-up in the global economy. For the financial fourth quarter ended March 31, Wipro's net profit totalled 22.3 billion rupees ($371 million) on revenues that climbed 22 percent to 117.04 billion rupees. Billionaire Wipro chairman Azim Premji, India's richest tech tycoon, said the technology services company's quarterly profit was helped by "the steady improvement in the global economy".

IT czar Nilekani issues warning as India votes

IT billionaire turned political hopeful Nandan Nilekani said Thursday the "idea of India" was at stake as millions of voters headed to the ballot box in the latest phase of the mammoth elections. Nilekani, co-founder of Indian outsourcing giant Infosys, is battling for a seat for the ruling Congress party in the southern city of Bangalore, the country's IT hub for giants such as Microsoft and Google.

India's TCS reports 48.2% surge in Q4 profit

India's biggest outsourcing firm Tata Consultancy Services Wednesday reported a 48.2 percent surge in quarterly net profit from a year ago, led by new European and emerging market contracts. The Mumbai-based company, known as TCS, also declared it was "upbeat" about its prospects for the coming year. TCS said net profit for the fourth financial quarter ended March 31 climbed to 53.57 billion rupees ($888 million) from 36.15 billion rupees a year earlier.

India's Infosys sees profit leap by 25%, beats forecasts

Indian outsourcing giant Infosys on Tuesday reported quarterly net profit rose by a surprise 25 percent, lifted by new European and US contracts, as it forecast an increase in annual revenues. The Nasdaq-listed firm announced consolidated net profit climbed to 29.92-billion rupees ($496 million) in the January-March quarter from 23.9-billion rupees in the same year-earlier period. Analysts had expected Infosys to report a profit of 28.1 billion rupees.

India's Infosys profit up 25 percent, beats forecasts

Indian outsourcing giant Infosys reported Tuesday a better-than expected 25 percent jump in quarterly net profit, after winning new contracts in Europe and the United States. The company, India's second largest exporter of IT services, also forecast revenues to climb seven to nine percent in US dollar terms for the full year that started in April, driving up shares to as much as four percent.

Investors bet Sun Pharma can restore Ranbaxy to health

On the surface, Sun Pharma's $3.2-billion purchase of Indian generics rival Ranbaxy, which is in deep trouble with US regulators over safety lapses, may not look like a great deal. But Sun Pharmaceutical Industries' shares rocketed on last week's announcement it was buying Ranbaxy from Japanese drugmaker Daiichi Sankyo, which struggled unsuccessfully to resolve the Indian company's regulatory woes after its 2008 $4.6-billion acquisition.

Staff exodus to weigh on Infosys turnaround efforts

By Nivedita Bhattacharjee MUMBAI (Reuters) - An exodus of senior executives and staff at India's second largest IT outsourcing firm, Infosys Ltd, could hamper efforts to win lucrative contracts in the United States and Europe, and weigh on its profit growth outlook for this year. Between June, when founder N.R. Narayana Murthy returned from retirement to turn around the company after a string of disappointing results, and December, nearly a fifth of the workforce left, including nine senior executives.

India's Infosys says starts search for new chief executive

(Reuters) - India's Infosys Ltd said on Friday the company had started a search for chief executive S.D. Shibulal's successor and appointed Egon Zehnder to assist the nominations committee in identifying external candidates. Shibulal, one of the seven Infosys founders, wants to retire as chief executive of the company on or before January 9, 2015, or when his successor is ready to assume office, whichever is date earlier, a company statement said. (Reporting by Nivedita Bhattacharjee in MUMBAI; Editing by Sunil Nair)
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