Infosys to meet guidance  
May 28, 2008
Source: REUTERS

NEW DELHI: Infosys Technologies, India's No. 2 software-services exporter, is being helped by a weaker rupee, although its chief executive said on Tuesday that it would not be changing its earnings guidance because of the move. 

The rupee hit a 13-month low of 43.21 per dollar last week. It has fallen 8 percent so far this year, making it one of Asia's weakest currencies against the dollar, after it rose more than 12 percent in 2007. "At this level it is helpful to IT," S Gopalakrishnan told Reuters at an industry event in New Delhi. 

"But more important is stability. We don't know which way it will go ... we have to wait and watch," he said, adding that the company would give updated guidance in its June quarter results. Satyam Computer Services Ltd, India's fourth-largest software-services exporter, was maintaining its earnings forecast for the current quarter and the full year to March 2009 despite a weaker rupee, its chief financial officer said on Monday. 

When asked whether the rupee's weakening would lead to losses on derivative positions, Gopalakrishnan said Infosys had reduced hedging positions to $760 million at the beginning of the April-June quarter, from $1.1 billion six months ago. 
Shares in Infosys were little changed at 1,886 rupees at 0627 GMT in a Mumbai market that was up 0.3 percent. (Editing by John Mair) 

Parle Software ties up with Samay Tech     
May 28 , 2008 
SOURCE: Google

Mumbai, May 27 City-based IT services firm Parle Software Ltd has tied up with software solution provider Samay Technologies Inc (US) and has entrusted it with the source code for developing and customising ERP Software.

Parle claims that this move will enable it to zero down the “exchange fluctuation risks in a volatile foreign exchange conditions”. The company communicated this to the stock exchanges here on Tuesday.

Analysts that Business Line spoke to were of the view that the move in itself cannot enable Parle counter forex movements.

Being a company incorporated in India, it has to bring revenues billed in dollars back to the country, said one of them. Moreover, any business between the two companies will be in the currency of the region.

Officials from the Mumbai-based company were not available for comment.

The company has also setup a dedicated corporate office at Park Avenue, New York, US to oversee the software operations to be carried out by Samay Technologies Inc. 

This office will become operational from June 1, the statement said.

The Parle scrip was down by 3.23 per cent to close at Rs 219 on the BSE on Tuesday.

N. Rangachari on Sankhya board   
May 28, 2008 
SOURCE: Google

Sankhya Infotech Ltd, a Hyderabad-based technology provider for simulation and learning, has inducted Mr N. Rangachari, first chairman of Insurance Regulatory Development Authority (IRDA), on to the company board. Mr Rangachari is now the Financial Advisor to the Government of Andhra Pradesh. The Managing Director of Sankhya Infotech, Mr N. Sridhar, told Business Line that Mr Rangachari brings expertise in finance and insurance sector to the company. As a listed company which is currently deploying one of the largest e-learning initiatives for chartered accountants, we believe his expertise and guidance would be of immense support for the Rs 20-crore project now underway, he said. The objective of this project is to cover 1,50,000 CAs and over 50,000 students, he said.