Top Stories 

Bain Capital buys stake in Genpact for $1bn

Genpact Limited, a global leader in business process management and technology services, has announced that affiliates of Bain Capital Partners have agreed to purchase approximately 68mn Genpact common shares from entities affiliated with General Atlantic (GA) and Oak Hill Capital Partners for $14.76 per share, or approximately $1bn.

Closing of the transaction will take place after payment to all shareholders, including GA and Oak Hill Capital, of the special dividend of $2.24 per share announced by Genpact today.

Under the terms of the transaction, South Asia Private Investments and other affiliates of Bain Capital have agreed to purchase approximately 68 million Genpact common shares from entities affiliated with GA and Oak Hill Capital for $1 billion, representing approximately 30% of Genpact’s outstanding shares. At the closing, Bain Capital will name four directors to Genpact’s board to replace the current GA and Oak Hill Capital directors. After the transaction, the selling shareholders will in the aggregate own approximately 10% of Genpact’s outstanding shares.

IT Cos may hire less during placement season: reports

India's IT companies will be hiring much less during this placement season starting August-September, according to reports.

Reports stated that Wipro, which had planned to keep the ratio of on-campus and off-campus hiring at 90:10 in the beginning of the year, has changed it to 70:30.

Last month, Infosys said that it could delay the joining dates of over 25,000 freshers it had hired from campuses in the 2011 placement season, says report.

Nasscom has cut IT-BPO industry's growth forecast to 11-14% this year, down from 16% last year.

BVR Mohan Reddy, Chairman and Managing Director, Infotech Enterprises

In Focus

23,000 employees joining Infosys this month: reports

About 23,000 employees have started joining Infosys from this month, according to reports.

CEO and Managing Director S D Shibulal reportedly said that Infosys gave offer letters to 23,000 people last year for joining work starting July, 2012.

The company made a gross addition of 45,605 employees during the last fiscal ended March 31, 2012.

For the current fiscal 2012-13, Infosys plans to hire 35,000 employees, including 13,000 for its BPO operations, report says.

Domestic News

Wipro becomes SAP Services Partner in South Africa

Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro Limited announced that it has become an SAP® services partner of SAP South Africa, a subsidiary of SAP AG.

Wipro Technologies is a global SAP services partner and one of the first SAP partners to have achieved global certification in the implementation of the Run SAP methodology. As an SAP services partner in South Africa, Wipro will extend its in-depth industry knowledge and implementation skills related to SAP's comprehensive range of enterprise applications.

"The extension of our partnership with SAP in South Africa will enable our customers to draw from our global expertise and take advantage of SAP's best-in-class solutions," said Shailendra Singh, Business Director- South Africa, Wipro Technologies. "Wipro will work closely with SAP in the region - leveraging capabilities of both companies - to help customers do business better."

SEBI imposes 5 lakh fine on Satyam's officer G Jayaraman: reports

SEBI has imposed a Rs. five lakh fine on  Satyam Computer's compliance officer G Jayaraman for failing in his duty to avoid insider trading in the company's shares in December 2008, according to reports.

Reports said that Jayaraman's role came during Sebi's investigations into the Satyam scam, which came to light during the financial year 2008-09.

Ziraat Bank selects TCS BaNCS to power international banking operations
 
Tata Consultancy Services announced that Ziraat Bank, Turkey, has selected the TCS BaNCS core banking  platform for a multi-country implementation as part of its international growth strategy. This transformational engagement, which commenced in July 2012, follows a ‘model office solution’ approach towards the deployment across multiple countries in Europe.

The critical factors behind TCS BaNCS selection as the solution of choice by Ziraat Bank were its flexibility and parameterization. These in turn are complemented by TCS’ delivery certainty paradigm as experienced by more than 280 customers worldwide.

NIIT Technologies secures 350mn contract from India Tobacco Board

Wipro implements Core Banking Solution for 5 Co-operative Banks under NABARD

Lenovo launches of 4 new stores in Mumbai

NASSCOM hosts panel discussion on minimizing human capital risk in recruitment

Kuwait Clearing Company completes successful upgrade to TCS BaNCS

Thinksoft acquires own premises in Chennai

Results Watch

Mahindra Satyam Q1 net profit at Rs3.52bn

Mahindra Satyam Ltd has posted results for the first quarter ended 30th June, 2012.

Its net profit was stood at Rs3.53bn, while revenue was stood at Rs18.80bn.

Vineet Nayyar, Chairman, Mahindra Satyam, said, “With this quarter, we have successfully ended our 3-year transformational journey, recording progress on the back of strong fundamentals, focus and investments. Global business realities continue to be unpredictable. However we are confident of taking forward our momentum.”

Speaking on the occasion, CP Gurnani, CEO, Mahindra Satyam, said, “We compete in the marketplace today with investments in services, markets and our differentiators. Our plans to convert some of these bullets into cannonballs is a reflection of our performance this quarter.”

Genpact Q2 revenue up 18%

Genpact Limited, a global leader in business process management and technology services, today announced financial results for the second quarter ended June 30, 2012.  Genpact also announced that it expects to pay a special cash dividend to all shareholders of $2.24 per common share, or approximately $500 million in total.
 
Key Financial Results – Second Quarter 2012
 
Revenues were $467.6mn, up 17.6% from $397.6mn in the second quarter of 2011, primarily driven by growth in revenues from Global Clients. Business process management and technology services revenues from Global Clients were up 19.8% and 38.4% respectively.
 
Net income attributable to Genpact Limited shareholders was $61.1 mn, up 56.6% from $39.0mn in the second quarter of 2011; net income margin for the second quarter of 2012 was 13.1%, up from 9.8% in the second quarter of 2011.

Diluted earnings per common share were $0.27, up 55.4% from $0.17 in the second quarter of 2011.

Ramco Systems Q1 net loss at US$2.84mn

Hexaware Tech Q2 cons net profit at Rs890.316 mn

Repro India Q1 revenue surges 21%

Accelya Kale Solutions Q4 net profit at Rs129.84mn

Firstsource Solutions Q1 net profit jumps 172%

Symphony Q4 net profit jumps 68%

International News

Microsoft replaces Hotmail with Outlook: reports

Microsoft has  announced the launch of  Outlook.com, which it said will replace Hotmail, according to reports.

Reports said that this spells the death of the free Web-based email service that Microsoft had bought from Bhatia and his colleague at Apple, Jack Smith, in 1998 for about $400 mn.

Hotmail was still the world's largest online mail service as of June, according to reports.

Reports stated that but Hotmail  is losing customers to Google's Gmail, the fastest-growing rival, which has about 31% of the market.

Google acquires Wildfire: reports

Google Inc has acquired marketing start-up Wildfire to help the world's largest Internet search company expand further into social media, according to reports.
Reports stated that Google paid about $250 mn for the business.

Wildfire provides software that links to Facebook Inc, Twitter, LinkedIn Corp, Pinterest and other social networks, allowing customers to manage their online brand and presence, says report.

Apple- Twitter talks end...No deal

Apple is not in talks with Twitter about investing in the operator of a micro- blogging service, according to reports. Reports stated that the companies were in discussions more than a year ago and talks ended without an agreement. The deal would have valued Twitter at more than $10 bin, says report.

Cemex outsources jobs to IBM: reports

Mexico's top cement maker Cemex is outsourcing jobs worldwide to IBM in a deal that will help it save $1 bn over 10 years, according to reports.

Reports stated that Cemex has been working its way out of deep debt obligations for the past three years.

Cemex will start passing jobs to IBM from September and the entire transition process should be done by December of next year, says report.

There are reports that IBM will provide Cemex with business process and information technology services.

TI expands microcontroller LaunchPad ecosystem

HP announces Next-generation automated Network Management software

Internet grows to more than 233 million Domain: VeriSign, Inc.

The Internet Ownership

Syntel sponsors “Capture The Flag” Ethical Hacking contest

DesignTech Systems Honored with Siemens PLM Software 2012 Top India Partner Award

Symantec announces findings of SMB Disaster Preparedness Survey