• Taj to Manage Luxury Hotel in New York
• Europe to Patner in India's Unmanned Mission to Moon
• India May Soon be a Diamond Tading Hub
• India to Bring Power to Kabul From Uzbek
• Indian Aviation Comes of Age
• Local Biotech Industry Joins $1bn Club in '04-05
• Gujarat Village is Asia's Richest
• 6 Indian Firms in BW's Infotech 100
• India up Top in Millionaires' Race
• WNS Crowned as India's BPO No.1
• Here Comes The Mother of All Softwares, Courtesy TCS
• Indians Creating Waves in Global, Inc
• IT's shining, Exports Soar to US$ 17 bn
• The World gets Trained at Infosys!
• Indian Exploration Block Attracts 26 Foreign Firms

• Japanese Investors Turn to India in a Big Way
• Forex Reserves Rise $1 bn
• Major Natural Gas Worth $50 bn Found in Gujarat
• An Indian BPO is Much Safre Than a UK One: British Firms
• 'IBM to Hire 14,000'
• Growing Indian Market For 'Business Intelligence'
• India May Soon be a Diamond Trading Hun
• Tata is Best World's Steel Producer
• Indian Shares Rise to New High
• Uncork The Bubbly, India's Shining
• India's Niche as BPO Leader Confirmed
• Flower Blomms in Outsourcing Zone
• Landline + Cell Users Base Near 1 cr Mark
• Indian American Among 100 Top US Brokers

TAJ Hotels, Resorts and Palaces, the flagship brand of Indian Hotels Company Ltd, is to re-enter the US market by signing a contract to operate and manage The Pierre, a 75-year-old luxury hotel on New York's Fifth Avenue. The Taj will take over the property on July 1 from the Four Seasons Hotel, which was running the property under a management contract with the owners, a co-operative of individuals who own residences in the hotel property. The Taj will pay an annual lease fee of $5 million on the property, which has been taken on lease for 30 years. The hotel has 201 guest rooms including 52 suites. The management fee will be comparable with the fees prevalent across the world, said Mr Raymond N. Bickson, Managing Director, Indian Hotels Company Ltd (IHCL). This is the fourth management contract the Taj group has signed for an international hotel property this year, after the ones in Bhutan, Langkawi (Malaysia) and Dubai. According to Mr R.K. Krishnakumar, Vice-Chairman, IHCL, the contract signed for the New York property fell in line with the group's strategy to internationalise its operations. "The Tata group has decided to globalise its operations as part of its strategy to defend its home operations," Mr Krishnakumar said at a media briefing here on Monday. The Taj group will continue to work on its global expansion strategy, which may see it acquiring properties in the gateway cities of Europe, North America, and China, he said. Indicating a preference for the management contract route to expansion, Mr Bickson said, while global management contracts account for 12-14 per cent of revenues currently, the group was looking to increase this to one-third of total revenues over the next five years.

Courtesy: www.thehindubusinessline.com, June 28, 2005

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Leading global and Asian powerhouses, such as OCBC group of Singapore and Malaysia, HSBC, Fidelity, Prudential and Nomura, have established India-dedicated funds and raised more than $5 billion in the last couple of months from Japanese investors. According to FII sources, each of these five companies started investing in Indian equities this month. A chief investment officer of a foreign fund registered in the country said, although the money started flowing in the last fortnight, the preparation began early this year. "Somewhat disillusioned by the returns from the Chinese equities market and the persistent Chinese antipathy towards Japan, a section of Japanese long-term investors is turning to India in a big way. This seems only a beginning. A few more international funds active in Japan are planning to have India-specific equity funds. Even the existing Japan-sourced funds for the Asian and emerging markets are seeing increased focus on Indian equities," he said. A Singapore-based fund manager, on condition of anonymity, told Business Line over phone that the comprehensive economic co-operation agreement, which will come into effect next week following the Singapore PM's visit and formalisation of the treaty, is a boost to investments in India from the Far East and South-East Asia. Apart from tax advantages, the treaty will facilitate Singapore-based investment outfits to invest in India with greater ease.

Courtesy: The Hindu Business Line: June 27, 2005

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After registering a decline in the last two weeks, India's foreign exchange reserves increased by $1.04 billion during the week ended June 17 to $139.566 billion, according to Reserve Bank of India's weekly statistical supplement released here on Saturday. Foreign currency assets also registered a rise of $1.046 billion at $133.613 billion for the reporting week. The rise in the inflows was mainly due to revaluation of international currencies, including the U.S. dollar, analysts said. Gold reserves and Special Drawing Rights (SDRs) remained static at $4.376 billion and $4 million respectively.The country's reserve tranche position dropped by $6 million to $1.573 billion, it said.

Courtesy: The Hindu, June 27, 2005

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A huge natural gas reserve, estimated to be worth Rs 200,000 crore (USD 50 bn), has been found in Krishna-Godavari basin by Gujarat State Petroleum Co, according to Gujarat Chief Minister Narendra Modi. The initial testing results have indicated presence of estimated 20 Trillion Cubic Feet (TCF) of natural gas, Modi said on Sunday. The discovery would almost double the current gas production in the country, Modi said, adding that the GSPC's priority now would be to get the gas for commercial production. "GSPC starting drilling operations on July 31, 2004, spending Rs 250 crore," Modi said adding that located 6 kms away from the shore of Yansm Kakinada coast of Andhra Pradesh, the well was 'spudded' on January 17, 2005 and drilled upto 5061 mts (5.06 kms) at a temperature of 400 degree Farenheit.

Courtesy: The Indian Express, June 27, 2005

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The European Space Agency (ESA) would partner in India's unmanned mission to the Moon, 'Chandrayaan-1', planned for 2007 or early 2008, a top Indian Space official announced on Monday. "We were trying to make the final choices. Out of that, European payloads were under discussion and we have finalised it," Indian Space Research Organisation (ISRO) Chairman G Madhavan Nair said. A Memorandum of Understanding (MoU) on the European participation would be signed this afternoon, he said on the sidelines of "International Conferences on Planetary Exploration and Space Law" organised by The Astronautical Society of India and the International Academy of Astronautics. The 'Chandrayaan-1' would place a spacecraft weighing about 525 kg around 100 km orbit of the Moon and enable high resolution chemical, mineralogical and photogeological mapping of the lunar surface. The MoU relates "mainly to the participation of the European scientific community in our 'Chandrayaan'", he said. On the US space agency's participation in the Moon mission, Nair said discussions were underway and it might take a shape in the next couple of months.

Courtesy: Hindustan Times, June 27, 2005

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Twenty-four hours after a British tabloid sting apparently clouded prospects for India's sunshine BPO industry, the UK's leading data protection experts and lawyers masterminding data transfer contracts between British companies and Indian call centres have stepped in to the row and defended India. Tim Pullan an IT & Outsourcing partner at London law firm Lawrence Graham LLP told TOI on Friday that his clients, who signed some of the biggest outsourcing contracts with India over the last two years, were eminently satisfied with the security standards in place in call centres across Delhi, Mumbai, Bangalore and elsewhere in India. Though Pullan would not name names, his law firm's clients are understood to be some of the biggest British banks and telecommunications companies to set the outsourcing trend going with India. Pullan admitted his firm had overseen seven of the biggest deals in the last 24 months. Pullan said at the time his clients were finalising rigorous data transfer contractual terms with Indian call centres, the Indian companies had been willing and able to prove they compied with ISO1799, which are internationally recognised security standards, and BS7799, the British equivalent of the ISO. He said, in stringent and possibly unexpected defence of India's furiously-growing call centre industry, that data security standards were actually more rigorous in India than in British call centres.

Courtesy: The Economic Times, June 25, 2005

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The domestic diamond industry may soon get rough diamonds directly from African countries. Many African countries have sounded out the government on selling roughs directly to India. India will join Belgium, Israel and Dubai as a centre for diamond trading, once direct access to rough diamonds is established. The country has already emerged as a big player in the finished product category - cutting and polishing imported roughs and re-exporting it as solitaires and jewelleries. As part of a deal between the Indian government and African countries, a few Indian companies may set up manufacturing facilities in countries like South Africa, Congo and Botswana. While Indian companies will provide employments to African nationals, rough diamonds from the mines in those countries will be routed directly to Indian ports as part of a proposed agreement. If the deals take place, local diamond traders are bound to benefit from the move. The diamonds will become cheaper after value addition in India. This will dilute the role of intermediaries like Diamond Trading Corporation (DTC), if not eliminate their presence in the market. DTC controls 80% of global trade in rough diamonds.

Courtesy: The Economic Times, June 25, 2005

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International Business Machines Corp., which is cutting as many as 13,000 jobs mainly in Europe, plans to hire 14,000 workers in India by year-end, according to a company document provided by a technology industry union. IBM will boost its staff in India by 58 per cent to 38,196, according to a document on the Seattle-based Washington Alliance of Technology Workers union's Web site. An IBM worker e-mailed the slide to the group, President Marcus Courtney said in an interview today. He declined to identify the person. IBM spokesman Ed Barbini wouldn't comment on whether the document is genuine. Adding people in lower-cost countries such as India may help Chief Executive Sam Palmisano revive profit at Armonk, New York- based IBM, the world's biggest computer-services company. IBM sold its personal-computer unit and is shifting resources to faster- growing regions and businesses such as consulting and management services after profit missed analysts' estimates last quarter. ``We continue to have very strong growth in emerging countries,'' Barbini said. ``We want to take advantage of the growing scales and capabilities of the Indian marketplace, as well as growing scales around the globe.''

Courtesy: www.financialexpress.com, June 25, 2005

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The market for "business intelligence" is growing in India, with multinational companies with captive units and large banks leading the spend, market research firm Frost and Sullivan told reporters here on Thursday. Business Intelligence (BI) is IT speak for information that can help businesses with critical decision-making. Companies that sell software tools to do this, or take on the task themselves in a services model earned revenues of $33 million in fiscal 2005, Alok Shende, a "director of technology practice" at Frost and Sullivan said. "By 2007, we expect this to be $70 million," Shende said, "driven by IT, telecom, and the banking, financial services and insurance sector." A recent example of a large bank buying BI software was ICICI Bank, "which has bought a full suite of BI software in deal worth $3 million". This year, the Indian market would be worth $43 million in sales, he said. The 2005 revenues were split midway between multinational buyers and large Indian companies. The multinational firms included those with large captive business process outsourcing centres serving parent firms abroad. Similarly independent Indian BPO firms could buy BI software to provide that service to clients abroad. In terms of the business model too, 47.5 per cent of the revenues came from firms buying licences from vendors, such as SAS, to use the software. In terms of adoption, pharmaceutical companies were ahead of the pack. Public sector banks, like their private competitors, and telecom utilities, were waking up to the need for "churn management" and "customer segmentation."

Courtesy: Business Standard: June 24, 2005

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Increasing its stake in the rebuilding of Afghanistan, the government on Thursday approved a Rs 479-crore power project in that country. The Union Cabinet on Thursday gave the nod to the construction of a transmission line to bring electricity generated in Uzbekistan to the city of Kabul. The work, carried out by the Power Grid Corporation of India Limited, will be completed in three-and-a-half years. The amount sanctioned by the Cabinet will be in the form of a grant. Uzbekistan will export power to its neighbouring country through a transmission line from Tirmiz, via Pule-e-Khumri, to Kabul. India is paying for the double circuit line from Pul-e-Khumri onwards, and for the construction of a power sub-station at Kabul. The government said the project will speed up economic development of the war-hit region. It will also enhance India's presence and profile in that country, it said. At its meeting on Thursday, the Cabinet also approved setting up a joint venture company by Hindustan Aeronautics and a leading French aerospace manufacturer, SNECMA Moteurs. The joint venture will produce precision parts for aircraft engines, defence minister Pranab Mukherjee told reporters. He clarified the components will be for civilian aircraft only "for the time being." The two partners will have 50:50 equity participation. The initial investment is Rs 50 crores. The government hopes the joint venture would lead to more foreign direct investment and employment opportunities for Indians.

Courtesy: The Asian Age, June 24, 2005

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The domestic diamond industry may soon get rough diamonds directly from African countries. Many African countries have sounded out the government on selling roughs directly to India. India will join Belgium, Israel and Dubai as a centre for diamond trading, once direct access to rough diamonds is established. The country has already emerged as a big player in the finished product category - cutting and polishing imported roughs and re-exporting it as solitaires and jewelleries. As part of a deal between the Indian government and African countries, a few Indian companies may set up manufacturing facilities in countries like South Africa, Congo and Botswana. While Indian companies will provide employments to African nationals, rough diamonds from the mines in those countries will be routed directly to Indian ports as part of a proposed agreement. Apart from the possibility that the value will shrink, a large public limited company is also on the anvil. Bakul Mehta, chairman, Gems and Jewellery Export Promotion Council (GJEPC) told ET that the Indian government is also playing the role of a catalyst. Currently, the diamond industry is disintegrated and absence of a large conglomerate is standing in the way of India gaining a hold over the global market. The role of intermediaries will reduce, once the proposed structure comes through. Not only Indian companies, but a few foreign companies are also expected to pick up equity stakes. The company will purchase rough diamonds from various small mines across the globe and sell them to Indian manufacturers. The other major initiative of the government, Bharat Diamonds, a diamond exchange, is expected to commence trading in May '06. The government is eyeing the gems and jewellery sector as a dominant foreign exchange earner for the country. The international trade is growing at more than 10% a year. In April '05, India imported 645m carets of rough diamond - a growth of 3% over the same period last year. Export of value added roughs, cut and polished, registered a growth of 15.5% in Apr '05.

Courtesy: The Economic Times: June 23, 2005

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Overriding stiff global competition, India's private sector steel giant Tata Iron and Steel Company has attained recognition as the "best steel company" in the world. Competing with 22 world class steel makers including Korean giant Posco and world's largest steel producer L N Mittal group, the company from the House of Tatas was ranked number one by World Steel Dynamics. "Tata Steel's selection as the topmost steel manufacturing company by WSD is a vindication of the success of the sweeping and radical changes made by the company to keep it vibrant, competitive and sustainable," B Muthuraman, managing director of Tata Steel said in New Delhi. The 23 steel companies which were covered in the WSD report included L N Mittal steel, Bao Steel of China, Posco of South Korea, US Steel, Tata Steel, Arcelor of Europe and others. The 20 stiff parameters considered for arriving at the title of best steel maker included cash operating costs, harnessing technological revolution, profitability in last four years, strength of balance sheet, dominance in the country/region, threat from nearby competitors and stock market performance. Tata Steel scored highest 8.45 marks followed by Posco with 8.25 marks.

Courtesy: The Economic Times: June 23, 2005

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It will not be a surprise if the restaurant complex at the global headquarters of Airbus in Paris starts serving Indian food. That's because of the burgeoning number of visitors to the Airbus office and the massive orders that are being placed by Indian carriers with the French aircraft maker. Of the 280 aircraft Airbus has received order for at the Paris Air Show, 135 are headed for India. Moreover, of the $50 billion that Airbus can earn from these deals, the contribution of Indian carriers is over $15 billion. "India is at the threshold of a new wave of growth. We are seeing unprecedented growth in the aviation sector here. This will continue for some time," believes Rahul Bhatia, managing director, InterGlobe Enterprises, which placed firm orders for 100 aircraft worth $6.5 billion at the show. It is anticipated that orders placed by new Indian carriers, most of them low-cost carriers, will be over 200 in the current financial year itself. Compared with this, the seven Indian carriers in operation together own about 175 airplanes. Earlier this year, Airbus forecast that the number of new aircraft it would sell to Indian carriers would go up to 400 from 220 by the year 2023. This will make the India the third largest market for new aircraft in Asia, behind China (1,790) and Japan (640), according to Airbus' Global Market Forecast 2004-2023. The aviation industry is of the view that the European aircraft maker may have to again revise its projection upwards. Rival Boeing expects India to buy aircraft worth $35 billion in the next 20 years. The demand, according to Boeing, will be driven by new carriers as well as by the government's decision to allow Indian carriers to fly on international routes. Indian Airlines will soon order 43 Airbus A 320s, Air India Express will buy 18 Boeing aircraft and Air India will buy 50 aircraft to meet its growth requirements. The two state-run carriers will invest over $8 billion in the next few years to modernise their fleet. Air Deccan, which has a total 18 aircraft (five Airbus and 13 turbo-propelled small aircraft), in December ordered 30 A320s for delivery from 2007 to 2010, plus options to buy another 25 airplanes. Kingfisher Airlines signed a contract with Airbus in December for four A320s and exercised six options, making a total of ten aircraft on firm order. The total air traffic in India is projected to rise by 5 million passengers each year over the next ten years. Besides, India's domestic air passenger market will grow over 30 per cent this calendar year to about 23 million.

Courtesy: Business Standard: June 22, 2005

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Indian shares rose more than 1.3 percent on Tuesday to a new closing high, led by a rally in index heavyweights Reliance Industries Ltd. and Oil and Natural Gas Corp.(ONGC). The 30-share Mumbai Stock Exchange index ended 1.32 percent higher at 7,076.52 points after rising as high as 7,083.58. The index has now gained 15 percent since the start of May. The 50-issue National Stock Exchange index rose 1.2 percent to 2,170 points. The index breached 7,000 for the first time in its 130-year history on Monday, boosted by sharp gains for shares in Reliance, which settled a family feud over ownership. "Today's rally was much more broad-based, sparked by Reliance and ONGC and news of good progress of monsoon," said Dharmesh Mehta, head of broking at Enam Securities Pvt. Ltd. The Karachi 100 index dived 2.26 percent to 7,489.71 points on selling following a recent surge in the index triggered by a government decision to sell a 26 percent stake in state-run Pakistan Telecommunication Co. Ltd.

STOCKS ON THE MOVE

• ONGC rose 2.5 percent to a new closing high of 944.95 rupees after it said late on Monday it received a gross price of $52 per barrel for crude in the April-June quarter, up from $36-$37 a year earlier.
• Reliance Industries rose 2.5 percent to a new high of 645.90 rupees as investors bought into the shares on expectations the demerger of the group's companies would unlock value.
• ICICI Bank Ltd. rose 3.3 percent to 418.45 rupees on expectations of higher earnings from rising demand for loans from the country's fast-growing middle class.
• Tata Steel Ltd. rose 2.5 percent to 357.25 rupees on expectations of firm prices and good quarterly earnings.
• Drug maker Cipla Ltd. rose 7 percent to 304.75 rupees on market talk the company may be discussing a tie-up with a foreign firm. Cipla officials were not available for comment.

Courtesy: www.financialexpress.com, June 22, 2005

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It's been one of those years that become the stuff of folklore. The economy is booming, salaries are rising, companies are swelling to global size. And India has more millionaires than ever before. It's party time, folks. In fact, India appears to be in the first stages of the sort of "take off" that other Asian countries have experienced over decades, which can raise its trend growth rate from 6% to 8%, or even beyond, for decades to come. And the difference here is huge - at 6% annual growth, average incomes will double in 16 years, while at 8% it would take just 11 years. The impact of such a development on living standards will be dramatic. The performance of the economy over the past year has exceeded expectations. Initial growth projections for '04-05 were around 6.8%. Expectations were pared down by a percentage point due to deficient rainfall, global price shocks in oil, steel and coal. But the economy is estimated to have grown by 6.9%. And inflation is around 5%. Strong equity index returns in '03 led to a revival of the primary market in '04. Overall public issues grew by five times to Rs 35,859 crore in '04. Bank credit has expanded by over 20% in '04-05. The number of desi millionaires is up 15% in '04 to 70,000, according to a World Wealth Report by Merrill Lynch and Capgemini.

Courtesy: The Economic Times, June 22, 2005

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India's niche as the industry leader in the BPO arena was once again lucidly visible in the attendee profile at a one-day seminar titled Globalization of Services, sponsored by Stanford University's Asia-Pacific Research Center on June 17, 2005. The presentations on offshore service activities including analytics-rich case studies and academic papers highlighting current practices and future trends in offshoring were presented by industry leaders from United States, India, China and Philippines, entrepreneurs and leading academicians. Akshya Bhargava, chief executive officer and managing director of Infosys Progeon delivered the keynote of the presentation. He emphasized the need of maturation of the Business Process Outsourcing (BPO) industry in India via re engineering and process maturity.

Courtesy: Hindustan Times, June 21, 2005

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Its varied agro climate, rich soil and cheap labour are helping India emerge as an outsourcing hub for floriculture even as strategies are being reworked to capture a growing demand for fresh and dried flowers. A start has already been made in Uttaranchal with Dutch company Neele Consultancy and Expertise helping to set up a joint venture, Horticulture Technology Pvt Ltd. "Currently, India imports a lot of flower bulbs and tubers. But now a reverse trend is being seen with overseas horticulture traders looking to outsource the task of multiplying these products to India," said K.S. Money, chairman of the Agricultural and Processed Foods Export Development Authority (APEDA). "The joint venture company, with assistance from the Dutch government, has started growing bulbs and tubers in Uttaranchal for the overseas market. The venture is the outcome of studies that showed India could be the source of bulbs at one-fifth the price," Money said. Against Rs.80 for imported bulbs available here, those produced in India are supplied overseas at Rs.15.

Courtesy: The Economic Times, June 20, 2005

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India's telecom industry grew by an impressive 28.59 per cent last fiscal with the subscriber base nearing the 100 million mark aided by cheaper call tariffs. During the last quarter of 2004-05, the growth in telecom services was 5.95 per cent with subscribers base increasing from 92.88 million in December 2004 to 98.41 million in March 2005, according to figures released by telecom regulator TRAI. The subscribers of fixed services (fixed line and WLL) increased from 44.87 million in December 2004 to 46.19 million in March 2005. Mobile subscribers based grew from 48.01 to 52.22 million during the same period. Private players increased their share in telecom sector marginally from 46 to 47 per cent. PSU telecom companies, however, increased their share in mobile services from 20 to 21 per cent. India crossed the 100-million telephone subscribers-mark in the current fiscal 2005-06 in May.

Courtesy: www.financialexpress.com, June 18, 2005

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Merrill Lynch financial advisor Raj Sharma, who is of Indian origin, has been recognised as one of "America's 100 Top Brokers" by the Barron's magazine for a second consecutive year. The recognition is based on criteria such as having the biggest books of business, and on a range of qualifications, including revenue, customer satisfaction and other factors. With 19 financial advisors on the Barron's list, Merrill Lynch has more advisors recognised than any other single financial advisory firm. "Making this list is an incredible honour and a testament to Sharma's professionalism and success in serving his clients," Merril Pyes, managing director for the downtown Boston Financial Centre, was quoted as saying. "Sharma's outstanding dedication to Merrill Lynch and his clients is truly deserving of this recognition." Boston-based Sharma has been with Merrill Lynch for 17 years, serving individual investors, corporations and foundations with comprehensive financial planning advice, estate, philanthropic and legacy planning consultation, retirement, education planning and asset management services. "The credit goes to my entire team. I applaud their dedication to client service and satisfaction," said Sharma. The team includes Sharma's partners Ken Sharma and Chris Kemp; an administrative team comprising Christina Caputo, Deanna Riccitelli and Michael Bozzi; and investment analyst Binita Patel. Barron's is a weekly magazine published by Dow Jones and was established in 1921 for private investors, money managers and corporate executives involved with the financial community.

Courtesy: Hindustan Times, June 16, 2005

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Corporate India is bitten by the `billion' bug. While a slew of companies has posted billion dollars in top lines in the recent past, especially from the IT industry, it is now the turn of the biotech sector as a whole to touch this magical figure. The newest billionaire on the block is the Indian biotech industry, which had revenues of Rs 4,745 crore ($1.068 billion) in '05. Speaking to the media, Kiran Mazumdar Shaw, president of the Association of Biotech-Led Enterprises (ABLE), said: "We should be on course to achieving the target of the next billion by 2010. Crossing the $1 billion mark means a psychological barrier has been broken." There were as many as five biotech firms that clocked revenues of over Rs 100 crore for the year ended March 31, 2005. These include Biocon (Rs 556.67 crore), Serum Institute of India (Rs 505 crore), Panacea Biotec (Rs 217.28 crore), Venkateshwara Hatcheries (Rs 188 crore) and Novo Nordisk (Rs 135 crore). Only two firms - Krebs Biochemicals(Rs 30 crore) and Bharat Biotech (Rs 36.8 crore) - witnessed a de-growth of 47.26% and 4.09% respectively in FY'05. In terms of revenue contribution, the top five companies, which had revenues of Rs 1,599.95 crore, accounted for 53.87% of the Rs 4,475 crore raked in by the biotech sector in FY '05.

Courtesy: The Economic Times, June 14, 2005

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Moolah is king in Gujarat's Madhapar village, some six km from Bhuj town. If the Rs 1,800 crore fixed deposits are an indication, Madhapar could well be Asia's richest village. With a population of 15,000, the per capita deposit averages Rs 12 lakh which, by all accounts, is the highest in the whole of Asia. The money is flowing in thanks to the huge foreign remittances made by NRIs from Madhapar settled in Africa, the Gulf, the UK and US. About 65% of the NRIs, mainly Patels, are engaged in various vocations and remit money to their kin. The remittances are deposited in nationalised banks and post offices. Ten nationalised banks have branches in the village and account for nearly Rs 900 crore in deposits while post offices share the other half. Traditionally, villagers deposit money in post offices as they consider them safe and they also earn more interest compared to banks. The staff 's personal touch also plays a big role as the employees in post. offices are known to the villagers. However, of late, NRIs find remittances through nationalised banks more convenient. The startling point is the low depositlending ratio. Lending by all public sector banks put together is a mere Rs 50 crore as against the Rs 900 crore deposit. This is mainly because villagers do not need any credit. Most of the NRIs are workers and a few of them are building contractors. Some of them who returned home have turned builders. Despite their riches, the inhabitants of Madhapura are unassuming and lead a simple lifestyle. Many still live in their old houses. The majority of depositors do odd jobs. Even the womenfolk work and earn their livelihood, thus keeping their deposits and the accrued interest intact.

Courtesy: The Times of India, June 14, 2005

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Indian IT firms Infosys, TCS, Wipro, Cognizant and Satyam and telecom services company Bharti Televentures have stormed into the Infotech 100 list of BusinessWeek Magazine, leading global business news magazine. Infosys, which has been ranked number 10 among the global infotech giants, won praises from the magazine for keeping its clients and investors happy. Tata Consultancy Services (TCS) is ranked number 12, followed by Bharti Tele-Ventures at no.19, Wipro at no.23, Cognizant Technology Solutions at no.32 and Satyam at no.85," Business Week said in its Infotech 100 list, released this morning. TCS was ranked among the 10 most profitable companies, seeing profits of over $500 million. Cognizant was ranked among the 10 best companies in shareholder return. Commenting on Infosys, the magazine said "thrilled investors" in India value Infosys,