The country's top lender, State Bank of India, said it is looking to hire more than 4,200 employees for its associate banks -- a development that comes within days of its plan to recruit 25,000 people.
SBI said in a public announcement today that it plans to recruit 4,280 clerical staff at its various associate banks for operations across the country.
The recruitment drive for its associate banks follows SBI saying earlier last month that it would hire 25,000 people in the current fiscal -- a move that comes at a time when banks across the world are mostly trimming their workforces in the backdrop of a global financial crisis.
The various associate banks for which SBI is looking to recruit the staff include State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Indore, State Bank of Patiala and State Bank of Travancore.
There are more than 1,000 vacancies each with State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore, between 240 and 440 employees would be recruited for each of State Bank of Bikaner and Jaipur, State Bank of Indore and State Bank of Mysore.
SBI Chairman O P Bhatt said on November 16 that SBI was hiring 20,000 clerical staff and 5,000 people in supervisory positions in the current fiscal. In its previous major hiring spree, SBI had announced, about a year ago, plans to increase its as well as the associate banks' headcount by about 10,000 people.
Last month, another state-run lender IDBI Bank said it was looking to hire about 650 people for its retail banking and SME finance businesses.
However, foreign banks have been mostly cutting down their payrolls, with biggest of them, Citigroup, recently saying that it plans to trim down its headcount by over 50,000 employees across the world, which reportedly includes about 1,000 employees in India.
Citi, which has already laid off over 25,000 people so far this year, plans to bring down its headcount to below 3,00,000 in the next few weeks, from more than 3,75,000 at the end of 2007.
American Express also recently said that it would lay off about 7,000 employees globally, which includes about 100 employees in India.
Tuesday, December 2, 2008
Global recession; Wipro customers cancel contracts!
Indian IT outsourcing company Wipro is seeing a few customers cancel contracts and more delaying or downsizing deals as a result of deteriorating global economic conditions, its joint chief executive said.
Girish Paranjpe added that Wipro, India's third-biggest software services exporter, was feeling minimal impact from last week's attacks that killed almost 200 people in Mumbai, and reiterated that the company expects business to improve next year.
Referring to the Mumbai attacks, he told Reuters in an interview on Monday, "I don't see any operational impact of that ..."
When asked about cancellations by Wipro's customers -- who include Cicso, Credit Suisse and Nortel -- he said: "Some few, but much more delay, postponement, resizing -- a few cancellations."
Paranjpe said he remained hopeful that business would pick up in the company's first quarter beginning in April next year after a slowing that began about a quarter ago. Customers cannot sustain constrained spending indefinitely, he said.
"About six months you can manage with compression, three to six months you can manage with compression. Beyond that, you have to start thinking longer-term," he said.
"I'm still kind of optimistic that we would have gone past the bottom some time in the first fiscal quarter" next year, he added.
Sector leader Tata Consultancy Services and fellow large Indian outsourcer Infosys have recently expressed cautious optimism about the market, but like most peers they face at least short-term uncertainty.
Wipro makes about half its revenue in the Americas, and about a quarter globally from the financial services sector -- a fairly typical business split among Indian outsourcers, whose large English-speaking workforces gave them an early advantage.
Asked how tough price negotiations were becoming, Paranjpe said Wipro was trying to help customers cut costs in other ways than lowering prices. "There is a discussion about how we can alleviate the pain that they are going through. Our discussion has been about how we can help them with cost, rather than focused on price."
"That's what clients ultimately care about: Given the downturn, how much has my budget gone down and to what extent can you contribute to help me bridge the gap?" he said.
Paranjpe argued that big players like Wipro stood to gain market share as customers looked for reliable partners. "You want fewer people you can bet on, who are going to survive the downturn as well. So there is an almost automatic flight to size and quality," he said.
Although consolidation in the financial sector would undoubtedly make for a tougher market, Paranjpe said it would also bring opportunities in the medium term as customers would have to integrate and streamline their operations.
It would also bring chances to make acquisitions as valuations dropped -- possibly large ones, after last year's $600 million buy of Infocrossing -- and to make selective hires of personnel who might have been unaffordable in better times.
"I think we have gone past the small-budget acquisitions, which is not to say that we will never do a small one, but which is also to say that big dollar signs don't scare us," he said.
"We would like all the acquisitions to be made outside India so we can globalise our workforce."
Asked about the effect of the weakening rupee and stronger dollar on Wipro's results, Paranjpe said, "It's dizzying, actually. It's completely roller-coaster, on the currency side."
"So what we have decided is that we will simply go hedge, for a certain duration, and let our treasury worry about that, and the business will really focus on generating profits from operations," he said.
Wipro will be more cautious about spending but does not plan a hiring or travel freeze, Paranjpe said.
"Building our new facilities we're kind of watching more carefully, hiring lots more people. We're kind of being circumspect about spending on marketing ... being more cautious about travel."
"Full-page ads are out," he added. "Any business which has been in full growth mode for five years does accumulate a certain amount of excess baggage."
Source: Reuters
Girish Paranjpe added that Wipro, India's third-biggest software services exporter, was feeling minimal impact from last week's attacks that killed almost 200 people in Mumbai, and reiterated that the company expects business to improve next year.
Referring to the Mumbai attacks, he told Reuters in an interview on Monday, "I don't see any operational impact of that ..."
When asked about cancellations by Wipro's customers -- who include Cicso, Credit Suisse and Nortel -- he said: "Some few, but much more delay, postponement, resizing -- a few cancellations."
Paranjpe said he remained hopeful that business would pick up in the company's first quarter beginning in April next year after a slowing that began about a quarter ago. Customers cannot sustain constrained spending indefinitely, he said.
"About six months you can manage with compression, three to six months you can manage with compression. Beyond that, you have to start thinking longer-term," he said.
"I'm still kind of optimistic that we would have gone past the bottom some time in the first fiscal quarter" next year, he added.
Sector leader Tata Consultancy Services and fellow large Indian outsourcer Infosys have recently expressed cautious optimism about the market, but like most peers they face at least short-term uncertainty.
Wipro makes about half its revenue in the Americas, and about a quarter globally from the financial services sector -- a fairly typical business split among Indian outsourcers, whose large English-speaking workforces gave them an early advantage.
Asked how tough price negotiations were becoming, Paranjpe said Wipro was trying to help customers cut costs in other ways than lowering prices. "There is a discussion about how we can alleviate the pain that they are going through. Our discussion has been about how we can help them with cost, rather than focused on price."
"That's what clients ultimately care about: Given the downturn, how much has my budget gone down and to what extent can you contribute to help me bridge the gap?" he said.
Paranjpe argued that big players like Wipro stood to gain market share as customers looked for reliable partners. "You want fewer people you can bet on, who are going to survive the downturn as well. So there is an almost automatic flight to size and quality," he said.
Although consolidation in the financial sector would undoubtedly make for a tougher market, Paranjpe said it would also bring opportunities in the medium term as customers would have to integrate and streamline their operations.
It would also bring chances to make acquisitions as valuations dropped -- possibly large ones, after last year's $600 million buy of Infocrossing -- and to make selective hires of personnel who might have been unaffordable in better times.
"I think we have gone past the small-budget acquisitions, which is not to say that we will never do a small one, but which is also to say that big dollar signs don't scare us," he said.
"We would like all the acquisitions to be made outside India so we can globalise our workforce."
Asked about the effect of the weakening rupee and stronger dollar on Wipro's results, Paranjpe said, "It's dizzying, actually. It's completely roller-coaster, on the currency side."
"So what we have decided is that we will simply go hedge, for a certain duration, and let our treasury worry about that, and the business will really focus on generating profits from operations," he said.
Wipro will be more cautious about spending but does not plan a hiring or travel freeze, Paranjpe said.
"Building our new facilities we're kind of watching more carefully, hiring lots more people. We're kind of being circumspect about spending on marketing ... being more cautious about travel."
"Full-page ads are out," he added. "Any business which has been in full growth mode for five years does accumulate a certain amount of excess baggage."
Source: Reuters
Now hear inaudible phone calls too
The new Jabra BT530 from innovative headset solutions provider GN Netcom, features Noise Blackout, an exciting noise cancellation technology that eradicates all ambient sound, but does not compromise on voice quality – it's the perfect balance between noise elimination and the delivery of a natural sounding voice. This state of the art solution makes you feel like you're talking to friends and relatives directly from the phone!
Noise cancellation technology:
Exclusively developed by GN Netcom, Noise Blackout uses dual microphones to capture sound whilst intelligently filtering background noise to offer premium audio quality. Used together with advanced DSP technology and Audio Shock Protection that monitors incoming audio volume, sound is innovatively balanced to block out background sound, leaving both sides of the call with a natural sounding voice quality that's second to none.
Great for all day use:
The Jabra BT530 has auto-pair technology which means that it's intuitive and user-friendly, great if you're busy and need to get set up quickly. Its multiuse capability means the headset can connect to a mobile phone and PC at the same time, making it the ideal companion for both in and out of the office.
The Jabra BT530 is light and comfortable to wear and comes with a selection of 3 sizes of Jabra Eargels (an innovative device that enables the headset to sit in your ear) and a removable earhook allowing you to wear the headset throughout the day. Attractive, but unassuming, it features an attractive mesh strip detail that runs along its sophisticated curved form, demonstrating an understated style.
Source: CIOL
Noise cancellation technology:
Exclusively developed by GN Netcom, Noise Blackout uses dual microphones to capture sound whilst intelligently filtering background noise to offer premium audio quality. Used together with advanced DSP technology and Audio Shock Protection that monitors incoming audio volume, sound is innovatively balanced to block out background sound, leaving both sides of the call with a natural sounding voice quality that's second to none.
Great for all day use:
The Jabra BT530 has auto-pair technology which means that it's intuitive and user-friendly, great if you're busy and need to get set up quickly. Its multiuse capability means the headset can connect to a mobile phone and PC at the same time, making it the ideal companion for both in and out of the office.
The Jabra BT530 is light and comfortable to wear and comes with a selection of 3 sizes of Jabra Eargels (an innovative device that enables the headset to sit in your ear) and a removable earhook allowing you to wear the headset throughout the day. Attractive, but unassuming, it features an attractive mesh strip detail that runs along its sophisticated curved form, demonstrating an understated style.
Source: CIOL
Retailers tighten belts at Dubai shopping festival
Some big Dubai retailers, accustomed to giddy spending in the Gulf Arab tax-free haven, are grappling with a drop in sales as consumers worry about the impact of the global financial crisis on their wallets.
The Gulf has not been as heavily hit by the credit crisis as Europe and the US, but the contagion has led to stock market routs, tight lending conditions and a range of government and central bank attempts to mitigate its impact.
In the United Arab Emirates, home to the glitzy financial hub of Dubai where shopping is virtually a national sport, a frisson of fear has seeped into consumers' minds.
"Business is 20 per cent down in the last week in retail," Mohi-din Bin Hendi, president of Bin Hendi Enterprises, told Reuters.
"In the beginning, people did not take it seriously. When they start to get their ATM cards refused from the bank, that's when sense come back ... that this is serious."
Bin Hendi, whose retail-based conglomerate operates in the Gulf Arab region and India and offers everything from jewelry to sofas, said the firm would take steps to ready for a further decline in consumer spending and would "cut the desirables, go to the essentials."
Asked whether he would cut jobs, he said: "Absolutely. We have not come to a figure as yet."
"People with wise moves won't suffer as much as those who think this is only a cloudy day and it'll clear up tomorrow. It won't clear up tomorrow that easily.
"We have to sit tight, cut down our costs and be smart."
Dubai consumers have begun to see uncomfortable signs on the crisis' toll on the city, long known for spending excesses.
Companies are quietly shedding jobs or not hiring, according to recruiters, while the Arab world's biggest listed developer, Emaar Properties EMAR.DU recently gave buyers more time to pay for new homes given difficulties in obtaining mortgages.
The UAE's biggest bank has stopped lending to foreigners who work for top Dubai property firms on fears a slowdown could jeopardize their jobs and income and an Islamic mortgage lender, Amlak AMLK.DU, has suspended new loans altogether for now.
Less spending per person
"There is less footfall in the stores, people are tightening their belts," said a retail manager who declined to be identified. "It's never been like this before."
The global financial meltdown came just as the world's biggest mall opened in Dubai and nearly each week has seen the announcement of one lavish retail exercise after another.
This week, British luxury retailer Burberry said it had created a new firm with its UAE franchisee, Jashanmal, that would manage all its retail and wholesale operations in the Gulf Arab region.
Jashanmal Group President Gangu Batra said forming the joint venture made business sense given its long ties to the British firm but the timing could have been better.
"Now all we can say is I hope it doesn't affect us too much. There will be some effect and we will see that effect in the course of time," he told Reuters.
Batra said same-store sales on a yearly basis were steady at the retailer, which operates department stores, booksellers and franchises for brands like Calvin Klein, but the firm was bracing for a slowdown in the wider economy in coming months.
"People are still there but spending per person has gone down," he said. "I don't think our country will be immune to these problems.
"I can see some slowdown when I go to restaurants and hotels. The view is, so far, there's no reduction in the tourists but then when they do the booking, they do so months in advance."
According to a 2007 annual country report, visitors to Dubai represent 69 per cent of all luxury retail and leisure spending.
Batra said spending levels were likely to decline even further once the current wave of vacationers head home.
Caution has seeped into every aspect of consumer spending. One Dubai-based dentist said business had fallen about 40 percent this year. "People see it as cosmetic rather than essential," she said.
Source: Reuters
The Gulf has not been as heavily hit by the credit crisis as Europe and the US, but the contagion has led to stock market routs, tight lending conditions and a range of government and central bank attempts to mitigate its impact.
In the United Arab Emirates, home to the glitzy financial hub of Dubai where shopping is virtually a national sport, a frisson of fear has seeped into consumers' minds.
"Business is 20 per cent down in the last week in retail," Mohi-din Bin Hendi, president of Bin Hendi Enterprises, told Reuters.
"In the beginning, people did not take it seriously. When they start to get their ATM cards refused from the bank, that's when sense come back ... that this is serious."
Bin Hendi, whose retail-based conglomerate operates in the Gulf Arab region and India and offers everything from jewelry to sofas, said the firm would take steps to ready for a further decline in consumer spending and would "cut the desirables, go to the essentials."
Asked whether he would cut jobs, he said: "Absolutely. We have not come to a figure as yet."
"People with wise moves won't suffer as much as those who think this is only a cloudy day and it'll clear up tomorrow. It won't clear up tomorrow that easily.
"We have to sit tight, cut down our costs and be smart."
Dubai consumers have begun to see uncomfortable signs on the crisis' toll on the city, long known for spending excesses.
Companies are quietly shedding jobs or not hiring, according to recruiters, while the Arab world's biggest listed developer, Emaar Properties EMAR.DU recently gave buyers more time to pay for new homes given difficulties in obtaining mortgages.
The UAE's biggest bank has stopped lending to foreigners who work for top Dubai property firms on fears a slowdown could jeopardize their jobs and income and an Islamic mortgage lender, Amlak AMLK.DU, has suspended new loans altogether for now.
Less spending per person
"There is less footfall in the stores, people are tightening their belts," said a retail manager who declined to be identified. "It's never been like this before."
The global financial meltdown came just as the world's biggest mall opened in Dubai and nearly each week has seen the announcement of one lavish retail exercise after another.
This week, British luxury retailer Burberry said it had created a new firm with its UAE franchisee, Jashanmal, that would manage all its retail and wholesale operations in the Gulf Arab region.
Jashanmal Group President Gangu Batra said forming the joint venture made business sense given its long ties to the British firm but the timing could have been better.
"Now all we can say is I hope it doesn't affect us too much. There will be some effect and we will see that effect in the course of time," he told Reuters.
Batra said same-store sales on a yearly basis were steady at the retailer, which operates department stores, booksellers and franchises for brands like Calvin Klein, but the firm was bracing for a slowdown in the wider economy in coming months.
"People are still there but spending per person has gone down," he said. "I don't think our country will be immune to these problems.
"I can see some slowdown when I go to restaurants and hotels. The view is, so far, there's no reduction in the tourists but then when they do the booking, they do so months in advance."
According to a 2007 annual country report, visitors to Dubai represent 69 per cent of all luxury retail and leisure spending.
Batra said spending levels were likely to decline even further once the current wave of vacationers head home.
Caution has seeped into every aspect of consumer spending. One Dubai-based dentist said business had fallen about 40 percent this year. "People see it as cosmetic rather than essential," she said.
Source: Reuters
India ranked fourth with 81 mn Net users
India has been ranked fourth among the top 10 nations in the world with 81 million Internet users. United States leads the chart with 220 million Internet users followed by China (210 million) and Japan (88.1 m).
Brazil comes next to India with 53.1 million users, UK 40.2 million, Germany 39.1 million, Republic of Korea 35.5 million, Italy 32 million and France 31.5 million.
The Internet Governance Forum has released these statistics on the eve of its third four-day global conference that begins at the Hyderabad International Convention Centre on December 3.
From about 70 million people (1.7% of the world population) who had access to the Internet at the end of 2007, the figure crossed 134.8 crore by 2007. Asia has the highest number of Internet users with an estimated 568.7 million people followed by the Americas with 377.9 million.
Europe ranks third in this list with 335.9 million users and Africa and Oceania close the rank with 51.8 million and 14 million users respectively, according to the IGF. India, however, does not find place among the top ten nations in terms of broadband connections where too the US stands first with 73.2 million connections.
China has 66.4 million, Japan 28.28 million, Germany 19.6 million, UK 15.6 million, France 15.5 million, Republic of Korea 14. 7 million, Italy 10.8 million, Canada 9 million and Spain 8 million broadband connections. While there were a total of 13.5 million Internet subscribers in India, representing 1.15 per 100 people, broadband subscribers accounted for five million among them.
However, the number of users, who have online access but do not themselves subscribe, is a whopping 81 million or 6.93 users per people.
Source: PTI
Brazil comes next to India with 53.1 million users, UK 40.2 million, Germany 39.1 million, Republic of Korea 35.5 million, Italy 32 million and France 31.5 million.
The Internet Governance Forum has released these statistics on the eve of its third four-day global conference that begins at the Hyderabad International Convention Centre on December 3.
From about 70 million people (1.7% of the world population) who had access to the Internet at the end of 2007, the figure crossed 134.8 crore by 2007. Asia has the highest number of Internet users with an estimated 568.7 million people followed by the Americas with 377.9 million.
Europe ranks third in this list with 335.9 million users and Africa and Oceania close the rank with 51.8 million and 14 million users respectively, according to the IGF. India, however, does not find place among the top ten nations in terms of broadband connections where too the US stands first with 73.2 million connections.
China has 66.4 million, Japan 28.28 million, Germany 19.6 million, UK 15.6 million, France 15.5 million, Republic of Korea 14. 7 million, Italy 10.8 million, Canada 9 million and Spain 8 million broadband connections. While there were a total of 13.5 million Internet subscribers in India, representing 1.15 per 100 people, broadband subscribers accounted for five million among them.
However, the number of users, who have online access but do not themselves subscribe, is a whopping 81 million or 6.93 users per people.
Source: PTI
Monday, December 1, 2008
Is Google a threat to telcos?
Google's influence and market power with key telecommunications industry stakeholders is having a significant impact on the industry, says research firm Gartner.
According to Alex Winogradoff, research vice president, Gartner, Google will continue to be a market disruptor and disintermediator, especially in the communications market. "Carriers should selectively partner with Google rather than trying to compete, especially in areas where they don't have differentiated and core assets," he said. "However, carriers should also find common ground with Google (for example, on network neutrality) and, if necessary, look for creative ways to oppose Google on issues critical to their survival."
Gartner said that coming late to the operating-system and mobile markets has not been a problem for Google and that its Android and Open Handset Alliance (OHA) activities have already had a profound effect on the mobile industry. In addition to disrupting the traditional telecom ecosystem, Google's actions are diluting the market potential and the service providers' ability to profitably monetise their investments in new markets (such as entertainment and software as a service (SaaS) applications).
The research firm highlighted six critical actions by Google that have already had, or will have, the greatest impact on the telecom industry. Google pressured the Federal Communications Commission (FCC) to set aside the "C" Block (22MHz to 11MHz in the uplink and 11MHz in the downlink within the US 700MHz spectrum auctions) as an open-access spectrum. All winning "C" Block bidders would be required to provide open access to applications (which cannot be blocked) and devices (which cannot be locked).
Google's primary motivation was to encourage the development of open broadband network platforms to ensure they will be able to deliver bandwidth-intense over-the-air services and applications.
On November 5 2007, several technology and wireless companies jointly announced the formation of the OHA and the development of Android, a new software platform for mobile devices that includes an operating system (OS), middleware and key applications based on the Linux OS and open-source principles.
This was quickly followed on November 12 2007, with a preliminary release of the Android SDK, as part of Google's $10 million developer challenge. This will help ensure that application and access openness is maintained on the mobile Internet as effectively as on the wired network to enable Google's ad model to spread as successfully as it has on the wired Internet; to open up the "closed" mobile industry ecosystem to Google's applications; and to enable Google to exert a strong influence over the development of the next-generation mobile OS.
Since the US regulator (FCC) adopted four network neutrality principles designed "to encourage broadband deployment and preserve and promote the open and interconnected nature of the public Internet," Google and other Web-centric companies have been lobbying the US Congress to codify these rules in favour of something called non-discrimination in network design between the public and private Internet.
In short, Google wants regulation to ensure that the public Internet remains free from potential discrimination and content blocking but also wants equality between the public and private Internet at no cost to customers or Web companies (in essence, no quality of service).
Google has been investing heavily to develop the world's most complete storehouse of geographic and mapping data supported by innovative applications that can detect mobile devices.
Google wants to be "the most-trusted source" and the best at matching up unique geographic location-based data so it can take advantage of just-in-time advertising opportunities derived from location-aware applications and bypass device manufacturers and carriers as the gatekeepers of location data.
Known as "white space" in the US and "interleaved spectrum" in the UK, this is the underutilised 800MHz spectrum that can be used to broadcast TV through the airwaves but also has highly favourable propagation characteristics for wireless broadband.
A powerful industry lobby backed by Google, Microsoft, Philips, Dell, HP, Skype and others (known as the Wireless Innovation Alliance) has been urging the FCC to develop rules to unlock the potential of TV white spaces.
Google's interest in white spaces is another effort to ensure that there are viable broadband options available for their services. The spectrum, which will likely be released as an open spectrum in 2010, would become another means for bypassing the carrier access network. Google is looking to engage enterprises by getting them hooked on using its applications and cloud computing infrastructure. Making it easy for users to download Google applications and giving them free space on Google's cloud infrastructure.
This will give Google great marketing insight to help it develop a presence within the SMB market. With eventual migration to larger enterprises where enterprises will come to Google for all their back-office SaaS needs.
The impact on carriers looking to generate revenue from the SaaS business model within the SMB market will require carriers to clearly differentiate their applications from Google or partner with it.
Source: Indiatimes
No global impact; ACS to hire 1,000 in India
Amid gloomy scenario in the global job markets, hiring in India is continuing at a strong pace with world's largest business process ou tsourcing firm Affiliated Computer Services planning to recruit 1,000 people in the next 6-8 months in the country.
"We are looking to increase our headcount by 1,000 employees in India in the next 6-8 months, out of which about 500 would be employed in our new facility at Noida, which is in the process of being set up," ACS India Country Head and Vice President Aman Mustafa said.
The company is in the process of setting up a new facility in Noida, while it already has offices in Bangalore, Kochi and Chennai and the total employee strength of the company is around 5,000 in the country. Bangalore operation has a capacity of about 2,800 people and around 1,800 people are stationed in Kochi.
"Despite the global economic crisis our business has not been affected and our existing and new clients have been approaching us for services to reduce their costs," Mustafa said.
Mustafa further said that ACS Inc's balance sheet is stable with strong cash flows amid the economic downturn, even as its shares have taken a beating at the New York Stock Exchange. The global firm has a market capitalisation of over 3.86 billion dollar.
Recently, a host of firms, including Metlife India, Deloitte Touche Tohmatsu, State Bank of India, Larsen and Toubro are planning to recruit over 70,000 people in the country.
"We are looking to increase our headcount by 1,000 employees in India in the next 6-8 months, out of which about 500 would be employed in our new facility at Noida, which is in the process of being set up," ACS India Country Head and Vice President Aman Mustafa said.
The company is in the process of setting up a new facility in Noida, while it already has offices in Bangalore, Kochi and Chennai and the total employee strength of the company is around 5,000 in the country. Bangalore operation has a capacity of about 2,800 people and around 1,800 people are stationed in Kochi.
"Despite the global economic crisis our business has not been affected and our existing and new clients have been approaching us for services to reduce their costs," Mustafa said.
Mustafa further said that ACS Inc's balance sheet is stable with strong cash flows amid the economic downturn, even as its shares have taken a beating at the New York Stock Exchange. The global firm has a market capitalisation of over 3.86 billion dollar.
Recently, a host of firms, including Metlife India, Deloitte Touche Tohmatsu, State Bank of India, Larsen and Toubro are planning to recruit over 70,000 people in the country.
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