- Markets lost the ground gained during the week by Friday, financial stocks being the largest mover again this week followed by commodities
- Barclays said it had a strong start in '09, echoing similar comments made last week by C, BAC and JPM, while HSBC indicated that it does not need more capital
- February housing starts hit an annualized rate of 583,000, up from record lows and above the rate of 450,000 starts that was expected. Meanwhile, February building permits hit an annualized rate of 547,000, which is above the 500,000 that was expected
- Federal Reserve announced that it will pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities
- Investors booked profits and turned more cautious on concerns that Fed’s injection of another $1 trillion into the ailing financial system could spark inflation in future
Industry Roundup:
- Tech services sector up 1% during the week as markets were not focused on the sector
- Sun Microsystems surged 78% on report of IBM takeover bid
- IBM today announced that Travelport has selected IBM to assist in the modernization and consolidation of its data centers into a single, Atlanta-based facility
- HP today announced that Choice Hotels selected the HP Compliance Log Warehouse (CLW) 2.0, a software that provides real-time collection, storage and retrieval of network activity logs to detect unusual events that could lead to a security breach, to address regulatory demands and reduce risk to Choice’s business
- HP, in partnership with Indian Institute of Hardware Technology announced the launch of ‘HP Software University’ (HPSU), a first of its kind program in the non-enterprise training space aiming to address the growing demand of software testing professionals in India
- CSC won a $29 million contract for support services for the operation, maintenance, support and management of the OCONUS Navy Enterprise Network
- Putting an end to about 8 months of waiting, TCS has finally decided to complete the process of bringing on board the campus recruits of 2008 by this month
- HCL has signed a $350 million outsourcing contract with Reader's Digest, where HCL would provide application development and infrastructure support across the application stack of Oracle, open technologies, main frame, infrastructure support for network, security, storage, end user computing and data centres
- Infosys is deploying about 10% of its 100,000 employees on internal projects involving writing programming code for human resource systems, invoicing systems, inter-departmental communication systems and training curriculum
- Perot announced the 10-year extension to its agreement with Swiss Re, under which it will continue to provide ongoing administrative & business process services, including support for new Swiss Re acquisitions, customer service & transaction processing through Perot Systems LifeSys full service policy administration platform
- Genpact announced that it has been positioned by Gartner, Inc. in the Challengers quadrant of its ‘Magic Quadrant for Help Desk Outsourcing, North America’
- Wipro announced implementation of Oracle eBusiness Suite (EBS) 11i with multi lingual support in both in English and Spanish for Flex Americas (subsidiary of Uflex Ltd, India) in Mexico
- Wipro has won a major contract with the University of Canberra to handle its IT, student admission, payroll and finance functions
- The Employees State Insurance Corporation (ESIC), has signed a Rs 1,182-crore contract with Wipro for converting its paper-based administrative and operational system into a paperless E-governance system
- HDFC Mutual Fund has raised its stake in Patni Computer Systems to 5.18 per cent by acquiring additional 50 lakh shares for about Rs 55 crore from the open market
- On Mar 20 Fitch Ratings withdrew its AAA ratings of Tech Mahindra stating the uncertainties regarding TML’s Satyam bid; On Mar 21 Tech Mahindra announced that CARE has assigned its highest credit rating of AAA to TML
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