Export-oriented small and mid-tier IT companies were able to weather the storm of rapid appreciation in the rupee against the in 2008 and early 2009, but now they are faced with the stark reality of dwindling orders as the global financial crisis continues to cause a meltdown across countries and industries, the IT & ITeS sector in India is beginning to feel the heat.
Tata Consultancy Services is likely to be worse off than its peers because of its significant exposure to Merrill Lynch.
Infosys also accounts for almost 35.7% share from BFSI and 62% share from America while Wipro accounts for 25% and 63% respectively and will be severely hit.
HCL Technologies could possibly be the least hit because of its lower exposure to financial services clients compared to its peers. Traditionally, the company has been strong in...
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