The Mint Report for 04 August 2010

The Mint Report for 04 August 2010

New Delhi: India is now the single-biggest contributor to Standard Chartered’s profits, racing ahead of old favourite Hong Kong. Profits from Indian operations rose 19% to $624 million dollars before tax. Indian wholesale banking operations generated a profit of $517 million, an increase of 14%. Overall, Standard Chartered Plc posted a 10% gain in operating profit to $3.12 billion.

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India’s biggest IT company TCS has won a contract from Pricewaterhouse Coopers. Under the deal, TCS will handle back office operations for the audit firm’s American and British arms. The contract was awarded soon after PWC laid off at least 500 of its own IT employees at its Tampa Bay, Florida office. PWC says those employees will be have until the end of the year to seek other opportunities within the company or opt for strong severance packages. Many of those laid off are Indian nationals. The size of the TCS contract is still unknown.

Meanwhile TCS stock closed with a gain of 4.43% on the BSE on Wednesday, closing at Rs870.

Indian IT stocks also rallied on Wednesday after America-based Congnizant announced profits that beat all expectations. Infosys shares climbed 2.99% on the BSE to finish at 2,867.80. And Wipro stock surged 3.96%, ending at 428.85.