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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (5673)	8/19/1999 8:43:00 AM
From: Mohan Marette	Respond to of 12475

India's 1st-Qtr Software Exports Grow 55% Boosted by Y2K Demand Bloomberg News August 19, 1999, 3:18 a.m. PT New Delhi, Aug. 19 (Bloomberg) -- India's software exports surged 55 percent in the three months ended June, boosted by increased demand for software programs to solve problems arising from the Year 2000 computer bug. Software exports rose to 35.2 billion rupees ($811 million)during the period, from 22.7 billion rupees in the same period last year, the National Association of Software and Service Companies, or Nasscom, said. ``The contribution of Y2K solution projects in software exports is almost 20 percent of total software exports in Q1,' said Dewang Mehta, president of Nasscom. Indian companies, such as Infosys Technologies Ltd. and Wipro Ltd., have seen their software exports surge and some of these companies have been among the best-performing Indian stocks in the past year. Software accounts for 5 percent of the country's total exports, and Nasscom expects the figure to rise to 25 percent by 2003. With software companies posting sterling performances on the stock market this year, the total market capitalization of information technology companies is estimated at about 790.7 billion rupees, or 15 percent of the total market capitalization of companies listed on Indian stock exchanges, said Nasscom. The country's software exports are expected to rise 50 percent to 167 billion rupees (approx. $3.84 billion) in the year ending March 2000....