HCL (India) bags $500-mn IT outsourcing deal from Merck

[OhioChick]

Source: Economic Times of India

5 May 2010, 0231 hrs IST,ET Bureau

NEW DELHI: India’s fifth-largest IT services company HCL Technologies on Tuesday bagged a $500-million strategic IT outsourcing contract from the US-based Merck Sharp and Dohme (MSD). The pact with one of the largest drug makers in the world may indicate the return of the large-ticket deals in the Indian IT sector.

Large size deals of the order of $300 million or above had virtually disappeared from Indian IT sector in the past two years. The average size of deals was reduced to the $50-$120 million range, as CIOs cut IT budgets during market meltdown.

Citibank’s $2.5 billion contract with TCS in 2005, ABN Amro’s $400-million IT contract with TCS and Infosys in 2005, and TCS’ $848-million deal with the UK-based Pearl Group in 2008 are some of the contracts that come close to the HCL-Merck deal.

Shares of the BSE-listed HCL Technologies shot to their 52-week high to Rs 402 during the day, before closing at Rs 398, after the company announced the deal during market hours.


Read more: http://economictimes.indiatimes.com/infotech/ites/HCL-bags-500-mn-IT-outsourcing-deal-from-Merck/articleshow/5891244.cms

[truedelphi]

1. Thank you for posting. India Times

Is a great source for things they don't mention often in our press.

[Fridays Child]

2. Muck Ferck.

[DJ13]

3. The great sucking sound is sucking the life out of our country

[PM Martin]

4. Boo...Hissss!

:thumbsdown:

[ChromeFoundry]

5. This shit is happening every other day. n/t

[scentopine]

6. Geithner promised more jobs for India and he delivered! -nt