Wipro: India outsourcer's quarterly profit up, attrition rises

[Newsjock]

Source: Associated Press

MUMBAI, India — Indian software services firm Wipro said quarterly profit jumped 21 percent to 12.1 billion rupees ($269 million), as rising global demand for outsourcing spread from financial services to lagging sectors like technology and telecommunications.

"We have seen another strong quarter of broad-based, volume-led growth," Chairman Azim Premji said in a statement Friday. "The business environment is returning to normal."

Revenue for the January-to-March quarter was 69.8 billion rupees ($1.6 billion), 8 percent higher than a year earlier. Wipro also recommended a dividend of 6 rupees a share and an offer of two bonus shares for every three.

... Wipro said it added 27 new clients during the quarter, including U.S. insurer The Main Street America Group and Best Buy.

Read more: http://www.mercurynews.com/twitter/ci_14944881?source=rss

[scentopine]

1. democratic and republican leadership should be proud

of this accomplishment. And Giethner has just assured India that the outsourcing will continue.

And they can't figure out why this country is turning so angry and hostile to Washington and each other.

And as we continue to fire teachers and bust unions, millions of jobs go to unskilled, unregulated labor markets in Asia.

Fortune 500 is out spending local municipal school budgets.

So your property taxes went up so your child can learn the latest Microsoft products in kindergarten, meanwhile companies like Microsoft & AT&T are outsourcing jobs to a 24 year old in Bangalore who is using a computer for the first time and getting paid $7/hr.

So, Obama and his ace Sec. Education are making us work harder for good grades and eventually we can learn how to work for $7/hr with no health insurance.

As long as democratic leadership continues this free market bullshit, they are just as unworthy of support as the republicans.

In general, the quality of work product in India is still horrible. Like the all you can eat buffet, the food sucks, but at least there is alot of it. Of course that will change over time.

Wall Street is literally chopping up every bit of intellectual property in America and selling it to Asia for pennies on the dollar.

Jesus - if we don't get wall street under control they will destroy all of us - including the centrist free traders and other right wingers in the democratic party who cheer on outsourcing and H1B. Mark my word - it is coming.

[snagglepuss]

2. Well said. What also grates is that politicians continually speak of creating jobs

but NEVER address the fact that if the so called green jobs are created they too will probably be outsourced.

[scentopine]

3. insurance companies are outsourcing claims to India

because the staff is less sympathetic. Medical records, imaging, lab work - there is investment in technology to preserve biological samples so they can be sent to India for processing. The CEO has nothing to worry about - if a worker gets raped by their boss, or if a worker gets sick they get fired and no one knows shit about it. Out of sight, out of mind and real live slave labor. Its a wall street wet dream except that it isn't a dream its reality.

[OhioChick]

5. US offshores 22,000 green jobs to India

http://expressbuzz.com/finance/Business/us-offshores-22000-green-jobs-to-india/61733.html

[snagglepuss]

6. That succinct and devestating article deserves a separate thread.

The ramping up of outsourcing spells disaster. Since almost every job can be outsourced there is no way unemployment can be adequately addressed. The fact that stimulus spending is basically stimulating the Indian economy is outrageous. The argument that raising the standard of living elsewhere will benefit the US by generating demand for US goods and services is utter crap because those goods and servies are now produced elsewhere.

[OhioChick]

4. +1,000 n/t

[MisterP]

7. "high staff attrition and wage pressures"

so it's not benefiting the Indian workers, as the neoliberal cultists keep prating at us.

of course, the entire gospel of Reaganomics-with-soaring-liberal-rhetoric-and-maybe-some-blind-party-loyality-for-the-unbipartisan is that "if you destroy your social services and infrastructure nice foreigners will invest and bring JOBS, JOBS, JOBS! and thus European/U.S. levels of living via capitalism." as any Commie could tell you, this is a surefire road to 1890s-style exploitation and erases two centuries of state support for both businesses and ordinary folks in favor of some messianic vision of money that summons labor into being and automagically ensures that it is distributed in the best way possible.

[Haole Girl]

8. This just pisses me off. nt