Tuesday, April 28, 2009

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Syntel Q1 earnings tops Street, ups '09 profit view

Information technology services and knowledge process outsourcing firm Syntel Inc posted a better-than-expected quarterly profit and raised its 2009 earnings forecast, sending its shares up as much as 27 percent.

The company, which had cut about 5 percent of its jobs during the first quarter, said the fall in the value of Indian rupee and cost management helped its operating margins during the first quarter.

U.S.-based Syntel, which competes with companies like Cognizant Technology and Infosys, provides low-cost business process outsourcing services from India where most of its employees are located.


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