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|November 27, 1997||
The steep fall of the rupee spells only one
The software industry, which expects to make exports worth $1 billion in 1997-98, is jubilant over the rupee touching a historic low of 38.55 against the dollar on Monday.
|T O D A Y|
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Wipro, which ranked number one among information technology companies last year in the DQ Top 20 survey, stands to gain phenomenally from the foreign exchange crisis.
Wipro exported software worth Rs 2.73 billion during 1996-97 and has set itself an impressive target of Rs 4 billion during 1997-98.
Although, Wipro declines to say how much of the export kitty will be shored up by the impact, it is expected to be anywhere around Rs 100 million, considering the 2.67 per cent depreciation of the rupee.
Infosys Technologies Limited, which is a net foreign exchange earner, will also gain considerably as it earns over 60 per cent of its revenue from software exports.
Infosys had ended up with revenues of Rs 1.43 billion last year when its exports were worth Rs 1.25 billion. With a growth rate over 50 per cent, Infosys is in for some really good windfall.
- Compiled from the Indian media