Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases Prepared by Infiniti Research exclusively for XYZ Corp Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 1 Management Research Project A Report On Competitor Analysis of Satyam BFSI segment & A study of their corporate cases Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 2 Management Research Project A Report On Competitor Analysis of Satyam BFSI segment & A study of their corporate cases Submitted to: Submitted by: Prof. Sukesh Kumar.B.R IBS Bangalore Kakoli Dash 06bs1452 IBS Bangalore Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 3 Acknowledgement: They say that when you want something, the entire universe conspires in helping you to achieve it…..indeed it does. The testimony remains with me here, having met with such wonderful people who have showered me with their pearls of wisdom, and made my walk across a lot easier, and as wise men put it, when you have the determination you do have the triumph of hope over experience. I express my sincere thanks to Prof.Sukesh Kumar B.R, ICFAI Business School, Bangalore, without his direction, I would have been lost. He provided me with a platform for my project, and has given me a constant guidance, motivation and feedback for my work. From him I learnt an invaluable lessen, that the path of knowledge is never ending, and how much ever you learn, its still a drop in the ocean, I did try to maximize my learning as far as possible within this time constraint, but my interest would make me seek whole new paths all over again. I would like to express my sincere thanks to all My Friends, who helped me in materializing the project as it is, with their in valuable suggestions and constant motivation. And, Last but no the least, I thank those shoulders which have guarded me all through parents”, without whose support I would not even have been able to do this project. “My Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 4 Table of Contents Abstract ........................................................................................... 6 Introduction ..................................................................................... 7 NEED OF IT IN BFSI........................................................................ 10 Objective of the project ............................................................. 12 Methodology .............................................................................. 12 Limitations ................................................................................... 12 Satyam- The Company Profile........................................................ 13 Organizational structure ............................................................. 14 Top executives ............................................................................ 15 Satyam banking .......................................................................... 17 Satyam Insurance ....................................................................... 18 Satyam Financial Services........................................................... 19 Satyam’s technology bandwidth in BFSI ..................................... 20 Satyam’s customers .................................................................... 21 Satyam’s competitors across the globe ...................................... 23 Figure: Overview of Satyam’s global competitors ...................... 23 SWOT ANALYSIS: Satyam computers BFSI segment ......................... 24 Case studies at Satyam Banking solutions ..................................... 25 Case 1: Application Support and Maintenance of Loan Administration System ................................................................. 25 Case 2:Development of a Real-time Information Sharing Portal . 26 Case3: Development of Vendor Kiosk Application ..................... 28 COMPARATIVE ANALYSIS ................................................................ 30 Business overview of competitors in brief.................................... 30 Business segments ....................................................................... 31 Customer Base: ........................................................................... 32 Geographical break up of revenues:.......................................... 33 Segment wise revenue break-up: Satyam................................... 34 Competitive Financial Performance FY07 ................................... 37 Growth Outlook .......................................................................... 38 Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 5 Competitive SWOT Analysis of Satyam: ....................................... 42 Appendix ....................................................................................... 43 Findings & Recommendations ........................................................ 45 Recommendation: ...................................................................... 47 References ..................................................................................... 48 Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 6 Abstract The project “competitor analysis of Satyam BFSI and a study of their corporate cases” intends to examine the corporate structure and issues circumventing the Satyam BFSI. On a detailed note, The Project analyses the software Industry on a comprehensive perspective. The top five players in the Indian industry (segmented by revenue) has been taken. The aforementioned firms are TCS, Infosys, Wipro, Satyam and HCL. Out of these the first four form a part of the premier league, or the Tier I firms,(though satyams position is vulnerable and contended often) while HCL has not yet been able to make it to the top bracket, and forms a part of the Tier II firms. Said and done, these firms form a chunk of our service industry and can be seen hogging the limelight quite often. Another service scape that has stolen the show as an emerging star is that of the BFSI. Our IT service providers are one of the major contenders to share its fame. And thus arises the BFSI segment in the IT verticals. So much is the thirst for the Segment, which is supposed to be one of the biggest revenue generators of the current times, that One of the IT service providers fetch as much as 45% revenue from the said segment. In the following research I have presented a precise Framework of the picture, in which these firms compete, taking into back drop “Satyam”, as a major contender. The report assesses the said firms on the competitive lines, and tries to frameout suggestive actions to be taken by Satyam. Some of the findings are: 1.An increased revenue from BFSI 2. Satyam has a competitive advantage over its ERP packages 3. Satyam will implement T24, Temenos"s modular core banking system that will be giving it an Edge towards the technological front 4. Expanding presence in existing markets and penetrating new geographic markets. These were some of the Highlights from Satyam, the report will give a more detailed overview about the competitive standing of Satyam. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 7 Introduction Around the world Banking Financial Services and Insurance Industry has been outperforming the general economy. With the growth figures surpassing a CAGR of 36%, the industry has seen a dramatic transformation in the past decade, witnessing major trends like tighter regulatory and compliance frameworks, a spate of mergers and acquisition and increasing demands for customized and sophisticated products and services. Besides these important trends, banks face complex business challenges like attracting and retaining promising customers and shrinking margins in an intensely competitive banking industry. The banking and financial services industry today is faced with the dual trends of globalization and cross industry consolidation. Financial institution all over the world are thus under a pressure to adapt themselves to new markets, regulatory and technological conditions. Financial institutions in general have already made significant investments in their IT systems. Typically, these institutions have many disparate applications, which need to be integrated in order to respond swiftly (in “real-time”) to client requests and at the same time comply with the regulatory requirements. The BFSI sector has various business processes that are spread across different streams. They are: Customer care & management processes Core business processes; payments, loans, claims, etc. Gateway systems & management processes; interaction with ATMs, Internet, wireless and other channels. Enterprise processes; resource planning, general accounting, etc. Analytical and BI processes like Business Data warehousing Operational processes include reporting, printing, mailing etc. As mentioned above, these processes need to be seamlessly integrated in order to provide real-time services to clients. In order to provide real-time services to clients, all the applications (both internal and external) shown below need to be integrated. The integrated solution also needs to be compliant with the regulatory aspects, and standards like SWIFT (www.swift.com) IFX (www.ifxforum.org). Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 8 Let us look at the oper ating model for the BFSI segment: F igur e: O per ating m odel F or the BF SI Segm ent Source: KPMG A typical financial institution uses more than 100 back office applications/systems. It is estimated that total business integration across the end-to-end banking supply chain will reduce 90% of the latencies that exist. The principles on which a real-time integration solution needs to be built are as follows: Performance: capacity to process high numbers of transactions with built-in scalability and continuous availability Separation: separation of application services from data management Interoperability: use of middleware to facilitate communication between applications. Platform independence: in order to address future growth needs, or additional integration, requirements due to mergers or acquisitions, platform independence is critical. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 9 Flexibility:of data and application migration Extendibility of the solution In order to achieve the above, the financial institution needs to effectively analyze the gaps that exist in the environment, identify the suitable integration solution that can cover all the requirements, analyze various integration approaches, implement the best identified integration solution – integrating all the processes and yet complying to the regulatory aspects and standards. This is where the need of a properly integrated information technology solution creeps up. The s er vice delivery model for IT s er vice pr oviders in India. F igur e: Ser vic e Delivery Model for IT Ser vice Pr oviders in India Source: KPMG Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 10 NEED OF IT IN BFSI Information Technology in BFSI was not a widely discussed issue until the financial reforms that were initiated in the early 90s and the globalisation and liberalisation measures brought in a completely new operating environment to the banks that were till then operating in a highly protected milieu. The reforms in the 1990s, which led to expansion, consolidation and liberalization of the banking and financial sector in India, brought in many changes and challenges. A number of private and foreign players, such as Citibank entered the Indian market with superior technologies that helped them service their customers efficiently through multiple channels such as ATMs and online banking. Indian banks on the other hand have been using IT more out of compulsion and primarily for transaction processing. IT revolution has made it possible to provide ease and flexibility in operations to customers. Rapid strides in information technology have redefined the role and structure of banking in India. Further, due to exposure to global trends after information explosion led by Internet, customers - both individuals and corporate - are now demanding better services with more products from their banks. Financial market has thus turned into a buyer's market. Banks are also changing with time and are trying to become one-stop financial supermarkets. Market focus is shifting from mass banking products to class banking with introduction of value added and customised products. The need for providing improved customer service, reduced transaction costs and increased productivity, have become the main drivers for BFSI sector to adopt IT. These considerations are particularly important for public sector banks in India, who are facing immense competition from private and foreign banks. IT can help them move from the present scenario where they are working as isolated islands to providing a centralized banking experience. IT adoption could provide BFSI sector several capabilities in the above environment: First, it can provide real time availability of transaction processing through multiple channels and enhancing ability to cross sell products. Second it can ensure security and safety of funds and confidentiality of information. Third, it can increase efficiency through integration of systems across various locations resulting in better management of funds. Fourth, it can ensure efficient management of Non Performing Assets (NPAs). Fifth, it can also help minimize transaction costs. Sixth, it can enhance the ability to conduct in-depth financial analysis and gather business intelligence. Lastly, it encourages the use of Internet to provide access for online bill payments, funds transfers and e- statements in addition to encouraging wireless mobile banking and e-commerce Broadly, IT in banks is in for the following functions: Core banking operations: General ledger, bills, guarantees, letter of credit, loans, remittances, travelers cheque, forex operations, reconciliation, investment banking, commodity trading, treasury management, portfolio management, money market and debt market operations, investment operations, and security dealing Back office operations: Report generation as specified by RBI, inter bank reconciliation, treasury management Delivery channels (ATM, Internet banking, mobile banking, kiosks) CRM and call centers Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 11 Business intelligence and data warehousing The main applications of IT in insurance and financial services include the automation of functions like policy management and premium collection, claim processing, treasury management, investment management, agents and commission management, marketing, loans, networked operations, MIS, DSS and EIS, data warehousing and data mining, CRM and call centers. IT in BFSI is an emergent and high growth opportunity, with both Indian and foreign players offering a range of products. IT products have changed and are changing the BFSI landscape continuously, which will result in customers experiencing a totally new set products and services in the near future. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 12 Objective of the project To understand the Functioning of the BFSI segment within an IT landscape Through various cases Getting a grip on the Satyam BFSI solutions Understanding a few competitors of Satyam and competitive environment Identifying areas of strength as well as concerns for Satyam Suggesting steps to bridge the service quality gap Methodology Case analysis of BFSI cases developed by Satyam Research on Satyam BFSI, its noted competitors,(within the SWITH group) their clients and revenue generated from BFSI activities. A comparative study and competitor analysis of the firms with Satyam, based on the collected data Performing a SWOT analysis and Service Gap analysis amongst the five companies Interpreting the results, and providing necessary suggestions. Limitations Lack of availability of useful data, as most of the required information would be confidential, so companies may be reluctant to part with it Research to Be based on a virtual domain, so limitations of technology would pose as a challenge Time constraint as it can take some precious time to gather a particular information, while there is a limited time given. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 13 Satyam- The Company Profile: F igur e: O ver view of Sat yam Com puter Ser vices Ltd. Source: Onesource.com Satyam (NYSE: SAY) is a leading global business and information technology company that delivers consulting, systems integration, and outsourcing solutions to clients in over 20 industries. They leverage deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. Powered by nearly 45,700 professionals who excel in engineering and product development, supply chain management, client relationship management, business process quality, business intelligence, enterprise integration, and infrastructure management, among other key capabilities. Satyam has strategic alliances with 96 best-of-breed technology companies, and operate through 27state-of-the-art development centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia. Serving 599 global companies, of which 173 are Fortune Global 500 and Fortune US 500 corporations. Their presence spans 57 countries, across six continents. Business segments: Satyam’s services is spread across the following industries: Aerospace Sciences and Defense, Automotive., Banking and , Chemicals, Public Education , , Energy and and Life CPG Utilities, Financial Services, Healthcare ,Industrial Equipment , Insurance ,Infrastructure ,Manufacturing, Media Entertainment, Services Retail , Semiconductor, Telecom, Travel and Logistics Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 14 Organizational structure Satyam's organizational structure is inspired by a unique concept –the Network of Circles. Each Circle offers a specific set of business offerings based on its competency profile. The result is an internal culture where new ideas are nurtured and acted upon and new competencies developed. This way Satyam continuously provides services right across the IT value chain.At the center of the Network of Circles is the customer, whose business requirements are the driving force. Accordingly, the Circles are categorized as: Verticals Business Units (Based on the customer’s line of business) Horizontal Competency Units (Based on competency requirements) Regional Business Units (Based on the regions the unit operates) F igur e: Or ganizational Str uc tur e Source: Company W ebsite Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 15 Top executives Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 16 Boar d of Dir ectors B. Ramalinga Raju B. Rama Raju Ram Mynampati Dr. (Mrs.) Mangalam Srinivasan Dr. Krishna G. Palepu Vinod K. Dham Dr. Mendu Rammohan Rao T. R. Prasad Prof. V. S. Raju Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 17 F igur e: Ser vic e Sc ope of BF SI Segm ent S o u r c e : b i zt e c h . c o m The above chart represents the Service scape of BFSI segment. Satyam banking Satyam’s Banking Practice provides comprehensive consulting and IT-based solutions and services to worldwide customers through a three-dimensional model. The approach includes technology services, enterprise solutions, and industry-specific solutions. By studying the industry maps, project experiences, customer pain areas, market trendsand activities of competitors in banking industry, the banking vertical has identified the following four offerings to represent its market focus. Core Banking Solution including all sub-verticals like retail banking, personal banking, corporate banking etc. Consumer Lending including credit cards, loans, mortgages Risk Management system including BASEL II, SOX, AML Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 18 F igur e: Pr oc ess followed in Bank ing s er vic es Source : biztech.com, various sources The figure above shows the process followed to identify the four major service offerings by banking vertical. These major service offering are divided into sub-service offerings to have focus and individual plans at sub-service offering level. The chart broadly explains how a service level offering is identified with the help of industry trends, and previous customer experiences. The right side of the diagrams represents all those service levels which provide the first hand service experience to the customer, and are the first point of contact. Satyam Insurance Insurance unit has compiled a set of service offerings focusing on generic competencies applied to specific business process relevant to the insurance industry. The service offerings in insurance are organized along the insurance value chain. These are aggregated under the property& casualty, life and health insurance domains forming 3 distinct FLCBS. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 19 F igur e: Pr oc ess followed in Insurance s er vices Source: biztech.com, various sources Satyam Financial Services Satyam Computer Services Limited is building specialized service offering which will augment the current consultancy pool in Citisoft. This SO is dedicated to the investment management industry. We would like to maintain the status of a leading supplier of business and systems consultancy to the Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 20 investment management sector, a market position it has occupied for the last 20 years. This SO would have largest pool of investment management expertise of any international consulting firm. The service offering in the FLCB segment are: Institutional Hedge Fund Private and Wealth Management companies The vertical is aligned towards these practices: EMS Fund Services Asset Servicing STP Outsourcing and TPA Client Reporting Derivatives Operations and Risk Management IT and Technology consulting Market Data and research Transfer Agency Clearance and Settlement Satyam’s technology bandwidth in BFSI The technology capability of the Group spans from mainframes to open systems, across various development centers. The B&FS Group acquires further technology bandwidth from the dedicated horizontal strategic technology units through collaboration with specific practice. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 21 Satyam’s technology dossier includes: F igur e: Satyam tec hnolog y dos s ier S o u r c e : c o m p a n y ’ s i n t e r n a l we b s i t e Satyam’s customers Satyam has served a variety of customers in the B&FS sector, both in India and across the globe. The following is an indicative list of Satyam’s customers in the financial space: A pre-eminent financial services company, with some 200 million customer accounts in more than 100 countries A leading global investment banking group The largest state owned bank in India A Leading global development bank A leading banking and financial institution in Australia, offering integrated banking and financial services A leading provider of financial services to the Malaysian public for the last few decades The largest and leading banking group in Malaysia over three and a half decades. Bank of Asia Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 22 A commercial bank in Thailand offering a wide range of retail and corporate banking services,as well as a complete service line for international business. A major Korean commercial bank with an extensive branch network and a strong corporate banking presence One of top 25 FTSE-100 companies, by market capitalization. India’s second largest bank A global, diversified financial services company engaged in commercial finance, consumerfinance, equipment management and insurance Her e is the r epr es entation of s ome of the renowned banking cus tomers : A lis t of r enowned cus tomers s er ved by the insur ance ver tical: Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 23 Satyam’s competitors across the globe F igur e: O ver view of Sat yam ’s global c om petitors Source: Onesource.com Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 24 SWOT ANALYSIS : Satyam computers BFSI segment Strength Wide geographical presence Less dependency on the top few clients Lower attrition rates compares to competitors Operational excellence High level of domain specialization Competitive advantage in higher end consulting and implementation work around ERP Opportunity New emerging markets like Europe and middle east, which will help the company to De-risk BFSI sector expanding tremendously and adopting IT practices Lower labour cost in TIER II and TIER III cities, to offset the wage rate inflation crisis. Weakness Late entry in the BFSI segment Larger deals could result in a increased risk, which could include both headline risk and fundamental risk. Inability to counter margin or Inflation risk. Threat Experienced BFSI players in India like Infosys, Wipro, TCS. Exchange rate fluctuation threats Geo-political concerns could flair up. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 25 Case studies at Satyam Banking solutions C us tomer pr ofile: A Global Bank The customer is one of the world’s largest sources of development assistance. Its primary focus is on helping the poorest people and the poorest countries. In 2002 the bank provided US$19.5 billion to developing countries and worked in more than 100 developing economies, bringing finance and/or technical expertise toward helping them reduce poverty. The case studies developed by the Banking vertical deal with the service requirement of Global Bank and solutions provided for the same. Case 1: Application Support and Maintenance of Loan Administration System Case in brief: The case covers the application development and maintenance of the loan administration department of global bank. In 2002 the bank provided US$19.5 billion to developing countries and worked in more than 100 developing economies, bringing finance and/or technical expertise toward helping them reduce poverty. The loan department of the bank was responsible for servicing some of the world’s poorest countries. It had to follow up disbursement and collection of fund under all bank lending operations . the cumulative figure for such commitment stood as much as USD11.5 Bn while the cumulative approvals to borrowers in 129 countries total US$325 billion (net of cancellations). The net income for FY’02 is US$2.7 billion. The loan administration system runs on client server distributed architecture, with network of SUN Enterprise servers. The application logic is built in SYBASE stored procedures (approximately 10,000 of them), and 1000 tables. All these are collectively known as loan administration system. The key application modules consists of Reference: billing receipts disbursement loan accounting loan hedging Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 26 Satyam was called in by the bank for the application support and the maintenance of the system. It took the help of both onsite and offshores delivery modes for the process, and delivered these key values to the process: Business risk reduction on-time delivery lower implementation cost optimized workflow management and reporting concurrent IT process monitoring The service provider was appreciated for its service and praised for its on-time delivery model that helped the bank bridge the gap between the operating end and the receiving end i.e theirs customers. Case 2:Development of a Real-time Information Sharing Portal Bringing the bank‘s business clos er to its clients : A Global Bank The client referred to here the same as the previous case. This time the issue in the forefront was the development of a Real Time integrated Information portal that would be instrumental in providing the right kind of information to the right kind of people. As the bank stored a plethora of country specific data, that would be accessed by administrative authorities and staff of the government of various countries, this functionality would make the search easy and effective. Objective of the portal: Provide the right information to the right people at the right time Allow government officials to access information related to all of their loans, credits, grants, and trust funds through a secure protected website Allow staff in project implementing agencies to view financial information related to their projects as well as submit procurement documents to the bank for review Feature a wealth of country-specific data in each country's homepage. Governments will no longer have to look in several places on the bank's external website to find country-specific research, statistical data and news. It will all be in one central location. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 27 End-User of the portal: Government officials of various countries Project implementing agencies Research officials from governments Bank staff Service requirements: The service provider integrated the following steps for delivering the requirements Leverage the ISP Framework to support the Client Connection portal Seamless integration with several backend systems hosted in SAP, Oracle, Sybase, IRIS, etc. Security for the portal with a 128 bit encryption Password authentication and authorization Identity management Traffic and usage statistics Web Acceleration and performance improvements for countries having smaller bandwidth connections Satyam ISP Development Team established a comprehensive approach bringing in performance improvements, technical checks, project milestones, etc., early in the system. Satyam also utilized offshore capabilities and benefits to the fullest. The case was solved in the following phases: Requirement Gathering and Analysis Phase (Primarily onsite) – This involved talking to various stakeholders of the system, various players of the ISP program, etc. System Architecture (Primarily onsite) – Framework, Landscape, etc. Design (Onsite+ Offshore) – Design, Documentation, test plans, regression testing, performance improvements plan Development (Onsite+ Offshore) – Portal development leveraging ISP; this also involved programming in SAP, Sybase, Oracle, etc. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 28 Coordination – The challenge in building the entire portal is the coordination between various players – This list includes but is not limited to: Business users, stakeholders, ISG project management, ISP Framework & Arch, UXM, ISG-EC, ISG-EB teams for Sybase/SAP, Domino Doc teams for IRIS, Passkey, etc. The contribution from satyam was valued and even appreciated by the likes of Harvard business school. It brought to the forefront some points as valuable contribution from Satyam’s side Delivery of portal at the right time to the end customers of the bank Increased predictability of project through right methodology Established effective development and quality processes Utilization of Satyam’s collection of usability best practices Demonstrated the flexibility to accommodate the project priorities Project planning and tracking, and an onsite / offshore model Providing value add to the portal by improving the performance of the portal, using various technologies, and making it more user-friendly for end users having low connectivity bandwidth Case3: Development of Vendor Kiosk Application O ne-stop-s hop for all Infor mation Solutions Gr oup (ISG ) pr oducts and ser vices : A G lobal Bank Information Solutions Group (ISG) provides a variety of IT services to the bank’s users in order to equip them with right tools and help them reduce poverty. These services were offered from individual service providers through their in-house solutions, which resulted in issues like high maintenance, no central place for users to browse and locate services, no online order status tracking, etc. ISGKiosk is the first web-based application developed for this customer, through the onsite-offshore model. It set the right stage for other bigger initiatives from the bank. Satyam was able to achieve the target by focusing on the following objectives in each phase of the project: Requirement Gathering and Analysis Phase (Onsite) – Working with business team and make sure whether the requirement is really required and targets the business goals Design (Onsite+Offshore) - Interpreting the requirements in technical terms and make sure that design captures the given business requirements Execution (Offshore) – Developing and testing with adherence to proposed design Delivery (Onsite+ Offshore) – Proving within strict timelines and client pressure Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 29 Solution: Integrate and consolidate all ISG services in one central place Provide an environment for service providers where they can manage their services, change order status and take different usage reports Provide one work space for end users where they can browse, navigate, search, order these services and an online order status tracking facility Provide various reports, alerts and charts for management so that they can measure each service performance, usage and reduce lead times Set up right environment and direction to manage and improve business processes Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 30 COMPARATIVE ANALYSIS Business overview of competitors in brief Tata cons ultancy Services: Tata Consultancy Services Limited (TCS Limited company) is one of the world’s largest providers of information technology, consulting, services and business-process outsourcing which commenced operations in 1968.As of 2007, it is Asia's largest and has the largest number of employees among the Indian IT companies with strength of over 100,000The company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March 2007TCS is the first company to be rated at Level 5 maturity for both the CMMI and PCMM framework. It is also the first Indian company to be certified AS 9100: Rev B for design of airframe structures. TCS currently has 19 innovation labs spanning across 4 countries Infos ys technologies Infosys Technologies Ltd. (NASDAQ: INFY) was started in 1981 by seven people with US$ 250. Today, we are a global leader in the "next generation" of IT and consulting with revenues of over US$ 3 billion. Infosys' service offerings span business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, reengineering, independent testing and validation services, IT infrastructure services and business process outsourcing. Infosys has a global footprint with offices in 23 countries and development centers in India, China, Australia, the UK, Canada and Japan. Infosys has over 80,500 employees covering 66 nationalities. W ipro Wipro Tech (NYSE: WIT) is an information technology service company established in India in 1980. It is headquartered in Bangalore and is the third largest IT services company in India. It has more than 79,832 employees as of December 2007, Wipro Technologies has over 300 customers across U.S., Europe and Japan including 50 of the Fortune 500 companies. Some of its customers are Nortel, Boeing, BP, Cisco, Ericsson, IBM, Microsoft, Prudential, Seagate, Sony, HP, Windriver, Airbus Toshiba and Wallmart. With revenue in the excess of US $3 billion, Wipro is one of India's major IT companies. HC L technplogies : HCL Technologies is India’s 5th largest and a leading global IT Services companies, providing software-led IT solutions, remote infrastructure management services and BPO. The company leverages an extensive global offshore infrastructure and its global network of offices in 16 countries to deliver solutions. For the fiscal year ending June 30, 2007, HCL Technologies, along with its subsidiaries recorded revenues of US $ 1.4 Billion and employed 42,000 professionals Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 31 Business segments A comparative View of the Business Segments: Satyam TCS Infosys Wipro HCL Banking&fin Aerospace, Defense ancial Aerospace Aerospace & Defense & Satellite Aerospace & Defense services Automotive Automotive Insurance Automotive Electronics Automotive Banking Telcom,medi Banking and Capital Financial a&entertain Markets Automotive IT Services ment Chemicals Government Education Communications Healthcare& life sciences Consumer Packaged Goods Energy&utili Discrete ties Manufacturing Retail&cons umer packaged goods Education Travel & hospitality Energy Avionics Broadband & Optical Networks Chemicals Government Energy & utilities Hitech Life Sciences & Healthcare Media & Entertainme nt Retail & Consumer Telecom Travel, Transportati on & Logistics Financial services Computing Peripherals Computing Platforms Consumer Electronics Healthcare Industrial equipment Manufacturi ng Healthcare Insurance High technology High Technology Hospitality and Leisure Insurance Life Sciences Media and Entertainment Resources Retail Transportation Services Utilities Travel & logistics Consumer Packaged Goods Distribution Energy Finance Government HealthScience High Technology IP Multimedia Networks Industrial Automation Insurance Manufacturing Media & Entertainment Medical Devices Mobile Devices Retail Semiconductors Software Products Group Storage Technologies Telecom Equipment Vendors Telecom - Service Providers Travel & Transportation Utilities Wireless Networks & Devices Infrastructure life sciences Manufacturing Media&entertainmen t Public services Retail&CPG Semi conducter Telecom Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 32 Customer Base: Satyam - The number of active clients are 577. It has seen an gradual uprise from the previous financial year. Here is a representation of the top few clients of Satyam The company has been able to convince quite renowned name as its clients in the BFSI segment, and they would prove to be its strength in bagging the future projects. The active client number of 577 is quite impressive, but at the same time when we later look at the revenue side, it proves that satyam is a bargain player, or it has still not been able to hunt down its proper worth to the clients. While as a major revenue buster comes along GE, which has been a loyal support to satyam since a long time, and has been fetching almost 15% of its revenue till date. At this note let us take a look at the revenue break-up by the top clients at Satyam: We notice that a substantial portion of its revenue is being contributed to by the top5 and 10 clients. With top 5 contributing a lumpsum of 21.7%, and the next 5 contributing almost another 13%. This proves the companies dependency on the top clients . TCS - The number of active clients are at 814. It has more than 85 Fortune 500 clients. Repeat business constituted 94.80% of the revenue. On the BFSI front, TCS Financial Solutions President N G Subramanian, said on 7th of August 2007, that within the next 12 to 18 months nearly 150 deals,, ranging between 30 to 200 million dollars, were expected to be finalized in the emerging markets in Asia, Africa and Latin America Infosys - The top Clients from Infosys are American express, Bank of America, Aetna, Cisco, DHL, Goldman Sachs, Northwestern Mutual, Fidelity, Lexis Nexis, British Telecom, Telstra. The total Number of active Clients are 530. Infosys has used its marquee client references to acquire new clients. The trend in $1 mn. And $10 mn. Clients display the excellent account mining skills it already possesses and one can believe this will be the key to Infosys achieving its aggressive growth targets for the future. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 33 Wipro - The top clients include Credit Suisse, UBS, Saudi Airlines , Morgan Stanley, Sun Microsystems, General Motors, Honeywell, Cisco, and Lucent. Wipro Earns 24% of its revenue from the top 10% of the clients. It currently has over 592 active clients as of 2007 Quarter end HCL - HCL has two clients who contribute over $100 million each, and all the multi-million dollar client categories have seen strong additions over the past year, pointing to good revenue prospects. The repeat business, at 94 per cent, indicates good service execution.. Cut in IT spend by the US clientele or a general slowdown in IT spends in financial services, which still account for 28 per cent of revenues, are risks to earnings. The current active Clients are 230(way down from 477 from FY 05). The clientele includes names such as HBOS, ABN AMRO, the AA, Camelot, Volvo and BT. We can conclude from the above depicted facts and figures that TCS emerges as the top company in terms of a handsome client base of 814 clients, and a revenue figure (which we would catch upon later in the report) equally alluring. It poses as a tough challenge to any other IT firm to overcome. Satyam which Though is quite a modest player and stand to gain the fourth position amongst the IT firms(though the figures may vary) has quite a lot of energy to shed. It seems to have got the right dose of client base , but it should concentrate more on the quality of the projects and the amount contributed to its revenue, rather than going for flowery numbers. As we have already analysed from the cases before, the tasks undertaken by Satyam was not so demanding for it to claim a good compensation in some cases, and with the growing pressure on margins a viligent eye must be kept at the aforementioned fact, as even its downsided rival HCL seems to be working hard. Geographical break up of revenues: F igur e: Br eak up of r evenues Satyam: TCS: Infosys: Wipro: Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 34 HCL: Source: Onesource.com The Pie Charts above clearly shows that America, or the USA has been generating an average revenue of more than 58% for the above companies. With rest others coming majorly from Europe. India occupies a predominant position in Satyam, HCL & Infosys. But Wipro and TCS has managed to manage all of their revenues sourced outside India till now. Segment wise revenue break-up: Satyam When we look at the segment wise revenue, one of the major verticals that gain attention is the BFSI. It is a segment where we find that major IT players have substantial shares. The following charts capture the segment wise break-up of revenue in Satyam computers. F igur e : Satyam revenue Br eak up Source: Company website Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 35 As the chart well depicts, Manufacturing and BFSI are the major verticals of concentration. With the impending boom in the financial services industry, satyam has been desperately trying to make a success story with its BFSI segment. But the bottle necks arise when almost generic industry players queue in the same Line. TCS and Infosys claim to be mature players with an already established Brand name in the field of BFSI. Let us look at the chart which would give us a broad based idea about the revenue generated by the verticals in these companies. Vertical wis e Revenue: %of Total Revenue BFSI Manufacturing Telecom Retail Manufacturing & Retail Health Care & Life Sciences Transportation Energy&Utilities Product Engineering Other Total Other Total SAY 29.7 27.8 19.1 5.4 TCS 41.2 16 16.5 6.7 INFY 36.5 14.4 17.7 9.7 WIT 22.9 10 5.8 9.2 HCL 27 29 17 10 6.5 4.1 3.6 2.6 9.8 30.6 4 11.5 18 100 9.3 19.6 100 21.7 100 11.7 52.1 100 13 17 100 By industry, Satyam has fairly well balanced revenue. We note that Satyam has a relatively smaller exposure to financial services (versus players such as Infosys 36% and TCS 41%) and a relatively larger exposure to manufacturing (versus players such as Infosys at 14% and TCS at 16%, respectively. Wipro indicates 10% of revenue from the manufacturing industry, though we note that some of the revenue Wipro classifies as Product Engineering, which is 30% of revenue, is likely comparable to what Satyam and others include in manufacturing). Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 36 The chart below captur es the r evenue breakup by verticals: Revenue By verticals 45 40 35 %Revenue 30 25 20 15 10 5 0 SAY TCS INFY WIT HCL Companies 60 50 40 30 20 10 0 BFSI Manufacturing Telecom Retail Manufacturing&Retail Health Care & Life Sciences Transportation Energy&Utilities Product Engineering Other In the chart, its quite clear that BFSI gains the focus from almost all the five IT firms. Satyam Has a Major chunk coming from both BFSI and Manufacturing. But Satyam as a Player Has died down a bit from the Past Figures. As the figures Claim, satyam had Almost 50% of its revenue from BFSI in 2003, It has been Gradually loosing Grounds to other players and the figures came down to as much as 16% and 20%. But it has already started Focusing, with new Mergers and acquisitions concerning BFSI. They Brought up the figures to 30%, and it is on the rise. TCS surges ahead in the lot with its major foray in the Finance industry, and also with its tie up with finance companies in and outside India, which would prove to be a disadvantage for the other firms in terms of increasing their shares in the segment. TCS Bancs, Its Banking Service Solutions have been very successful in bagging the Most powerful clients from the industry, even in India It has a Tie-up with SBI, the largest Bank in terms of revenue and Account holdings In India. It would not come as a Shock if I were to Say that It has sewn its path to future, and made its diversification in The crucial period of impending US Recession. TCS has 41.2% stake from BFSI, while the second best revenue generator is Manufacturing and telecom both having almost 16% to contribute. Coming down to Infosys, A picture almost similar to that of TCS lingers the mind. The contributions are almost at par though a bit less as compared to TCS, in the segments. Again a BFSI major to be noted here. Its Finacle has become an established Brand name now, and is Expected to garner momentum in revenue in the future too. Wipro technologies or WIT, is a diversifies player, it has its major revenue coming from Product engineering, a segment not touched by any of the other four firms. The second major revenue generator is BFSI, contributing 22.9%, A substantial amount to allow Wipro focus on a division dedicated towards Financial solutions . While there has been Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 37 an recent announcement By the financial solutions division of wipro, to integrate its technology for the BFSI clients, such that it provides an end to end solution integrating the Technology Service and the BPO division. This would benefit 45 of its existing clients in the segment. HCL technologies, which is majorly known for its IT Hardware segment, has also been focusing on technology consultation seeing its growth and revenue generation. The focus area here is manufacturing, and BFSI with 29 and 27 % contributions. It has the maximum share from revenue in the manufacturing as well as the Retail segment. Competitive Financial Performance FY07 Parameters/Company Satyam TCS Infosys Wipro HCL Revenue Net Income Employees Common Shareholders Basic EPS P/E Ratio EBITD Margin Current Ratio Return On Assets Return On Investment Return On Equity Dividend Yield Debt to Equity 1,434.10 310.6 41,423 252,290 0.47 22.96 21.47 2.76 21.23 24.81 25.73 0.4 0.03 4,120.50 913.6 89,419 N.A 0.93 16.75 28.30% 2.3 37.10% N.A 54.20% N.A 0.07 3,072.30 852.7 72,241 488,869 1.53 23.72 30.88 5.28 33.06 37.79 37.83 0.69 0.14 3,377.10 650.6 53,742 155,832 0.45 24.96 21.41 1.44 19.81 29.37 29.37 0.7 0.25 1,389.60 314.9 47,954 N.A 0.48 27.26 21.81 3.19 23.52 N.A 29.93 N.A 0 The comparative figures as depicted above suggest that TCS has been consistently performing to have the best statistics. It surges ahead in Revenue, Net Income, and also in managerial effectiveness with the maximum ROA,ROE amongst the competitors. Its current ratio is almost ideal with 2.3:1 as the margin. The second best performer in the parameters would be Infosys, where the company has been able to Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 38 give great satisfaction to the bourses. They have above average return, and a basic earning per share(EPS) of 1.53. Wipro would be a bit of a laggard here, as we can see inspite of its high revenue, its net income is a bit lower than expectations, so is the EPS, which is the lowest among all. A further noticeable point is that the current ratio of the company is quite low, which is always a point of risk. Coming down to HCL, the company is performing quite good, and has been maintaining good ratios compared to its revenue with its peers. Satyam has been a moderate performer while in comparison to the competitor. It is lagging behind in many parameters. One of the major Is the accumulative revenue. It should be increasing its asset base, precisely the human capital. The figures depict that at present amongst the five companies it has the lowest numbers at manpower, which can be a big distracter for a IT firm. Satyam has already put in measures to increase manpower, and so have the rest of the IT firms. Rest of the parameters have been quite similar to the rest four though a bit on the lower end. It can be called a financially sound and competitive company. Growth Outlook Before focusing on the Growth outlook, let us first look at some major point concerning Satyam Satyam is a global provider of IT and outsourcing services. The company’s wide range of service offerings include application development, maintenance, infrastructure services, consulting and variety of business process outsourcing (BPO) services. Satyam manages its business under two operating segments: IT services and BPO. IT services accounted for 98% of the company’s total revenue and the rest 2% was accounted by BPO services. Satyam has a strong global delivery network comprising offshore, offsite and nearshore facilities spread across the globe. The company reports its business under five geographic regions: the US, Europe, India, Japan, and the rest of the world. For the fiscal 2007, the US contributed around 63% of the total revenues. Satyam has strong strategic alliances with leading technology players like Adobe, IBM, Oracle, CA, and Symantec. Satyam has a weak business process outsourcing segment. The company has achieved an annual revenue growth of 35% and net profit growth of 43% on a consolidated basis as per Indian GAAP for FY 2007. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 39 The company has been on a growth trend, and its revenue has been increasing both by the industry parameters and the geographical forays. The charts given below would give a clearer picture. F igur e: Revenue gr owth b y top c lients F igur e: Revenue gr owth b y ver tic als F igur e: Revenue gr owth B y geogr aphy Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 40 Lets take a look at the revenue growth of satyam in a competitive landscape, with its top competitors over the years. F igur e: IT Ser vic es – Revenue gr owth Com par is on : The figure above clearly points out that Satyam has made quite a jump( from the 2003 figures) in terms of revenue growth, in comparison to its three major competitors. While all the other firms have shown marginal increment or even a decrease as in the case of infosys and wipro, satyam has been consistently on the rise. Now the main area of focus i.e. the BFSI segment. Let’s look at the revenue as contributed by the BFSI verticals in these four companies From the very start we have come to know that TCS is a major player in BFSI, and here comes another proof of it, where it stand way apart from its competitors, and almost fetching more than a double revenue from the segment when compared to that of Satyam or wipro. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 41 In the quest to address the market more sharply, Satyam has matured the distinct capabilities required in consulting services, IT services, infrastructure management services, BPO services and engineering services. This opens the doors to a rich pipeline of opportunities across various service offerings that they can deliver from large talent pools in several emerging economies. These markets are characterized by rapid technological change and ever-changing customer preferences towards integrated solutions competencies through a focused effort around Centers of Excellence which, in addition to demonstrating their capabilities, will act as triggers to develop futuristic service offerings. As Satyam seeks to partner with customers in becoming their trusted advisors, they will offer integrated business solutions that span industries, functional areas and technology platforms. An Integrated Business Solutions Group has already been created and a Technology Office instituted to further the endeavors toward these goals. Continued alliances as well as strengthening existing partnerships with key technology vendors to enable leverage the partners’strengths. Further into consideration are acquisitions to gain access to specific technologies and exploit synergies with the existing businesses. As they focus on more value-adding integrated business solutions, continuing to expand the global delivery centers in different regions to capitalize on the growth potential and harness emerging pools of talent for tomorrow. In 2007,they expanded with a third development center in China, a 2,000-seat facility in Malaysia, and another development center in Egypt. These new development centers, apart from serving the existing customers also help generate new business in these locations, as well respond early to customers. . To sustain the above mentioned competitive advantage they claim to strive to grow leaders faster than anybody else in the sector. Growth in leaders will result in leadership in growth. In 2007, the Satyam School of Leadership (SSL) did exemplary work to achieve objectives on this front. Another critical driver toward sustained competitive advantage is innovation. They claim to innovate in every aspect of the business, and keep doing so in the future . Satyam has come up with a few strategic objectives for the up coming financial year: Building on long-standing customer relationships to cross-sell its comprehensive range of services. Continuing to focus on enterprise-wide business solutions and high quality value-added services. Expanding presence in existing markets and penetrating new geographic markets. Continuing to enhance industry expertise. Attracting and retaining quality technical associates and augmenting their training. Enhancing capabilities through technology alliances and acquisitions. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 42 Competitive SWOT Analysis of Satyam: Strengths Weaknesses Large, recognized tier-1 SAP/ERP practice,competitive with other tier-1 firms and MNCs More balanced vertical footprint than most other large offshore IT services firms, with particular strength in manufacturing, and emerging BFSI Potential growth drivers from exposure to engineering and infrastructure services, and BFSI Appears to have somewhat broader geographical presence (i.e., Asia/Pacific) Generally regarded as tier-2 player outside SAP/ERP (a leading tier-2, in our view) We believe lacks brand stature and recognition of tier-1s, which could impact client perception and employee recruiting Increasing mix of entry level hires, but may not have the training capabilities or capacity of tier-1s like Infosys Limited BPO exposure, scale, and capabilities Opportunities Leverage and extend enterprise application capabilities, extend further into higher-end consulting capabilities Leverage new addressable markets via engineering and infrastructure services Expand presence and capabilities in weaker verticals, such as retail and healthcare Threats Employee attrition remains too high Due to high attrition, Satyam has had to givehigher wage increases, and might have to continue to do so, threatening margins Competitors are catching up in SAP/ERP ( its strategic advantage). Broader industry risks (competition, employees supply constraints, etc.) Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 43 Appendix Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 44 Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 45 Findings & Recommendations The report Brings to forefront that BFSI segment is one of the most emerging field in the coming years. But along with this it brings prying eyes that are vouching for the same segment. IT has been the need of the hour, and we see banking and financial institutions around the world going for a technological makeover. While we have IT service providers around the world, the fact that makes India as a target destination for companies world over is its quality worked backed with cheap labour. Rather this can be quoted as India’s Competitive advantage. So India will keep on bagging projects. But then again comes to the picture the various solution vendors who pose as competitor, competing for the same piece of pie. These solution vendors are not remarkably different from each other. They are almost at the level playing field which makes their comparison tough. Over the years its astonishing to note the amount and the level of clients that they have managed to bag and successfully fulfill the commitments made to them. When we talk of the top players id India we note the names of TCS, Infosys, Wipro, Satyam, Hcl, Patni, iflex, Accenture. While talking of the BFSI segment Satyam is a young player in that field. It has always been a major player in the manufacturing sector. With its recent acquisition of I-decision it is trying to strengthen its position in the BFSI pie. But its counterparts are far ahead in the race, TCS having Quartz, Infosys having Finacle and Wipro having Finance solution division which has been contributing a major chunk of its revenue. HCl’s comnet is also a player in the same segment. The cases. The SWOT analysis reveals that Satyam has a competitive advantage over its ERP packages while it can be vulnerable for the experiences unearned in the BFSI segment, and the rising risk due to currency fluctuations. Satyam has its major customers based on the US. Though it has succeeded in diversifying the risk by venturing out to other countries and this year end the us portion come down to around 45% as claimed by the company. But it would still take it some years to completely realize the market potential in the ventured countries. Satyam will implement T24, Temenos"s modular core banking system. case studies reveal that Satyam has been quick in recognizing client’s need and devising appropriate strategies which would result in customer delight, as has been the case for global bank According to Peter Sweers, global banking head, Satyam, This alliance enables Satyam to help Temenos implement and serve as systems integrator for T24, which is recognised as the world"s most technically advanced banking system. BFSI grew by 12.4% sequentially. The noteworthy growth rate of BFSI validates that recent concerns in this market segment had little or no effect in our core business in this vertical .The demand for services in the consulting and enterprise business solutions space continues to be strong leading to a 14% sequential growth. Further figures point out a growing industry statistics for satyam as these charts point out that the pricing trend which as previously concluded was in bad shape for satyam, is shown to be gradually increasing. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 46 So does the BFSI growth Based on Satyam’s capabilities and positioning, I believe Satyam can continue to grow at or above offshore industry growth rates over the next few years. Key drivers, in my view, include: (1)Strong positioning and growth trends in consulting and enterprise software implementation, which is 40% of the business and growing faster than overall revenue (and having above-average profitability) (2)Emerging growth areas such as engineering services and infrastructure management services (cumulatively only 11% of revenue, but representing market segments that are much newer to the offshore trend and therefore less penetrated, in my view), (3)BFSI to establish itself as the most contributing member of the family. (4) Growth from potential acquisitions, and (5)The potential for some improvement in growth at Satyam’s largest client, GE. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 47 Recommendation: The growth would give the firm the backbone to try out on risky ventures, with a increased cash disposition in hand. Thus the BFSI will be one of the growth beneficiaries. Besides Satyam’s acquisition of citisoft, knowledge dynamics further strengthen its platform in this segment. Some of the recommendations, based on the observation made would be: Satyam should have a margin focus, and give stress to increased margins from clients Growth should be cumulative and diversifies. Research and knowledge leadership should be strengthened(the groundlay for which has already been done) to strengthen the domain expertise of its employees in the BFSI segment. Focus should be on Low cost and high Quality The quality and quantity of work should be given a preference It should try to follow the strategies adopted by the competitors in easing out in the segment, and then by and large develop its own survival strategy. Focus should be on expertise building, with a development of knowledge and technical pool to support itself and fetch projects. Collaboration with technology or domain partners, and an increased spending on mergers and acquisitions in the segment. Competitor Analysis of Satyam BFSI Segment & A Study of Their Corporate Cases 48 References W eb Sites r eferr ed: https://esupport.satyam.com/ www.satyam.com, www.tcs.com www.infosys.com www.hcltech.com, www.wipro.com www.moneycontrol.com/india/ www.indiainfoline.com www.onesourceindia.com www.Biztech.com O ther News mater ials r eferr ed to The business week India today Business Standard And Journals.
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