Source: economictimes.com
Indian IT firms are not going to be hit by the US subprime lending crises due to the limited exposure of the firms to clients in mortgage sector.
The report analyzing the impact of subprime lending on Indian IT services said that majority of the business derived by the Indian companies comes from financial and banking industry, but there are a few clients who are in mortgage processing or subprime business, comprising only about 1 percent of the revenue(as clarified by all large caps companies).
Meanwhile,WNS Holdings Ltd. announced that First magnus Financial Corporation has ended its outsourcing contract with it, which has forced WNS cut its earnings guidance for the fiscal year 2008. Nearly five percent of its revenue comes from US-based First Magnus.
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