India's information technology sector boosted revenues by 50 per cent to $ 10.5 billion in the year ended March 2001, according to a survey.

Turnover from IT exports rose 64 per cent to Rs.263.2 billion, while domestic revenues grew more than 37 per cent to Rs.233,6 billion, industry magazine 'Dataquest', said in a statement.

"This is the first time that exports have outpaced the domestic market, but what's more significant is the great show by domestic vendors amidst a slowdown," 'Dataquest', which has no relation to its US-based namesake, said. 

India's software exporters, which dominate the country's technology sector, clocked exports of $6.2 billion in 2001/02, up 55 percent from the previous year.

But the sector has been hit by a downturn in the US economy, its top market which contributes over half of total sales.

The HCL group, which includes HCL Technologies, the country's fifth largest software exporter, and computer education and software form NIIT, topped the revenue-based ranking of India's IT groups in an annual survey, 'Dataquest' said.

The Tata group, one of the country's biggest industrial conglomerates, which owns Tata Consultancy Services - India's biggest software exporter - stood second.,

It was followed by software giant Wipro, Compaq India, and Infosys Technologies, India's second largest software exporter.

Infosys profit up 50%: Infosys' net profit rose 50 per cent in April-June from a year earlier, beating expectations, but the company said it was keeping its full-year revenue estimate unchanged.

Nasdaq-listed Infosys said April-June net profit rose to Rs.1.9 billion ($40.3 million) or Rs.28.59 per share from Rs.1.27 billion or Rs.18.93 a share in the same period a year ago. Total income rose 68.9 per cent to Rs.6.26 billion.

That exceeded the consensus net profit estimate of Rs.1.84 billion rupees in a Reuters poll of 12 brokerages.

Net profit rose 4.4 per cent from the previous January-March quarter, compared to expectations of a mere 1.45 per cent increase.

Satyam Q1 leaps 141.2%: Satyam Computer Services, India's fourth-largest software exporter, reported that April-June net profit jumped 141 per cent from a year ago, but warned the US slowdown was putting pressure on billing rates.

Net profit was expected to rise 129 per cent to 1.15 billion rupees, and net sales 70 per cent to 4.09 billion rupees.

Yet Satyam chairman B Ramalinga Raju noted in a conference call with analysts that growth had slowed from the previous quarter, and the outlook was clouded with uncertainty.

"Our growth has come off significantly as compared to last quarter," Raju said. "We believe that the market will continue to b challenging and therefore we need to contend with relatively lesser growth than we experienced last year."

Satyam's net profit rose 9.1 per cent from the previous quarter, when it increased 26 per cent from the preceding three-month period.

Sify mulls equity issue: Satyam Infoway, India's leading private sector Internet services company, plans to seek shareholder approval to issue up to four million equity shares for potential acquisitions and alliances.

"The company plans to expand its operations by making further investments in its various businesses, through expansion programmes and strategic mergers and acquisitions in India and abroad," Sify said in a filing with the Securities Exchange Commission of the US.

The company's annual general meeting of shareholders will be held on August 2, and the approvals it is seeking are enabling resolutions which does not mean that it has firmed expansion plans.

The Nasdaq-listed firm said it planned to get permission to issue the shares for mergers and acquisitions or to raise further funds by placing shares privately, or through an international offering or by issuing other securities.

Satyam Infoway also plans to raise its authorized share capital to rs.350 million from Rs.250 million.

Sify said in June its cash burn rate was reducing progressively and it hoped to turn cash-flow positive within the next four to six quarters.