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Today in Tech: Tech Mahindra; Infosys; Automated trading

By N.S. Ramnath
Last Updated: Oct 01, 2012, 01:24 IST2 min
With some help from Satyam, Tech Mahindra's profits go upTech Mahindra announced its first quarter results yesterday. Quarter on quarter, profits were up by 22%. It came as no surprise after Mahindra Satyam announced good numbers earlier. Tech Mahindra owns 42% in Mahindra Satyam, and the flow of profits from the latter grew 56% to 150 crore, from Rs 96 crore during same period last year. The merger between the two will happen once the company gets clearance from Andhra Pradesh and Mumbai High Courts. Vineet Nayyar, TechM's CEO echoed what other CEOs have been saying about IT sector. "Due to the global ecosystem, customers are scrutinising all aspects of expenditure, including IT spending, and are looking to minimise financial commitments” . Infosys faces yet another suitThis time from another US based employee of Infosys, and follows a narrative we are familiar with now, thanks to Jay Palmer case. Infosys had this to say in a statement:

Shortly after Mr Tripuraneni filed his complaint with the Infosys whistleblower team, per our policy, the company launched a comprehensive investigation of his allegations. That investigation is continuing. As for comments on the legal matter, we are choosing to concentrate our attention and resources on the investigation. We feel this is the prudent and responsible course of action at this time.

A Business Standard story points out that Infosys is not the only company facing charges related to workforce in the US, TCS is facing one too. Software bugs and automated tradingThe latest issue of Economist says: "This newspaper seldom finds itself on the side of restraining either technology or markets. But in this case there is a doubt whether the returns justify the risk." Its talking about the case of Knight Capital, which lost $440 million because, and had to be bailed out. The risk it's referring to is from automated trading. In the case of Knight, it was caused by a bug. Evidently, it had rushed a version of software without adequate testing. It's not the first time that computer systems went rogue, and it's probably not the last.Here's an interesting video in which a Georgetown University professor explains what led to an earlier fiasco: Flash Crash of May 6, 2010[youtube]http://www.youtube.com/watch?v=En7ojitxXKM[/youtube] Also of interest

  • Online Education Degrees Now Dwarf Traditional Universities: Tech Crunch
  • Startups find a home in media companies: Fortune
  • New software aims to preemptively nab Wall Street crooks: BGR
  • Social Revolution: Crowdsourcing For Change: ReadWriteWeb
  • Etail Innovations Blur Line Between Physical, Online Shopping: ReadWriteWeb
  • Google Beefs Up ‘Knowledge Graph,’ Takes it to Apple’s Turf: WSJ Blog
  • Why does the $2.5 billion Curiosity use a 2-megapixel camera? Extremetech
  • How Do Olympians Keep Getting Better? Discovery
  • Why Did Starbucks Choose Square? Because Square handles payments like Starbucks handles coffee: Fast Company

First Published: Aug 10, 2012, 10:20

Flash CrashInfosysKnight CapitalMahindra SatyamTech MahindraToday in Tech
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