Source: in.reuters.com

The Indian specialty chemicals industry is expected to grow revenue by 15 percent annually, driven by strong domestic demand and increased outsourcing, an industry report released on Monday said.

Specialty chemicals, which constituted 24 percent of the $40 billion domestic chemicals industry in 2006, is expected to grow at twice the global industry rate, said a report by Ernst & Young and the Federation of Indian Chambers of Commerce and Industry.

“There are huge opportunities in the sector due to increased outsourcing to India mainly due to the low cost advantage and abundance of skilled manpower,” Rajeev Dalal, partner, Ernst & Young said.

Exports of these chemicals are expected to jump to $13 billion by 2013 from $4 billion in 2007, the report added.

Specialty chemicals are used to manufacture a wide array of products including paints, varnishes, adhesives, dyes, flavouring agents, fragrances, and bulk drugs.

Source: www.myiris.com

IT major Infosys Technologies (Q, N,C,F)* and Cognizant Technology are in fray for a mega outsourcing deal from the world`s largest retailer Wal-Mart, reports Economic Times.

Wal-Mart is likely to place an outsourcing order in the range of a billion dollar plus.

Meanwhile, it is also been said that Wal-Mart is setting up its own captive center, as part of its IT expansion plan in India.

Wal-Mart also has its own inhouse IT system with proprietary technology on the large scale.

Shares of the company declined Rs 22.1, or 1.38%, to close at Rs 1,580.10. The total volume of shares traded was 724,429 at the BSE.