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MphasiS soars on ING order hopes

Abhrajit Gangopadhyay

BANGALORE, March 15

THE MphasiS BFL stock has been steadily heading north. The stock got a boost from reports about an outsourcing order from the ING Group, dealers and analysts said. The stock closed at Rs. 584.35 on the Bombay stock Exchange on Friday, up Rs 23.60 or 4.20 per cent over its previous close.

ING holds equity stake in MphasiS through its private-equity arm ING Barings and outsources part of its software needs to MphasiS, which has strong domain knowledge in banking and financial services segment.

Moreover, MphasiS has presence in IT-enabled services through its subsidiary MSourcE. ``There could be back-office orders pouring in for MSourcE'', a dealer with a foreign brokerage said.

Recently it was reported that the Dutch financial behemoth, ING Group, had shortlisted India for setting up an international hub for managing its back-office operations. The proposed hub would undertake data processing and customer relation activities and cater to the international operations of ING.

Currently, ING outsources its software development requirements from four Indian IT companies, Infosys, TCS, NIIT and MphasiS.

However, top MphasiS sources maintained that ``there is no definite indication of such order flow as of now.'' It was understood that the ING group was evaluating the structure of its outsourcing arrangements — whether the proposed centre should be set up as a fully-owned venture, a joint venture or as a purely outsourcing centre.

It may be recalled that HSBC had earlier said that it would shift its back-office functions to centres in Bangalore and Hyderabad.

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