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Wednesday February 1st, 2023

Sri Lanka hires by India’s HCL Technologies top 1,000 in first year

ECONOMYNEXT – HCL Technologies, an information technology firm based in Noida, India said it had hired 1,000 IT staff in Sri Lanka in the first year of operations in the island.

In June 2020, when the firm started operations in the country officials said it was planning to hire 1,500 persons over the next 18 months.

HCL Technologies said it had hired new graduates and also “seasoned industry professionals”.

“We are optimistic about the country’s growth prospects and look forward to bringing in more global opportunities tothe local community,” Apparao VV, Chief Human Resources Officer, HCL Technologies said in a statement.

“Sri Lanka has an extremely talented and world-class pool of IT professionals, and we are certain our family here will continue to play an increasing role in serving our Global 2000 clients and partners situated all over the globe.”

HCL Technologies has offices in 50 countries providing IT services and software to companies around the world.

“During its one year of operation in the country, HCL has launched several programs to nurture and attract new talent,” the firm said in a statement.

“For young graduates who have completed three-year or four-year studies in technical and non-technical streams, HCL Sri Lanka offers an opportunity to join the company as software engineers or IT analysts.”

The company had started a program called HCL TechBee to help Advance Level (High School certificate) student start an IT carriers through Horizon Campus, in Sri Lanka.

“In addition to programs for new graduates, HCL Sri Lanka continuously hires experienced professionals for roles in digital, applications and infrastructure managementand actively engages with talent through a host of online webinars and programs to drive its recruitment efforts,” the firm said.

The company said it had a ‘global delivery centre’ in Orion City, Colombo, and will expand into office space in Cinnamon Life, as an anchor client.

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Sri Lanka bond yields down at close

ECONOMYNEXT – Sri Lanka’s bond yields were down at close following a bond auction on Wednesday, dealers said while a guidance peg for interbank transactions remained unchanged.

“The rates were steady at the auction,” a dealer said.

“This can be a signal to the market saying the rates will go down in the future.”

A bond maturing on 01.07.2025 closed at 32.40/60 percent, down from yesterday’s 32.60/85 percent.

A bond maturing on 01.05.2027 closed at 29.10/35 marginally down from yesterday’s 29.20/75 percent.

The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at 362.14 rupees against the US dollar.

Commercial banks offered dollars for telegraphic transfers at 371.38 rupees on Friday, data showed. (Colombo/Feb 01/2022)

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Sri Lanka bill auction hits pothole after 2025 bond spike

ECONOMYNEXT – Sri Lanka sold only 45 billion rupees in Treasury bills at Wednesday’s auction after offering 120 billion rupees, data from the state debt office showed, amid market confusion over a spike in a two year bond at an earlier action.

30.1 billion rupees of 3-month bills were sold at 29.91 percent, unchanged from a week earlier after offering 60 billion rupees for auction.

5.1 billion rupees of 6-month bills were sold at 28.72 percent, flat after offering 30 billion.

10.3 billion rupees of 12-month bills were sold at 27.72 percent after offering 30 billion.

Phase II subscriptions have been opened.

The market was foxed after the 2025 bonds were accepted at sharply higher yield than market on January 30, dealer said.

There was further confusion as the there was an outright purchase of 2025 at around 29 percent earlier in January.

Some investors speculated that the authorities were trying to drive more buyers towards short end bonds as bill volumes were getting larger. (Colombo/Feb01/2023)

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Sri Lanka services exports down 5.9-pct in 2022

ECONOMYNEXT – Sri Lanka’s services exports were estimated to have fallen 5.9 percent to 1,876.3 million US dollars, the island’s Export Development Board said.

Services exports estimated is made up of ICT/BPM, construction, financial services, transport and logistics.

There are more than 500 ICT companies, the EDB said.

Sri Lanka’s merchandise exports were up 4.6 percent to US dollars 13.1 billion dollars in 2022 from 2021.

Sri Lanka’s goods exports are slowing amid lower growth in Western markets. (Colombo/ Feb 01/2023)

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