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'SSI not hit by US slowdown'

Indian computer education and software services firm SSI Ltd has not been impacted by lower billing rates or a drop in business due to a US slowdown, the firm's chief said on Tuesday.

SSI's chairman Kalpathi S Suresh told reporters on the sidelines of a luncheon meet that the firm was negotiating an increase in billing rates for a securities project it was executing for the Nasdaq's parent.

"We have about 150-200 people working here on the core product for Nasdaq Japan and Europe and are billing about $25 an hour now...and we have an escalation clause which we are currently negotiating to move rates up significantly," he said.

The firm's joint venture IndigoMarkets with the National Association of Securities Dealers for Internet-based trading systems is set to deliver the new platforms for Nasdaq's Japanese and European exchanges later this year.

Suresh said the firm was also looking at alternate scenarios emerging from a slowdown in the US economy.

"We know there is a slowdown and have a defensive strategy which revolves around conserving cash, protecting our interests in terms of our topline and bottomline growth and not adding to our fixed costs." SSI's shares closed 2.7 per cent higher at Rs 1,205.15 (provisional), while the Sensex ended 0.59 per cent up.

SSI's software services technology division had recently signed about five new clients in Europe and Asia and would be announcing details of the projects along with the firm's October-December quarterly results.

The firm is set to release the results on January 29.

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