TCS Q4 Earnings

In an interview, Abhishek Shindadkar, IT Analyst of ICICI Securities, shares his views on TCS Q4 earnings, its hiring targets and how FY12 as a whole would pan out for TCS. Excerpts:

A disappointment there on the quarter on quarter numbers front, but it has still significantly done well for themselves at least on the FY11 numbers. What was your outlook when you first saw the initial numbers?
See the initial reaction to numbers is that it is a good set of numbers. They are ahead of our estimates at least and a 5.1% revenue growth is decent considering that Q1 of calendar is typically a seasonally slow quarter.

So decision-making takes time and the spending is not as robust as you might change some of the other quarters. Prima-facie, I would say it is a good set of numbers. That is what my initial reaction would be.

Do you think there would be a bit of a disappointment coming in which is reflecting in the stock reaction of the bonus issue not being announced this time around?
Those expectations are always difficult to fulfill at all the times, but yes what is leading to the decline in the stock price is primarily a high level of expectations from the stock on every quarter.

And when the consensus is very high relative to what the firm is saying, then you might see people saying that it is a disappointment but considering that this is a seasonally weak quarter, I would say it is a good set of numbers.

What is your sense there is of course focus going to be on their hiring guidance going forward? In terms of what they do from an FY12 perspective is also going to be key because like you pointed out this has really been an outperformer of sorts quarter on quarter even in terms of stock price movements. Do you think TCS would perhaps give a better indication about things in FY12, particularly on the hiring front?
Yes, it is. A lot of people would be keen to hear what Chandra says because in the last four or five quarters their commentary has led to the precedence in the movement in the IT sector.

In terms of hiring targets this year, they will likely hire around 50,000 gross additions which is a very steep number and what they hire next year and how are they going to do on their utilisation front and a couple of other matrix would be your keen thing to watch look out for.

What would you do with TCS at 1200?
TCS continues to be our top pick within the IT space, primarily because it looks in much better shape than some of its other peers. It did its restructuring back in 2008 and it has grown faster than some of the other peers in the last five quarters.

Any decline in the stock price gives you a decent opportunity to enter and we still maintain it as a buy with a price target of around 1280.

Could the disappointment be largely on account of the fact that the expectations after what HCL Tech did were probably high?
It would be largely unfair to compare on a same base because the base for TCS and HCL is different.

A couple of people that we spoke to two days before the results mentioned that expectations from TCS would be high because for the last three quarters they have managed to surprise the street. As I see the Q4 numbers are not really that disappointing...

It is always a case of high expectations set at the start. Most of the streets have expected closer to 5% dollar growth. So 5.1% is probably in line with the expectation.

However, given that HCL showed significant upside to its numbers, people were expecting that TCS might do something like 6%-6.5%. To my mind, however, it's a little difficult to do on a given base of $2 billion and it would be really surprising to compare it with someone like HCL on a quarterly basis.

A lot of people anticipated that TCS would at least maintain margins, if not better the operating profit margin on a QoQ basis. Margins have fallen which is something that we have not seen in TCS for the last about four quarters...

We were building in a decline of a 96 basis points in the EBIT margin primarily because the company continues to hire aggressively and Q4 being a soft quarter you might not see the revenue growth coming in.

That might lead to a decline in the utilisation and that was primarily the reason we were building close to 100 basis points decline in the EBIT margin.

How are you working your numbers for FY12? What is the assumption that you are working on, given TCS' consistent outperformance in the market space?
It will take some for us to come out with the numbers.

What about the exposure, almost 21% to the euro and the pound? How would the forex positions be managed by TCS given an environment where there is a lot of volatility on the currency front?
In the last couple of quarters they have been able to do that much better than most of the other peers. It has been consistent that if the rupee stays in the band of around 44 to 47, currency volatility is manageable.

However, if we have a significant appreciation in any quarter then, it definitely impacts your operating margin, which is not manageable on a quarterly basis.

How do you think the year as a whole would pan out for TCS, purely in terms of the operating picture? If at all there could be a culprit as far as the margin goes, it has to be the utilisation rate...

If you continue to hire 50000 people on an annual basis, your utilisations might come off a bit. On a margin front, I expect them to at least maintain them at the current level.

On the hiring numbers we are expecting guidance to be more than 50,000. How would any surprise there impact your outlook? Are you expecting a surprise firstly and secondly how would that tweak the numbers or the general outlook on how the company would manage to employee cost and thereby its margins?

The company has been saying 45000 gross for FY12, if I am not wrong. What we have to look at is TCS seems to comprehend that it cannot hire 50000 gross heads annually every year and that is why it is trying to diversify by going into something like that iON platform which kind of is a non-linear revenue.

So I have to look at if and when they decide to guide for 50,000 plus, then I would be interested in knowing what is the attrition number that they are looking at for FY12 because a significant jump in the hiring would suggest that demand is still strong and given that they are pursuing a lot of non-linear initiatives, it might suggest that they expect that the attrition to pick up as well.

Duncan Fletcher - What he did so far?????

It was September 2005. Duncan Fletcher was riding high after England's Ashes triumph. Journalists were showering him with praise, calling him England's greatest-ever coach, and government officials were suddenly willing to overrule protocol and rush through his UK citizenship. Here was a coach to be proud of, a man who had dragged English cricket out of the doldrums, bred confidence in his group of young, inexperienced players, and led them on a monumental trek to the summit of Everest - beating the indomitable Australian team in an Ashes series. He was a hero just as much as any of those players who lifted the urn.

Fast-forward to April 2007. The England team have been through the "Tour of Hell" in Australia, losing all five Test matches. After that, they were involved in another awful English World Cup campaign. No one came out of that six-month period with any real credit but, as is often the case in international sport, it was left to the coach to fall on his sword. Duncan Fletcher's seven-year reign with the England team was over. If you add to the mix some controversial comments he made in his autobiography about Andrew Flintoff, a few journalists, and some members of the ECB, the story looks very much one of a man whose legacy with England cricket is compromised.

To those who played under him, however, there will always be a legacy, regardless of whether they got on with him personally or not. His ideas became so much of a blueprint for England cricket over the time he was in charge that I defy any recent player to stand up and say he didn't learn anything off Duncan Fletcher, whether he played one Test or a hundred.

Marcus Trescothick, who made his debut in 2000, shortly after Fletcher took the helm, remembers his first impressions clearly. "The way he operated in a tough environment really struck me. He managed to bring players together. It was not easy because there were quite a few older, experienced players, and the cricket was lingering on from years before, but he managed to gel the team. Also, he made sure everyone knew where they stood. He had strong ideas, and everyone was clear what was expected of them."

His method was to be one taken from business, in which he had plenty of experience in both Zimbabwe and South Africa. He believed strongly in having a management group of senior players who would report problems to him and the captain, while feeding information back to team-mates from those in charge. At the same time he strongly believed in players learning to think for themselves, using him and other coaches more as consultants to their game, rather than being told what to do. He was particularly keen on analysis, but wasn't about to shove it down throats. It was very new and very different to a crop of players used to a coach occasionally telling them that their foot was getting too far across or their elbow wasn't high enough.

Fletcher had two advantages when he took over the side. Firstly, the England team were at a particularly low ebb, having just lost at home to New Zealand, and so the only way was up. Secondly, he was joined by a captain, Nasser Hussain, who had the drive and desire to change English cricket. Different in background and temperament, they both understood that the England team needed a revamp in personnel and management style.

The inherited issue of players finding a hostile environment on entering the dressing-room, owing to a culture in which every man was left to look after himself, was already being treated by the introduction of central contracts. Not only did the England coach have more control over players, but also they themselves began to feel part of the team. They were now England players, rather than players more easily affiliated with their counties. What Fletcher mainly did, however, was confront problems. Those who he felt did not buy into the team environment, or were unwilling to change their ways, found that they were surplus to requirements pretty quickly. In their place came the likes of Trescothick and Michael Vaughan. These were players who were picked out of county obscurity by a coach who believed they had the technique and temperament to succeed at the highest level.

More importantly they added to the team. Both brought bags of enthusiasm, were willing to train harder, and bought into the idea of taking the England team forward. Fletcher, meanwhile, was willing to stick his neck on the line for them. He was to be loyal to the death. In return he expected the absolute loyalty of those around him.

Any cricketer who came into contact with Fletcher could not help but realise that this coach was completely different from any they had experienced before. All batsmen, without exception, were shepherded into a dark room at some stage early in their England career, to listen to Fletcher's theories on playing spin, which involved a white-board, plenty of lines showing different angles of deliveries, and finally why the "forward press" worked. He was never one for telling a player to do something unless he explained it thoroughly first.

Geraint Jones remembers being struck by just how much thought went into Fletcher's coaching. "It was incredible how absorbed he was in the game. He never stopped thinking about it. He was never afraid to think outside the box, look at other sports, relate their methods back to cricket, and then push us to think in those terms as well."

	He knew my game better than anyone else. He worked out what made me tick very early, and was able to spot flaws in my technique that no other coach would even dream about telling meMarcus Trescothick on Fletcher

An analytical mind allowed Fletcher to see below the surface, and find out what really made players tick. It helped enormously with the England side, but in dissecting opponents' weaknesses he was without peer. "His greatest strength was in his analysis of opposition players, and the way he got us thinking about it too," Jones recalls. "I remember how Jacques Rudolph kept getting out exactly as Fletcher predicted on tour in South Africa, and Hayden in the 2005 Ashes was very similar." It is hard to quantify how many wickets that skill took for the England team over seven years. As for his own players, he was able to use that talent to predict difficulties and fix them before they became an issue. Prior to the 2005 Ashes series, Fletcher came up to me stating that he thought I needed to work on my method against Shane Warne. Being slightly pig-headed, I replied that rather than change anything before the series started I would prefer to see whether my technique worked first. Needless to say I was running back for advice and guidance two Tests into the series.

Trescothick used Fletcher for batting advice more than most of his team-mates. "He knew my game better than anyone else. He worked out what made me tick very early, and was able to spot flaws in my technique that no other coach would even dream about telling me." None of this came by accident. Trescothick remembers a crisis moment during the Ashes tour of Australia in 2002-03. "I knew something was wrong but couldn't put a finger on it. I told Duncan this, and he went away to his room, accompanied by a computer, studied how I had been playing, looked at old footage and finally after a couple of days noticed a minor flaw that had crept in." His natural attention to detail made his insights unique.

Ashley Giles, another who really flourished under the Fletcher regime, echoes Trescothick's assessment: "He has huge technical knowledge, what he said always stuck with you." Ironically, though, he believes that Fletcher's greatest influence on the England bowlers came through taking their attention away from technique. "He challenged us to think about tactics and game- plans rather than being too preoccupied with technique. His role was to switch us on to competition mode." With a bowling coach of Troy Cooley's calibre alongside him, perhaps he didn't need to focus too much on the technical side of bowling, but it was vitally important for the bowling unit to be absolutely comfortable in their roles, and know what the bowling plans were for each batsman.

Giles, who has made the jump from player to coach himself, is determined to pass on much of the advice given to him. "I was very fortunate to play under Fletcher and Bob Woolmer. My coaching education has not come from Level 1, 2, 3 or 4, but from spending time with the best in the business. I have realised that much of the stuff that we took for granted hasn't spread down the system, and that makes my new job exciting."

Over the years that Duncan was in charge huge changes were made to the set-up in terms of support personnel. He believed strongly that a world-class team needed to have a world-class support network behind it. Doctors, analysts, bowling coaches, psychologists, fitness gurus, physios and masseurs travelled with us everywhere by the time of his departure. How much effort it took for him to get all those positions in place with his employers is anyone's guess, but I suspect that there were some battles fought which the players were not privy to.

Duncan Fletcher -New Men In Blue Coach

MUMBAI: Duncan Fletcher was on Wednesday appointed India's cricket coach to replace the highly successful Gary Kirsten, ending weeks of suspense on who will take over the high-profile job.

The 62-year-old Zimbabwean has coached England with mixed results from 1999 to 2007, will take over the job for a two-year period.

The decision to appoint Fletcher, whose name was doing the rounds as a possible successor to Kirsten, was taken at the BCCI's working committee meeting here. The announcement came as a surprise as the BCCI had given no indication that it would name the coach on Wednesday itself.

"The contract with Fletcher is for two years. He may not join the team in the West Indies as he has some prior commitments," BCCI Secretary N Srinivasan told reporters after the meeting.

Eric Simmons, who was the bowling coach during Kirsten's tenure, will continue in the same position, Srinivasan said.

Fletcher, who captained Zimbabwe during the 1983 World Cup and played just six one-dayers during the African nation's pre-Test days, had mixed fortunes as coach for England.

The high points of his career was England's Ashes triumph over Australia in the home series of 2005, England's first series win in West Indies in 36 years and taking England to the third spot in Test rankings.

Fletcher has a tough job ahead of him as he replaces the amiable South African Kirsten, who set a high benchmark for the Indian team and completed his stint with the memorable World Cup triumph earlier this month.

With Kirsten at helm, India reached the pinnacle of Test rankings and number two in the ODI list after conjuring up memorable wins and draws in series abroad. He relinquished the job to spend more time with his family.

Captain Fantastic at 52

WASHINGTON: Led by India's " Captain Fantastic" Mahendra Singh Dhoni, five Indians have made it to the Time magazine's 100 most influential people in the world, whose "ideas spark dialogue and dissent and sometimes even revolution."

Other Indians on the Time 100 list released on Thursday are "Titan of Industry" Mukesh Ambani, "Brain Mapper" V.S. Ramachandran, "Philanthropist" Azim Premji and "Change Agent" Aruna Roy.

The list is topped by Wael Ghonim, the Google executive who became the "Spokesman for a Revolution" in Egypt.

US President Barack Obama ranked 86 trails far behind his Secretary of State Hillary Clinton (43), Facebook founder Mark Zuckerberg (6), WikiLeaks founder Julian Assange (9) and Pakistani spy master Ahmed Shuja Pasha (17).

Ranked 52nd, Dhoni under whose leadership India won its first Cricket World Cup in 28 years, Time noted, "is now universally acknowledged as India's best captain ever. He's also its most likable, exuding both cool confidence and down-to-earth humility."

"Dhoni doesn't just lead a cricket team; he's also India's captain of hope. And he didn't just win India the World Cup; he also taught India how to win," it said.

The story of Mukesh Ambani ranked 61st "is straight out of the Bollywood movies of his hometown," Time said noting, "He started out in life crammed with six people into a two-bedroom tenement in the most congested part of central Mumbai."

"Ambani, 54, also took the firm his father founded - Reliance Industries - and turned it into India's largest private-sector company, a $45 billion petrochemicals giant," it said describing it as "a new kind of Indian company, built through adroit manipulation of governments and the stock market but also enriching millions of shareholders."

Placed 79th, V.S. Ramachandran, 59, "once described as the Marco Polo of neuroscience," the Time said "has mapped some of the most mysterious regions of the mind."

"With his simple, creative and innovative ideas," Ramachandran, "best known for developing a therapy for phantom-limb pain in which a mirror is used to reflect the intact limb, creating the illusion that the missing one is still there," it said "is changing how our brains think about our minds."

Microsoft chairman Bill Gates who has profiled "philanthropist" Azim Premji for the Time, says, "If anyone personifies India's economic transformation, it is Azim Premji, chairman of the information-technology powerhouse Wipro Ltd."

"A pioneer of India's IT-outsourcing industry, Premji helped unleash a generation of skilled technical professionals who make up India's growing middle class," he wrote.

Bringing up the rear for India on the Time list is "Change Agent" Aruna Roy, who "starting from a tiny village in the deserts of Rajasthan in the 1980s began a long campaign to bring transparency to India's notoriously corrupt bureaucracy."

"Many social activists clamour for India to do more for the dispossessed. A former civil servant, Roy doesn't just condemn a broken system; she changes it," it noted.

The Hero's Voice thru his Bat- Robin Uttapa

Out-of-favour Indian batsman Robin Uthappa has given up the funky haircuts to get back on the national team and said he would gladly give up his $2 million Indian Premier League (IPL) cheque if it were to help the cause.

The 25-year-old batsman played the last of his 38 one-day internationals in July 2008 but remains hot property among the Indian Premier League (IPL) franchises for his fearless power-hitting and wicket-keeping.

Uthappa hopes to shine for IPL newcomers Pune Warriors, who paid $2.1 million for him in the player auctions, but his main goal is to use the Twenty20 tournament as a springboard to force an India recall.

"I would do anything to play for the country," Uthappa said in a telephonic interview.

"Swapping the cheque would be a very easy thing to do, with my eyes closed. Coming back to the Indian team is the most important thing for me."

Uthappa, a key member of India's 2007 Twenty20 World Cup-winning team, was at one point India's answer to Kevin Pietersen, thanks to his hard-hitting and array of conspicuous haircuts.

At home batting anywhere from one to seven in the game's shorter formats, Uthappa also appeared comfortable switching from buzz cut to mohawk and another infamous style resembling a sideways zebra-crossing.

Born in a Coorg, a hill station in southern India, Uthappa now wears his wavy hair short and business-like, and insists he has matured as a player in the nearly three years on the sidelines after being dropped for poor form.

"Unfortunately because of a shoulder injury, I missed an India comeback last year. God willing, if I can better my IPL performance this year, I can certainly come back in the side.

"I missed playing for the country in the last couple of years but I think I have improved a lot as a cricketer.

"I have grown up and matured over the time and realised cricket is lot more than just fancy haircuts. Call it a sign of maturity," he quipped.

FLAMBOYANT

While the showy hairstyles are gone, his flamboyant batting remains a delight to watch.

No mindless slogger, Uthappa is a smart cricketer who blends aggression with improvisation in his knocks.

"You have to improvise, playing against top class bowlers and against certain field settings. But you should be mindful of your improvisation as well.

"I used to play the scoop shot a lot but it's not my go-to shot anymore. Probably reverse-sweep and switch-hit are."

While Pietersen has been credited for pioneering the switch-hit, Uthappa insisted the maverick English batsman was not his inspiration.

"I did not look at KP's video. I practise it in the nets very often. I'm a very instinctive player and if I feel the need to play it, I play it.

"Last year in the Bangalore nets, I was batting and suddenly felt the need to play the shot. Anil Kumble was bowling and I thought 'well, if I can play it against Kumble, I can definitely play it against anybody'.

"I was lucky enough to pull it off against him and hit the ball a long way. That instilled lot of confidence in me. Of course everyone advises me not to play the shot."

Uthappa said he had learnt to stay away from unwanted advice, however, fearing it might clutter his otherwise simple approach to the game.

Batting advice is sought from India opener Virender Sehwag, who has a similar 'take-no-prisoners' attitude at the crease.

"One person I look up to is Sehwag, I guess we have a similar game. If I have to discuss my game with anyone, it would be him. He would understand me best as a cricketer."

iPhone 5 on the way

Apple Inc suppliers will begin production of its next-generation iPhone in July this year, with the finished product likely to begin shipping in September, three people familiar with the matter said.

The new smartphone will have a faster processor but will look largely similar to the current iPhone 4, one of the people said. They declined to be identified because the plans were not yet public.

Suppliers to the current generation included camera module maker Largan Precision Co Ltd, touchscreen panel maker Wintek Corp and case maker Foxconn Technology Co Ltd, two of the people said.

The companies would begin production either in July or August before shipping components to Hon Hai Precision Industry Co Ltd, flagship of Foxconn Technology Group, for assembly, they said.

An Apple spokeswoman was not immediately available for comment.

The iPhone is one of Apple's most successful products, with more than 16 million sold in the last quarter of 2010 and accounting for more than a third of the company's sales in the period.

The current iPhone 4 was launched by Apple Chief Executive Steve Jobs in June last year and began shipping the same month in 2010. Apple is expected to report another spectacular quarter on Wednesday, tempered by growing caution over how supply constraints will squeeze margins and restrain iPhone and iPad sales.

Sri Lanka reject BCCI request on IPL players

COLOMBO: In what could strain the relations between the BCCI and Sri Lanka Cricket, the Lankan government and SLC have decided to stick to their decision of calling back national cricketers, playing in the IPL, by May 5.

Early this month they had ordered the players to return to the country to prepare for the upcoming England tour.

Though no meeting took place between the BCCI and SLC but Indian officials did speak to their Lankan counterparts on the matter and requested them to let their players play in the Twenty20 event at-least till May 15.

But sports minister Mahindanada Aluthgamage and the Cricket Board (SLC) have decided to ignore the Indian request.

A Sri Lankan Cricket source said on Wednesday that Aluthgamage, Sri Lanka Cricket and the national selection committee had lengthy deliberations on Tuesday on the matter.

Accordingly some 11 Sri Lankans including the star players Kumar Sangakkara, Mahela Jayawardene and the newly appointed Sri Lankan captain Tillakaratne Dilshan would have to abide by the Sri Lankan decision.

Aluthgamage has said that interests of Sri Lankan cricket was his priority and Sri Lankans would be sending a polite explanation on the decision to the Indians.

Sri Lanka summoned all IPL players to return in order to prepare for the tour of England which starts on May 10.

Former captain Sangakkara, now leading Deccan Chargers, said the players will have to abide by the Sri Lanka Cricket decision but expressed hope that two boards would sort out the issue.

Auston Martin To India

Founded in 1913, Aston Martin has been a leading luxury sports car manufacturer around the globe for nearly a century. Deriving its name from its two founders - Lionel Martin and Aston Hill the British car company finally steps into India and steps big by bringing all its models on sale here.

It is a crucial move for the luxury sports car manufacturer to step into India as it has one of the fastest growing automobile markets in the world. This is an extension of the company’s growth strategy in which it has taken the brand to countries like Brazil, Chile, Croatia, Czech Republic Greece, Taiwan and Turkey.


Customers will be able to test-drive selected models from its entire range of V8 Vantage Coupe, V8 Vantage Roadster, V12 Vantage, DB9, coupe, DB9 Volante, DBS Coupe/Volante, and its four-door sports car Rapide. These cars will also be accompanied by the recently launched V8 Vantage S and the Virage. These beauties will be priced from Rs. 1.35 crore to Rs. 2.75 crore and the most expensive of the lot will be the One 77 priced at a massive Rs.20 crore.

 Lalit Choudary Director Performance Cars Bill Donnelly-Director Sales After Sales

Marek Reichman-Director Design at the launch announcement Aston

The Warwickshire based company’s dealership is located in Kemps Corner which is also the host to the Porsche showroom. The dealership will offer a premium boutique environment where customers can custom-specify the needs in their cars. The after-sales service will be done at Worli in a first of its kind air conditioned workshop keeping in sync with the international design elements that have created the identity for Aston Martin for years at end. Today Aston Martin has 134 dealers across 42 countries.

With well-known automotive brands like Porsche, Rolls Royce, Ferrari, Maserati already in India and more brands like Koenigsegg and Aston Martin also finding its way here, it is more than clear that India is where all the premium car manufacturers want to be, speaking oodles about the current automobile market here.

IPL Point Table

	TEAM	PLAY	WON	LOST	TIE	NR	PTS	NRR
	Kolkata Knight Riders	4	3	1	0	0	6	+0.891
	Rajasthan Royals	5	2	2	0	1	5	-0.476
	Pune Warriors India	3	2	1	0	0	4	+1.089
	Mumbai Indians	3	2	1	0	0	4	+0.561
	Deccan Chargers	5	2	3	0	0	4	+0.073
	Kochi Tuskers Kerala	4	2	2	0	0	4	+0.044
	Chennai Super Kings	4	2	2	0	0	4	-0.097
	Kings XI Punjab	3	2	1	0	0	4	-0.478
	Royal Challengers Bangalore	5	1	3	0	1	3	-0.730
	Delhi Daredevils	4	1	3	0	0	2	-0.632

PSLV-C16 launch successful, satellites injected into orbit

SRIHARIKOTA (AP): India's PSLV-C16 rocket on Wednesday successfully launched into orbit the latest remote sensing satellite Resourcesat-2 that would study and help manage natural resources along with two nano satellites.

ISRO's homegrown workhorse Polar Satellite Launch Vehicle placed in a 'Polar Sun Synchronous Orbit' Resourcesat-2, Youthsat and X-Sat about 18 minutes after it blasted off from the Satish Dhawan Space Centre launch pad here, 90 km from Chennai, at 10.12 am.

"PSLV-C16 Resourcesat-2 mission is successful," a jubilant Indian Space Research Organisation Chairman K Radhakrishnan announced shortly after all the three satellites were hurled into space one after another 822 km above earth in a text book launch.

The ISRO chief's announcement was cheered by the battery of scientists at the mission control centre who heaved a sigh of relief as they were gripped by an added anxiety following two successive failures of GSLV missions last year.

The 1,206 kg Resourcesat-2 with a space life of five years replaces Resourcesat-1 launched in 2003 and would provide data with enhanced multispectral and spatial coverage on natural resources.

The GSLV mission in December last year failed when the homegrown GSLV F06 carrying communication satellite GSAT-5P exploded mid-air less than a minute after lift-off and fell into the Bay of Bengal.

GSAT-5P, carrying 24 C-band and 12 extended C-band transponders, plunged into the sea when the destruct command was issued as the rocket veered from its flight path.

Earlier, the GSLV-D3 mission carrying GSAT-4 had also failed in April 2010, dealing a blow to India's space programme.

Today's PSLV flight was its 17th successive mission after the failure of its maiden voyage in September 1993.

Microsoft issues biggest-ever security patch

SAN FRANCISCO: Microsoft issued its largest-ever software security patch, aimed at fixing 64 vulnerabilities in Windows, Office, Internet Explorer (IE) and other programs.

The Seattle-based software giant said the patch includes 17 bulletins, including nine judged to be 'critical,' Microsoft's highest threat ranking.

Fifteen of the bulletins address vulnerabilities that allow attackers to remotely execute code to take control of the infected computer.

The patch beat a previous record set in December, when Microsoft released a patch containing 17 bulletins that addressed 40 vulnerabilities.