On the Bombay Stock Exchange (BSE), the scrip opened at Rs 284.03 but dropped by 5.49 per cent to Rs 268.70. On the National Stock Exchange, the scrip opened at Rs 284.15 and dropped to Rs 268.50 (down 5.51 per cent).

On 20 January 2003, Hinduja TMT informed the BSE that Bombay High Court has approved the merger of Sarthak Mercantile Pvt Ltd with the company. This announcement ensured that the Hinduja TMT shares closed at Rs 284.30 (up Rs 4.75 or 1.70 per cent) against its previous close of Rs 279.55 on the BSE.

To manage risks posed by external environment and meet the requirements of its overseas clients for geographical diversity and disaster recovery, HTMT has entered into an agreement with a call centre company in the Philippines and is providing such services for its clients with effect from 15 November 2002.

HTMT, as part of its IT/BPO combination, is also focusing on high-end applications like engineering design and R&D services and has successfully completed pilots in engineering design software services for two companies from Europe - an automobile major and an engineering services company - and regular orders are likely to flow from them for onsite and offshore services.

HTMT vice chairman S. Solomon Raj was quoted in a release as saying: "The rapid growth in our performance during the nine month period of the current fiscal as compared to the previous year was due to continuous ramping up of our IT/BPO combination. Our collaborative business model, which aims to achieve creation of multiple values across the demand-chain by synchronizing our internal processes with the processes of our customers, has also facilitated the growth. The results are in accordance with the guidance given for FY 2002-03."