Magic Touch

Rising IT superstar, Millennium IT is heading for a US$ 5 mn net profit this year, after clinching top clients for its innovative line of products.
The firm is hoping to make its Nasdaq debut by 2006, but is also keen to list on the Bombay Stock Exchange.rn

rnMillennium Information Technologies (MIT) designs and develops capital markets transaction software and convergent billing applications for telecommunication companies and Internet Service Providers. rn

rnThe firms capital market products, the Dynamic Business Innovator (DBI), are in successful operation with a number of stock exchanges, brokerages, depositories and regulatory bodies in Europe, the Asia-Pacific region and the USA. rn

rnBut, a general depression in the global IT industry and two of its new big accounts going bust, saw MITs revenues shrink to almost half, dropping from Rs. 896.81 mn in 2001/2 to Rs. 463.95 mn in 2002/3. rn

rnMIT also reported its first loss of Rs. 605.31 mn for the financial year ending March 2003.rn