TCS hedges $1.5 bln to cushion against rupee fluctuations

New Delhi, June 9 (UNI) Amid the global economic turmoil, software major Tata Consultancy Services (TCS) today said it has hedged funds worth 1.5 billion dollars to safeguard itself against the fluctuating rupee.

''We have hedged for about 1.5 billion dollars. I believe one has to run business on fundamentals and not on currency fluctuations,'' company CEO S Ramadorai told reporters on the sidelines of a conference here.

It is very difficult to forecast the rupee movement, he said adding in the last one and a half months, it has taken a different direction than what it was seven months ago.

He also said the company targets to earn a revenue of 10 billion dollars from the present six billion dollars. ''We do not have a time limit,'' he added.

The country's largest software exporter today released a White Paper that highlights the huge potential of e-governance benefitting citizens and maximising the returns on public investments.

UNI MP SR PM1938