DSPML - Hexaware Technologies

We are raising our earnings estimates by 6% and 7% for CY07E and CY08E as we think its recent acquisition of FocusFrame Inc is likely to be EPS accretive. We are increasing PO by 6% to Rs211, offering potential upside of 16% from current levels. Maintain Buy on the stock.

Moving up the value chain in testing

FocusFrame's presence in automated testing, testing strategy and consulting are
likely to enhance Hexaware's positioning and addressable space in the industry.
FocusFrame's 'Accelerator' technology, which cuts testing costs by 40%, is under
evaluation by SAP and likely to be a key marketing tool for Hexaware. This could
help build its offering outside PeopleSoft business

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Thanks Vishesh