World Bank hires TCS to do Satyam's work, Wipro sees red

Though India's top technology outsourcer was tightlipped about the deal, a World Bank official confirmed that they have "hired TCS to do much of the IT work that Satyam used to do." TCS, the official said, had bagged much of Satyam's work through a competitive bidding process early last year.

The official, however, refused to disclose the size of the deal, saying they do not share contract details with third parties as a matter of policy.

The news sent TCS shares soaring 2.16 percent to Rs.522.80 at the Bombay Stock Exchange on Tuesday.

It may be recalled that on Monday the World Bank disclosed that it had found two Indian IT companies - Wipro and Megasoft - ineligible for doing direct business with it for a period of 4 years each, beginning June 2007 and December 2007 respectively.

The World Bank said it had found Wipro ineligible for direct contracts as it was "providing improper benefits to Bank staff," while Megasoft, the World Bank said, was barred for "participating in a joint venture with Bank staff while also conducting business with the Bank."