Forbes Names Syntel to 'Hot Shots' List for Fourth Time

TROY, Mich., Oct. 20, 2003 -- Syntel, Inc. announced its inclusion today in Forbes' eighth annual "The Best Small Companies" listing, the magazine's ranking of the fastest-growing entrepreneurial companies. Syntel ranked 80th on the list. This is the fourth time Syntel has been included on the list, moving up from the 151st spot last year.

The list is a "who's who" of publicly-traded companies with annual revenues between $5 million and $600 million. Forbes stated that among other factors, profitability was the key during this "tempest-tossed year of continued economic weakness and market upheaval."

"We're pleased to have the financial track record to continue making this list," said Bharat Desai, Chairman and CEO of Syntel. "Our climb in the rankings for three consecutive years is a testament to our solid business strategy of delivering high value technology solutions to our global customers."

To make the Forbes list, companies are evaluated based on a number of criteria, including five-year sales and earnings-per-share (EPS) growth rates of at least five percent. The rankings are determined by weighing a combination of return on equity, sales, relative stock price strength, and earnings-per-share growth each measured during the past five years and the most recent four quarters.

  The feature appears in the October 27 issue of Forbes Magazine.

  About Syntel

Syntel is a leading global provider of custom outsourcing solutions in a broad spectrum of information technology and information technology-enabled services. The Company's vertical practices support the entire Design-Build-Operate-Optimize lifecycle of systems and processes for corporations in the Financial Services, Insurance, Retail, Health Care and Automotive industries. The first US-based firm to launch a Global Delivery Service to drive speed-to-market and quality advantages for its customers, Syntel now leverages this efficient model for the majority of its Global 2000 customers. Recently named one of Forbes Magazine's "Best 200 Small Companies in America," Syntel has over 3,500 employees worldwide, is assessed at Level 5 of the SEI's CMM and is ISO 9001:2000 certified. To learn more, visit us at: www.syntelinc.com.

Safe Harbor Provision

This news release includes forward-looking statements, including with respect to the future level of business for Syntel, Inc. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors set forth in the Company's Annual Form 10-K document dated March 31, 2003. Factors that could cause results to differ materially from those set forth above include general trends and developments in the information technology industry, which is subject to rapid technological changes, and the Company's concentration of sales in a relatively small number of large customers, as well as intense competition in the information technology industry, which the Company believes will increase.