In a windowless office in central Bangalore, dozens of employees are arriving to work on the night shift.
They are journalists employed by the world's biggest news agency, Reuters.
Their job is to cover US financial news.
And they are working overnight so that they can report company news live as it happens on the New York Stock Exchange - from India.
Cost savings
But why in the world is Reuters covering Wall Street from Bangalore?
In a word: salaries.
These Indian financial journalists can be employed by Reuters for a fraction of the cost of employing a journalist at their New York office.
Reuters Editor-in-Chief, David Schlesinger, says that the move meant that they could broaden their coverage of US companies without incurring crippling costs.
He was able to hire 100 new journalists in Bangalore without in any way reducing the size of his New York office.
"Now we can send our New York journalists out to do more interesting stories. This is good for our business and good for journalism," he told the BBC.
And some other wire services are now following Reuters' lead and beating a path to Bangalore, according to local journalists.
But Mr Schlesinger insists that this is not outsourcing.
"Bangalore is a Reuters bureau like any other in the world. And Reuters journalists there work to the standards as Reuters journalists anywhere."
Internet journalism
Such a system has only recently become feasible - as a result of the internet.
Most US companies now put out their press releases on the internet, and they all use financial PR firms to release their profit figures just as the stock market opens.
So Reuters journalists in Bangalore can access the same basic information - in the same time frame - as their colleagues in New York.
And the reduced cost of telecommunications links means that the news written in Bangalore can be sent around the world as quickly as the news written in New York - of key importance for a wire service, which depends on speed for its competitive advantage.
Reuters already knew about the data transmission capability of India.
In 2002, it moved its IT database operations to Bangalore.
It now employs 1,500 people to make sure that its clients receive the millions of bits of financial data it transmits every day.
Dateline: India
But, nevertheless, Reuters was taking a big gamble in trying to source its company news from India, as Abi Sekimitsu, the Reuters editor assigned to run the Bangalore office, explains.
"We need to train them up carefully to make sure they understood our values, our need for speed and accuracy," she says.
But she stresses the journalists she employs are now eager to expand the range of stories they do, and have already moved from just doing headlines and summaries to writing more complex stories.
The Reuters journalists working in Bangalore do find some aspects of the job intimidating.
For Ankur Relia, covering the New York financial markets has taken some getting used to.
He writes up to 20 brief stories a day reporting on US company results.
But he is happy to defer to the New York office if a more complicated story involving a major US company passes his way.
To maintain their exacting standards, Reuters has recently created a new post in the Bangalore office - training editor.
And they have hired a former Bloomberg employee and TV presenter, Kavita Chandran, on a two-year contract.
Kavita, an Indian national, had been working for Bloomberg in New York.
She says it has been hard to adjust to coming back to Bangalore - but it is a very exciting time.
"My role is really to clear up the cultural misunderstandings," she says.
"Being Indian, but having worked for 10 years in New York, I can spot the difficulties in communication and language between the two offices."
Turnover problems
However, the biggest problem that Reuters is facing in Bangalore is something they did not expect - turnover.
Despite paying double the going rate for journalists, almost half the staff has left in the past year.
"I am a Reuters lifer," Ms Sekimitsu told the BBC. "But the young journalists I am employing seem to think that a year is a long time to work for one company."
It's not just competition from rivals like Thomson that have caused the problem.
India's economic boom - and the deregulation of television - has led to an explosion in financial journalism, with six financial news channels on cable TV.
And salaries of financial journalists on newspapers are rising as well.
With many financial journalists attracted to working in Mumbai, India's financial capital, Reuters is finding it increasingly difficult to retain its staff.
Newspaper outsourcing
Reuters' Bangalore operation is only one example of a broader trend in outsourcing by media organisations.
Many American newspapers, facing severe cost pressures, are looking to outsource many of their key functions to India.
Recent moves have included:
* Columbus Dispatch: Ohio newspaper outsourced 90 jobs in advertising design to Affinity Express in Pune, India
* Dallas Morning News: IT computer support outsourced to India
* Knight Ridder Group: Considered outsourcing its copy editing to India in 2006, before being taken over by McClatchy
According to the World Association of Newspapers, the trend is gathering strength.
In a report published last year, the organisation said that "whatever the risks and benefits, outsourcing is here to stay".
"The newspaper industry has only taken tentative steps into outsourcing what was once considered core competencies such as editorial, advertising, and circulation. But the trend is gaining momentum," it added.
And the BBC too
And it is not just newspapers that are taking advantage of the cost savings of outsourcing to India.
The BBC recently announced that it would save £20m by outsourcing its payroll and expenses services to Xansa, based in Madras, India, although customer support would still be based in the UK.
Savings will go towards the BBC's target of releasing £355m of savings to invest in programmes and services.
"The BBC is taking advantage of the significant savings of globalisation while maintaining the benefits of more local customer support," the corporation said.
