Friday, February 22, 2019

Macquarie is bullish on tech majors

Macquarie in a recent note said that NASSCOM’s survey hints at the cautiously optimistic outlook for FY20, but select large and mid-cap stocks should do well.

Hiring trends in CY19 are expected to be similar to CY18. The global investment bank expects growth of most IT companies in India to improve in FY20. Deal wins in 9MFY19 to translate into better revenue growth in FY20.

Deal wins have been strong for Infosys, HCL Tech and Tech Mahindra. The global investment bank sees revenue growth in these large-caps in the range of 230-410 bps in FY20.

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