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Software
While demand environment for Indian Techs remains good, FY12 consensus
$-revenue estimates of 23-27%YY growth for Tier-1 stocks already builds in
this optimism.
Within the sector, TCS’ prospects remain the most solid (strong growth, good
margins and stable management) but the stock needs to contend with high
expectations and over-ownership.
After the recent up-move, Infosys stock’s prospects hinge on revenue upsides
and we do not expect the June quarter to provide upward proof points on this.
While HCL’s revenue growth is not in doubt, sustainable stock upsides depend
on its ability to maintain margins while showing growth and we would wait for
1HFY12 financials before taking a constructive view.
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