Motilal Oswal - MOSL: Morning India (12/May/17)-1. Economy-2. HCL Tech.; 3. Asian Paints; 4. Havells India; 5. Glenmark Pharma; 6. GSK Consumer

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Motilal Oswal

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MOSL: Morning India (12/May/17)-1. Economy-2. HCL Tech.; 3. Asian Paints; 4. Havells India; 5. Glenmark Pharma; 6. GSK Consumer

â€‹MOrning India (12/May/17): 1. Economy; 2. HCL Tech.; 3. Asian Paints; 4. Havells India; 5. Glenmark Pharma; 6. GSK Consumer; 7. Arvind; 8. Granules India; 9. Hero Motocorp; 10. Dalmia Bharat; 11. Endurance Tech.; 12. Blue Star

Todayâ€™s top research idea

â€‹HCL Technologies: Growth woes catch up
HCLT's FY17 revenue grew 13.7% in CC, of which organic CC revenue growth was ~8.7%, as per our calculations. However, its FY18 guidance reflects growth alignment with industry.
Adjusted for acquisitions, growth appears to be softening further in IMS and Engineering, which are the company's competitive edge in the industry. Failure to reverse the trend will put at risk our thesis of growth visibility proposition at HCLT.
While we remain Buy on depressed valuations, near-term triggers are limited. Any potential surprise from a series of new investments over last few years will have some gestation, if we were to go by the company's FY18 revenue guidance.

12/05/2017 34 EN

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MOSL: Morning India (12/May/17)-1. Economy-2. HCL Tech.; 3. Asian Paints; 4. Havells India; 5. Glenmark Pharma; 6. GSK Consumer

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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