Motilal Oswal - MOSL: Morning India (17/December/19): 1. Tech Mahindra (Re-energizing the brand); 2. Annual Report Threadbare: Havells; 3. Healthcare

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MOSL: Morning India (17/December/19): 1. Tech Mahindra (Re-energizing the brand); 2. Annual Report Threadbare: Havells; 3. Healthcare

MOrning India (17/December/19): 1. Tech Mahindra (Re-energizing the brand); 2. Annual Report Threadbare: Havells; 3. Healthcare

Today’s top research idea

Tech Mahindra: Re-energizing the brand

We attended Tech Mahindra's (TECHM) analyst day; Key takeaways:
Continued focus on 3 (main trends) - 4 (big bets) - 3 (objectives) strategy.
Branding of the company for Top-200 clients is expected to be re-energized over the next year. Should be a key beneficiary of BSS digitization and network services themes given its competitive advantages and big bets in these areas.
Meaningful improvement in employee engagement and a significant reduction in attrition over the last 4 months.
However, the normalized attrition levels of TechM should be higher than that of industry normal.
While currency, large deal transition costs and vertical headwinds hurt the margins in FY20, delivery excellence and portfolio synergies should be the key margin tailwinds in FY21.

Piping hot news

PSBs on merger track may get recapitalisation allocation in Budget 2020

With a little over three months left to complete the process of consolidation of public sector banks (PSBs), as announced by the finance minister in September, the 10 banks involved in the mergers are understood to be in advanced stages of due diligence.

17/12/2019 3 EN

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MOSL: Morning India (17/December/19): 1. Tech Mahindra (Re-energizing the brand); 2. Annual Report Threadbare: Havells; 3. Healthcare

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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