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MOSL: Morning India (20/September/21): 1. Technology (AGIC takeaways - Growth outlook intact; supply-issues transitory); 2. Biocon (Adds Vaccines as a new growth dimension); 3. Lupin (USFDA issues seven observa

MOrning India (20/September/21): 1. Technology (AGIC takeaways - Growth outlook intact; supply-issues transitory); 2. Biocon (Adds Vaccines as a new growth dimension); 3. Lupin (USFDA issues seven observations to the Goa site)

 

Today’s top research idea

TECHNOLOGY: AGIC takeaways - Growth outlook intact; supply-issues transitory

• We interacted with 12 IT services companies during our Annual Global Investor Conference (AGIC).
• The key themes from our interaction are as follows: 1) the demand environment continues to be strong, with traction across industries, and is multi-year in nature; 2) the supply side is overheated on account of the sudden jump in demand, but this is transient and expected to normalize in FY23; 3) companies are seeing select cases of price increases, led by digital engagements; 4) margins should see headwinds in FY22 due to supply-side issues, but normalize over the medium term.
• We continue with our positive stance on the sector and maintain INFY and HCLT as the preferred picks within tier 1 and LTTS within tier 2.

Piping hot news

Delhi-Mumbai Expressway to fetch Rs 1,000 to 1,500 cr revenues every month: Nitin Gadkari

The Centre will get toll revenues worth Rs 1,000 to 1,500 crore every month once the much-awaited Delhi-Mumbai Expressway becomes operational in 2023, Union minister Nitin Gadkari said on Sunday and described state-owned NHAI as a "gold mine" for generating income. Steering the ambitious drive to expand the country's road infrastructure for the past seven years, a confident Gadkari also asserted that National Highways Authority of India (NHAI) will rake in annual toll income to the tune of Rs 1.40 lakh crore in the next five years from the current level of Rs 40,000 crore.