Motilal Oswal - MOSL: Morning India (5/April/17)---1. Technology (4QFY17 Preview); 2. Capital Goods

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Motilal Oswal

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MOSL: Morning India (5/April/17)---1. Technology (4QFY17 Preview); 2. Capital Goods

â€‹MOrning India (5/April/17): 1. Technology (4QFY17 Preview); 2. Capital Goods

Todayâ€™s top research idea

Technology 4QFY17 preview: Can growth recover next fiscal? Amid some H-1B reprieve and BFSI hopes, INR appreciates

The usual seasonality of the fourth quarter, compounded with (a) sporadic citation of concerns around budget and decision-making delays, and (b) problems in some key accounts, keeps us from building any recovery in growth momentum in 4Q or in the immediate future.

Yet, there are a few potential positives to note - overall positive messaging especially by tier-I IT, likely postponement of any developments around H-1B visas, and traction in change-the-business side of the business. These may aid gradual improvement in growth through the course of FY18 rather than a sudden pick-up in growth.

We are modeling (on organic basis) 0-2% QoQ CC growth across our coverage universe. Contribution from acquisitions should help HCLT inch this to 3.4% QoQ CC. Among tier-I, last quarter, TCS cited expectation of sustained momentum in 4Q, driving our estimate of 2% QoQ CC; for INFO, we expect growth to be at the midpoint of its guided band (1% QoQ CC).

05/04/2017 24 EN

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MOSL: Morning India (5/April/17)---1. Technology (4QFY17 Preview); 2. Capital Goods

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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