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<ul><li>Mid-tier companies like L&amp;T Technology Services, Persistent Systems and Coforge are expected to report better growth than IT majors, say analysts. </li><li>Most of them are largely expected to deliver either a flat or a slight QoQ improvement in margins, with the exception of Cyient. </li><li>LTTS, which will see the full impact of SWC acquisition this quarter, is expected to deliver double-digit revenue growth but its margins are expected to be impacted. </li></ul>The Indian IT sector is bracing itself for a tough quarter and a year ahead, as organisations across the world are cutting down their discretionary spends, thanks to an uncertain economic outlook. Most IT sector companies are expected to present a muted earnings report card for the first quarter of FY24. Within the IT pack, mid-tier companies like L&amp;T Technology Services (LTTS), Persistent Systems and Coforge are expected to show better growth <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">as compared to their larger peers</a>. Tata Consultancy Services (TCS) and Infosys are expected to show a flat revenue growth in constant currency (CC) terms QoQ, while Wipro is expected to post a decline. The rest of the midcap universe, however, is expected to present fair growth with the exception of Cyient and Mphasis, which are likely to see declines. “Mid-tier IT growth premium is expected to continue with sequential growth performance led by Persistent Systems. The laggard in mid-tier IT will be Mphasis with an expectation of a sequential decline,” said a report by HDFC Securities. Q1FY24 projections for QoQ revenue growth in CC terms <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nuvama </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IIFL Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Cap </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyient </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coforge </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Persistent Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mphasis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Research reports Best amongst equals Like their larger peers, most of the midcap companies are also expected to see either a flat or a slight de-growth in margins, in spite of tailwinds from rupee depreciation. High wage costs will most likely eat into the margins of most tech companies, including the bigger ones. Mphasis, which is largely expected to report a revenue decline, is expected to deliver a better performance in terms of margins. “EBIT margin expected to be up slightly, by 10 bps QoQ, due to higher offshore mix and operational efficiencies despite revenue drag,” said IIFL Securities. EBIT refers to earnings before interest and taxes. LTTS, which will see the full impact of SWC acquisition this quarter, is expected to deliver double-digit revenue growth but its margins are expected to be impacted. The company acquired Smart World &amp; Communication (SWC) Business of L&amp;T in January 2023. “Organic margin to see strength aided by revenue growth but reported margin to see a dip of around 170 bps QoQ led by the impact of SWC integration,” says a report by Axis Capital. In spite of a bleak sectoral outlook, most analysts are closely watching how the second half of the year will pan out. They will be paying close attention to the deal commentary, growth that’s to be seen in the top clients, and hiring and attrition trends to hunt for any silver lining in the dark clouds. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/it-companies-like-tcs-infosys-wipro-hcl-tech-q1-2023-24-earnings-preview/articleshow/101482733.cms">IT sector Q1 earnings preview: All eyes on deal wins, revenue guidance cuts</a> <a href="https://www.businessinsider.in/business/news/fmcg-q1fy24-preview-dilemma-between-price-cuts-and-volume-growth/articleshow/101519331.cms">FMCG sector Q1 preview — Caught between price cuts and volume growth</a>

Mid-tier IT companies expected to outperform the big guns

<ul><li>The SGX Nifty was trading 0.55% higher at 7:47 am, indicating a positive opening for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the global markets, the Indian equities are likely to open flat on Tuesday. The SGX Nifty was trading 0.55% higher at 7:47 am, indicating a positive opening for Nifty50. However, the US stock markets suffered their sharpest drop in weeks as concerns about the economic impact of surging coronavirus cases sent shares tumbling. The Dow Jones Industrial Average closed 2.3% lower. And, the S&amp;P 500 fell 1.8% on Monday. These are the stocks to watch out for during the trading session on October 27: M&amp;M Finance Mahindra and Mahindra Financial Services (M&amp;M Finance) reported a 34% jump in consolidated net profit at ₹353 crore for the second quarter ended September 30. The company said in the quarter under review their total income increased 5% to ₹3,071 crore. The shares of M&amp;M Finance ended 3% lower on Monday. <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword> The lenders of debt-ridden DHFL have asked the four bidders to get back with a revised offer by 31 October as part of the on-going resolution process. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. The shares of DHFL ended 5% lower on Monday. <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> The State Bank of India (SBI) has raised ₹5,000 crore by issuing Basel-III compliant bonds. The shares of SBI ended 3% lower on Monday. Cadila Healthcare According to a <a href="https://www.bloomberg.com/news/articles/2020-10-26/covid-vaccine-developer-in-india-plans-to-boost-capacity-by-70">Bloomberg report, </a>the Indian drugmaker Cadila Healthcare is in talks with potential partners to ramp up its indigenous COVID-19 vaccine development and production capacity. The shares of Cadila Healthcare ended 2% lower on Monday. Bharti <keyword id="15491" type="COMPANY" weightage="20" keywordseo="Airtel">Airtel</keyword> and <keyword id="42747" type="CITY" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> The stocks of <a href="https://www.businessinsider.in/business/telecom/news/airtel-second-quarter-earnings-preview-q2-2020/articleshow/78871621.cms">Bharti Airtel</a> and <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-may-report-losses-for-yet-another-quarter-led-by-weak-jlr-sales-commercial-vehicles-pain/articleshow/78873532.cms?upcache=2">Tata Motors</a> will remain in focus as the companies are slated to announce their quarterly financial results today. The shares of Bharti Airtel and Tata Motors ended 0.14% and 2.45% lower on Monday. <keyword id="9797740" type="PERSON" weightage="20" keywordseo="coforge">Coforge</keyword> The promoter and a part of private equity investor Baring Private Equity Asia (BPEA), Hulst BV sold 38 lakh shares or 6.27% of Coforge for ₹878 crore through block deals. As per the stock exchange data, Hulst B V held a 70.28% stake in the Coforge. The shares of Coforge ended 7% lower on Monday. Indian Railway Catering and Tourism Corporation (IRCTC) The government has appointed merchant bankers for a period of three years for disinvestment of stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS). The shares of IRCTC ended 0.37% lower on Monday. Adani Ports The Adani Ports promoter SB Adani family trust created a pledge of 1.74 crore shares on October 23. The shares of Adani Ports ended 1% lower on Monday. Angel Broking The recently listed broker, Angel Broking posted the highest ever quarterly profit-after-tax at ₹74 crore for the quarter ended September 30. The company in its regulatory filing said its total income grew 29% to ₹317 crore for the quarter under review. The shares of Angel Broking ended 3.3% lower on Monday. Great Eastern Shipping India's largest private sector shipping company, Great Eastern Shipping board has approved raising capital aggregating up to ₹150 crore by way of private placement. The shares of Great Eastern Shipping ended 2% higher on Monday. IDBI Bank The board of IDBI Bank is slated to meet on October 29 to consider raising funds via qualified institutional placement. The shares of IDBI Bank ended 3% lower on Monday. Aurobindo Pharma A Swiss multinational pharmaceutical company, Novartis has filed a complaint in the Federal Court in Delaware US, against Aurobindo Pharma. The company said that Aurobindo's proposed generic version of a treatment for dry eye infringes 15 patents for Xiidra, which Novartis acquired in 2019 for $3.4 billion. The shares of Aurobindo Pharma ended flat on Monday. NTPC The board of state-owned NTPC or National Thermal Power Corporation will consider share buyback on November 2. The shares of NTPC ended 0.52% lower on Monday. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-moon-is-sprinkled-with-patches-of-frozen-water-nasa-scientists-discovered-mining-it-may-be-crucial-for-travel-to-mars-and-beyond-/articleshow/78877243.cms" data-type="tilCustomLink">The moon is sprinkled with patches of frozen water, NASA scientists discovered. Mining it may be crucial for travel to Mars and beyond.</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-may-report-losses-for-yet-another-quarter-led-by-weak-jlr-sales-commercial-vehicles-pain/articleshow/78873532.cms" data-type="tilCustomLink">Tata Motors may report loss for yet another quarter led by weak JLR sales, commercial vehicles’ pain</a>

Top stocks to watch — Mahindra Finance, Tata Motors, Airtel, DHFL, SBI, Coforge, and others

<keyword id="334749" type="General" weightage="50" keywordseo="icici-securities-ltd" source="Orion">ICICI Securities Ltd</keyword> on Wednesday said it is one-year forward Nifty target is 19,425 with a sectoral bias towards banks, capital goods/infrastructure and automobiles. It has suggested investors to avoid sectors like information technology (IT), oil and gas and metals as they have more global exposure. The company has recommended Axis Bank, City Union Bank, Apollo Tyres, Eicher Motors, Coforge, Lemon Tree Hotels, Healthcare Global Enterprises, Laurus Labs, Container Corp, and Havells India stocks as its Muhurat 2022 picks. In a report, <keyword id="46909" type="General" weightage="100" keywordseo="icici-securities" source="Orion">ICICI Securities</keyword> said the year 2022 has been marked by volatility on account of a wide variety of global new flows ranging from geopolitical issues, higher inflation (mainly food and energy), and hawkish action of central banks. This has led to a decline in global equities, mainly in the US and <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>. However, India has relatively outperformed global peers in terms of all economic parameters (capex spend, discretionary consumption, robust pick-up in banking activity, etc), the report notes. The same is reflected across Indian equity markets. "Going ahead, we believe Corporate India will likely deliver earnings growth in excess of 15 per cent over the next two years given the current economic milieu and provide a plethora of investing opportunities in Indian markets," ICICI Securities said. However, sticky global inflation will keep central banks hawkish and India will be no exception. Similar implications for global liquidity flows may create medium-term volatility in Indian markets. However, if such a scenario materialises, then the same will be a strong opportunity to take exposure to Indian equities, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/financial-data-of-over-9-mn-cardholders-leaked-including-from-sbi-researchers/articleshow/94814538.cms">Financial data of over 9 mn cardholders leaked, including from SBI: Researchers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/these-are-the-5g-bands-supported-by-airtel-and-jio/articleshow/94814497.cms">These are the 5G bands supported by Airtel and Jio – make sure your phone has them</a>

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Mid-tier IT companies expected to outperform the big guns

Katya Naidu

Top stocks to watch — Mahindra Finance, Tata Motors, Airtel, DHFL, SBI, Coforge, and others

Navdeep Yadav

Avoid sectors having global exposure like IT, oil, gas: ICICI Securities

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