External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We expect Infosys to outperform its peers in Q2FY25E growth, with an upside risk to its 3-4% FY25E guidance (our estimates are slightly above the upper range)</li><li>Positive markers include improved demand in segments of BFSI, market-share gains in deals (notably within the communications vertical), deal pipeline replenishment, and better hiring trends</li><li>The enterprise revenue growth trajectory shows a mild improvement, which may bolster recovery in discretionary spending</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Infosys to outperform its peers in Q2FY25E growth, with an upside risk to its 3-4% FY25E guidance (our estimates are slightly above the upper range)Positive markers include improved demand in segments of BFSI, market-share gains in deals (notably within the communications vertical), deal pipeline replenishment, and better hiring trendsThe enterprise revenue growth trajectory shows a mild improvement, which may bolster recovery in discretionary spendingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys: On Your Marks, Get Set…Maintain ADD

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...</li>
<li>We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.</li>
<li>Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.</li>
</ul>


We are seeing snap-back rallies in the largest global economies -- notably the U.S. and Japan, and also Europe to a lesser extent. However...
We're expecting to see lower highs develop at prior breakdown levels at 2690-2700 on the TOPIX and 4884 on the EURO STOXX 50, which are significant resistance levels.
Watching SPX resistance at 5585, or possible test of YTD highs/marginal new high, all fitting with our ongoing belief (since July 25) that ACWI-US going through 1-to 4-month pullback/consolidation.


MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

<ul><li>Infosys’ (INFO) Q1 sprung a positive surprise on the growth front, led by a revival in the BFSI vertical and an improvement in deal conversion to revenue (similar to TCS)</li><li>INFO’s revenue growth of 3.6% QoQ CC was driven largely by BFSI recovery contributing 2% QoQ to overall growth</li><li>In addition, 0.5% QoQ was on a one-time project basis</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys’ (INFO) Q1 sprung a positive surprise on the growth front, led by a revival in the BFSI vertical and an improvement in deal conversion to revenue (similar to TCS)INFO’s revenue growth of 3.6% QoQ CC was driven largely by BFSI recovery contributing 2% QoQ to overall growthIn addition, 0.5% QoQ was on a one-time project basisContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q1FY25, Infosys Ltd (Infy) reported revenue of Rs 39,315 Cr, up 3.7% QoQ and 3.3% QoQ (in US$ terms) which stood above our expectations.</li><li>The company’s operating profit, too, stood above our expectations at Rs 8,288 Cr, reporting growth of 1% QoQ.</li><li>Its operating margins declined 100bps to 21.1%, which was largely on account of higher utilization, lower onsite expenses, and lower Subcon cost.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY25, Infosys Ltd (Infy) reported revenue of Rs 39,315 Cr, up 3.7% QoQ and 3.3% QoQ (in US$ terms) which stood above our expectations.The company’s operating profit, too, stood above our expectations at Rs 8,288 Cr, reporting growth of 1% QoQ.Its operating margins declined 100bps to 21.1%, which was largely on account of higher utilization, lower onsite expenses, and lower Subcon cost.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys Ltd. - Broad-Based Growth; Management Upgrades Guidance for FY25

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

Infosys: On Your Marks, Get Set…Maintain ADD

We expect Infosys to outperform its peers in Q2FY25E growth, with an upside risk to its 3-4% FY25E guidance (our estimates are slightly above the...

HDFC Securities

MSCI ACWI Consolidation Continues; Outlook Remains Neutral; Buys Across Defensives & Other Sectors

MSCI $ACWI Consolidation Continues; Outlook Remains Neutral; Snap-Back Rallies in Japan $Nikkei $TOPIX, U.S. $SPX, Europe $STOXX fits with our view...

Vermilion Research

Infosys: Beat It.

Infosys’ (INFO) Q1 sprung a positive surprise on the growth front, led by a revival in the BFSI vertical and an improvement in deal conversion to...

HDFC Securities

Infosys Ltd. - Broad-Based Growth; Management Upgrades Guidance for FY25

In Q1FY25, Infosys Ltd (Infy) reported revenue of Rs 39,315 Cr, up 3.7% QoQ and 3.3% QoQ (in US$ terms) which stood above our expectations.

Axis Direct

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility India raised around US$250m in its India IPO in Nov 2024. Its six-month lockup on its pre-IPO investors will expire on 8th May 2025.

Akshat Shah

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