External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>L&amp;T Infotech: We maintain ADD on L&amp;T Infotech (LTI), following a robust Q2 (beat on revenue and margin) and strong growth visibility for H2, based on deal wins. LTI has consistently delivered an industry-leading growth rate and the momentum will continue, based on (1) healthy growth in BFS vertical, supported by Temenos partnership, (2) large deal wins in Europe (TCV of USD 30mn) and a strong large deal pipeline, (3) expected pick-up in insurance and retail &amp; CPG verticals, (4) decade best demand environment, supported by rising discretionary spends by enterprises, which will last for at least three years, (5) scale-up in products (Mosaic and Leni) and partnerships (Snowflake), and (6) aggressive hiring/re-skilling plans, which would help overcome the supply side constraints (hired ~6.4K in H1, planned net hiring ~2x of FY21 adds).</p>
<div class="content-highlight"><em>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.</em></div>

L&amp;T Infotech: We maintain ADD on L&amp;T Infotech (LTI), following a robust Q2 (beat on revenue and margin) and strong growth visibility for H2, based on deal wins. LTI has consistently delivered an industry-leading growth rate and the momentum will continue, based on (1) healthy growth in BFS vertical, supported by Temenos partnership, (2) large deal wins in Europe (TCV of USD 30mn) and a strong large deal pipeline, (3) expected pick-up in insurance and retail &amp; CPG verticals, (4) decade best demand environment, supported by rising discretionary spends by enterprises, which will last for at least three years, (5) scale-up in products (Mosaic and Leni) and partnerships (Snowflake), and (6) aggressive hiring/re-skilling plans, which would help overcome the supply side constraints (hired ~6.4K in H1, planned net hiring ~2x of FY21 adds).
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.

HSIE Results Daily: UltraTech Cement, L&T Infotech

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

Shanghai Stock Exchange Composite Index / Technical Analysis

<p>While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.</p>

While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>L&amp;T; Infotech (LTI)'s 1QFY22 USD revenue growth stood at 4.8% QoQ CC, above our est. of 3.4% QoQ CC. Growth was largely led by deal ramp-ups in Hi-Tech (Injazat) and BFSI (Islamic Bank), which grew 13.2 and 8.2%, respectively. The 1Q EBIT margin contracted 300bp QoQ to 16.4% (in line with estimates). The margin decline was primarily led by a 340bp impact of wage hikes and promotions to manage attrition. Despite the absence of large new deal wins in 1Q, LTI highlighted a strong demand environment, led by a robust deal pipeline.</p><div class="content-highlight"><em>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.</em></div>

L&amp;T; Infotech (LTI)'s 1QFY22 USD revenue growth stood at 4.8% QoQ CC, above our est. of 3.4% QoQ CC. Growth was largely led by deal ramp-ups in Hi-Tech (Injazat) and BFSI (Islamic Bank), which grew 13.2 and 8.2%, respectively. The 1Q EBIT margin contracted 300bp QoQ to 16.4% (in line with estimates). The margin decline was primarily led by a 340bp impact of wage hikes and promotions to manage attrition. Despite the absence of large new deal wins in 1Q, LTI highlighted a strong demand environment, led by a robust deal pipeline.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.

<p>Tata Elxsi: We downgrade Tata Elxsi (TELX) to REDUCE (ADD earlier), based on diminishing margin of safety at 43x FY23E and following an in-line Q1 (both revenue and margin). While we remain positive on the company's prospects and growth leadership in ER&amp;D (24/26% revenue/EPS CAGR over FY21-24E), the unfavourable risk-reward can be construed from (1) concentrated growth pockets with ~25% of business driving ~50% of growth (IDV and medical devices-EPD), (2) reducing growth premium vs. ER&amp;D peer, and (3) the fact that its margin is currently at a peak (32.8% EBITDA margin adj.</p>
<div class="content-highlight"><em>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.</em></div>

Tata Elxsi: We downgrade Tata Elxsi (TELX) to REDUCE (ADD earlier), based on diminishing margin of safety at 43x FY23E and following an in-line Q1 (both revenue and margin). While we remain positive on the company's prospects and growth leadership in ER&amp;D (24/26% revenue/EPS CAGR over FY21-24E), the unfavourable risk-reward can be construed from (1) concentrated growth pockets with ~25% of business driving ~50% of growth (IDV and medical devices-EPD), (2) reducing growth premium vs. ER&amp;D peer, and (3) the fact that its margin is currently at a peak (32.8% EBITDA margin adj.
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.

HSIE Results Daily: Tata Elxsi, L&T Infotech

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<div><p>The <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> is the flagship index of the Bombay Stock Exchange (BSE). The index has 30 stocks and is a free float weighted market cap index. The next rebalance will be effective after the close of trading on 18 June.</p></div><div>
<p>The June review uses the market cap and turnover data from 1 November to 30 April to determine the stocks to be included and excluded from the index, and the announcement of the changes is made 4 weeks before the rebalance effective date.</p>
<p>We see <a href="https://www.smartkarma.com/entities/oil-natural-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:3456:1" rel="noopener">Oil &amp; Natural Gas Corp (ONGC IN)</a> as a high probability deletion, while <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> holds the edge over <a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> as an index inclusion.</p>
<p>There will be between 3-6 days of average delivery volume to trade from passive funds on the stocks that are included into and deleted from the index.</p>
</div>

The S&amp;P BSE SENSEX Index (SENSEX INDEX) is the flagship index of the Bombay Stock Exchange (BSE). The index has 30 stocks and is a free float weighted market cap index. The next rebalance will be effective after the close of trading on 18 June.
The June review uses the market cap and turnover data from 1 November to 30 April to determine the stocks to be included and excluded from the index, and the announcement of the changes is made 4 weeks before the rebalance effective date.
We see Oil &amp; Natural Gas Corp (ONGC IN) as a high probability deletion, while Wipro Ltd (WPRO IN) holds the edge over Tata Steel Ltd (TATA IN) as an index inclusion.
There will be between 3-6 days of average delivery volume to trade from passive funds on the stocks that are included into and deleted from the index.


Sensex June21 Index Rebalance Preview: Index Committee Has a Decision to Make

India

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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LTIMindtree (LTIM IN)

HSIE Results Daily: UltraTech Cement, L&T Infotech

L&T Infotech: We maintain ADD on L&T Infotech (LTI), following a robust Q2 (beat on revenue and margin) and strong growth visibility for H2, based...

HDFC Securities

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs...

Vermilion Research

Growth focus to keep margins tethered

L&T; Infotech (LTI)'s 1QFY22 USD revenue growth stood at 4.8% QoQ CC, above our est. of 3.4% QoQ CC. Growth was largely led by deal ramp-ups in Hi...

Motilal Oswal

HSIE Results Daily: Tata Elxsi, L&T Infotech

We downgrade Tata Elxsi (TELX) to REDUCE (ADD earlier), based on diminishing margin of safety at 43x FY23E and following an in-line Q1 (both...

HDFC Securities

Sensex June21 Index Rebalance Preview: Index Committee Has a Decision to Make

ONGC is a high probability deletion from the Sensex at the June review. The index committee needs to decide whether to include Wipro or Tata Steel....

Brian Freitas

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