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.

Thematic (Sector/Industry)

<ul><li>IT sector is expected to post a soft Q4 on increased macro uncertainty</li><li>We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic</li><li>Deal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clients</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.

IT sector is expected to post a soft Q4 on increased macro uncertaintyWe expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organicDeal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clientsContent 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.

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.</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 hosted over 15 companies at the HDFC Securities’ 7th annual IT conferenceKey takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.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.

IT Sector: Looking beyond near-term macro stress

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.</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 hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.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.

IT Sector - Looking Beyond Near-Term Macro Stress

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.

Equity Bottom-Up

<ul><li>Accenture reported robust Q2FY23 numbers which stood above street expectations.</li><li>Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.</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.

Accenture reported robust Q2FY23 numbers which stood above street expectations.Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.Beating the street expectation of revenue growth, the company’s operating margins also improved by 10bps to 13.8%.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.

Accenture - Results Beat Expectations Albeit with Lower Guidance

<ul><li>Maruti Suzuki: Maruti’s Q3 PAT, at INR 23.5bn, came in above our estimate of INR 18bn, led by better-than-expected ASP and higher other income</li><li>EBITDA margin improvement QoQ came in despite the 10% decline in volume and higher sales promotion expenses, which is commendable, in our view</li><li>MSIL remains committed on regaining leadership position in SUVs, which is evident in its model-onslaught in this fiscal: post the mid-cycle upgrades of Ertiga and XL6 (Q1), new Brezza and the recently-launched Grand Vitara (Q2), it has now commenced bookings for Jimny (received 9k bookings) and Fronx (2.5k bookings)</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.

Maruti Suzuki: Maruti’s Q3 PAT, at INR 23.5bn, came in above our estimate of INR 18bn, led by better-than-expected ASP and higher other incomeEBITDA margin improvement QoQ came in despite the 10% decline in volume and higher sales promotion expenses, which is commendable, in our viewMSIL remains committed on regaining leadership position in SUVs, which is evident in its model-onslaught in this fiscal: post the mid-cycle upgrades of Ertiga and XL6 (Q1), new Brezza and the recently-launched Grand Vitara (Q2), it has now commenced bookings for Jimny (received 9k bookings) and Fronx (2.5k bookings)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: Maruti Suzuki, SBI Cards and Payment Services

India

Zensar Technologies Ltd. develops software and it also provides IT consulting and related services. The Company has expertise in key verticals of retail, manufacturing, logistics, financial services, telecom and utilities. Zensar offers end-to-end solutions across diverse technology platforms &industry domains through a Global Delivery Model, which delivers 24 X 7 services.

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Zensar Technologies (ZENT IN)

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic

HDFC Securities

IT Sector: Looking beyond near-term macro stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

IT Sector - Looking Beyond Near-Term Macro Stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

Accenture - Results Beat Expectations Albeit with Lower Guidance

Revenue for the quarter stood at $15.8 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

HSIE Results Daily: Maruti Suzuki, SBI Cards and Payment Services

Maruti Suzuki: Maruti’s Q3 PAT, at INR 23.5bn, came in above our estimate of INR 18bn, led by better-than-expected ASP and higher other income

HDFC Securities

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