Contents
Industry Overview
Macro blues: Protracted negative impact ................................................ 4
IT Budget cut: Warning sign for Indian IT Sector ..................................... 10
Weak sentiments: IT budget could hit a new low .................................... 13
Return to economic nationalism: A threat to globalization ...................... 16
The globalization of global delivery model ............................................... 17
Ignored domestic market: Global peers giving tough competition ........... 20
Pyramid effect not geared for decelerated growth .................................. 21
Multiple headwinds: A detailed analysis ................................................... 25
STPI and Forex: Hitting below the line, retarding bottom line .................. 28
Leasing IP vs Levarging IQ: Linear vs Non-linear .................................... 31
M&A: Cautious approach to inorganic growth ......................................... 33
Contraction in capital market investment: Not a lesser devil ................... 35
Financials and growth outlook: ................................................................ 37
Companies
Infosys .......................................................................... 40
TCS .......................................................................... 43
Wipro .......................................................................... 46
HCL Tech .......................................................................... 49