Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The Trump administration's announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.</li>
<li>Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.</li>
<li>While there may be limited short-term P&amp;L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.</li>
</ul>


The Trump administration's announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
While there may be limited short-term P&amp;L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.


H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Cognizant Tech Solutions A / Equity Bottom-Up

<ul><li>Cognizant Technology Solutions' second-quarter performance for 2025 highlighted a continuation of its revenue growth and expanding profit margins.</li><li>The company reported a 7.2% year-over-year increase in revenue, reaching $5.2 billion, marking the fourth consecutive quarter of organic growth.</li><li>This was predominantly driven by strong performance in the Financial Services and Health Sciences segments.</li></ul>

Cognizant Technology Solutions' second-quarter performance for 2025 highlighted a continuation of its revenue growth and expanding profit margins.The company reported a 7.2% year-over-year increase in revenue, reaching $5.2 billion, marking the fourth consecutive quarter of organic growth.This was predominantly driven by strong performance in the Financial Services and Health Sciences segments.

Cognizant Lands Mega-Deals & Doubles Down on AI—Can It Outrun the Competition?

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

<ul><li>Cognizant Technology Solutions reported its financial performance for the first quarter of 2025, demonstrating substantial growth and strategic progress amidst an evolving macroeconomic landscape.</li><li>Revenue for the quarter was $5.1 billion, reflecting an 8.2% increase year-over-year in constant currency, largely driven by the acquisition of Belcan and organic growth in the Health Sciences and Financial Services sectors.</li><li>This growth was instrumental in placing Cognizant in what the company refers to as the "Winner's Circle," indicating notable progress in achieving strategic targets.</li></ul>

Cognizant Technology Solutions reported its financial performance for the first quarter of 2025, demonstrating substantial growth and strategic progress amidst an evolving macroeconomic landscape.Revenue for the quarter was $5.1 billion, reflecting an 8.2% increase year-over-year in constant currency, largely driven by the acquisition of Belcan and organic growth in the Health Sciences and Financial Services sectors.This growth was instrumental in placing Cognizant in what the company refers to as the "Winner's Circle," indicating notable progress in achieving strategic targets.

Cognizant Technology Solutions: Focus On Geographical & Industry Diversification For Resilience & Long-Term Value Creation!

<ul><li>Cognizant Technology Solutions reported its fourth-quarter and full-year 2024 financial outcomes, showing signs of growth and robust strategic positioning in the evolving technology landscape.</li><li>The company’s revenue for the fourth quarter reached $5.1 billion, reflecting a 6.7% year-over-year increase in constant currency.</li><li>This growth was fuellled by a rise in demand within its two key segments, Health Sciences and Financial Services, along with the strategic acquisitions of Thirdera and Belcan.</li></ul>

Cognizant Technology Solutions reported its fourth-quarter and full-year 2024 financial outcomes, showing signs of growth and robust strategic positioning in the evolving technology landscape.The company’s revenue for the fourth quarter reached $5.1 billion, reflecting a 6.7% year-over-year increase in constant currency.This growth was fuellled by a rise in demand within its two key segments, Health Sciences and Financial Services, along with the strategic acquisitions of Thirdera and Belcan.

Cognizant Technology Solutions: Executing Large-Sized Strategic Deals & Acquisitions Like Belcan Can Truly Widen Its Market Reach!

United States

Cognizant Technology Solutions Corporation provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing and business intelligence.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cognizant Tech Solutions A (CTSH US)

H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Pranav Bhavsar

Cognizant Lands Mega-Deals & Doubles Down on AI—Can It Outrun the Competition?

Cognizant Technology Solutions' second-quarter performance for 2025 highlighted a continuation of its revenue growth and expanding profit...

Baptista Research

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

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Cognizant Technology Solutions: Focus On Geographical & Industry Diversification For Resilience & Long-Term Value Creation!

Cognizant Technology Solutions reported its financial performance for the first quarter of 2025, demonstrating substantial growth and strategic...

Baptista Research

Cognizant Technology Solutions: Executing Large-Sized Strategic Deals & Acquisitions Like Belcan Can Truly Widen Its Market Reach!

Cognizant Technology Solutions reported its fourth-quarter and full-year 2024 financial outcomes, showing signs of growth and robust strategic...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

​Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Pranav Bhavsar

Cognizant Lands Mega-Deals & Doubles Down on AI—Can It Outrun the Competition?

Cognizant Technology Solutions' second-quarter performance for 2025 highlighted a continuation of its revenue growth and expanding profit...

Baptista Research

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

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Cognizant Technology Solutions: Focus On Geographical & Industry Diversification For Resilience & Long-Term Value Creation!

Cognizant Technology Solutions reported its financial performance for the first quarter of 2025, demonstrating substantial growth and strategic...

Baptista Research

Cognizant Technology Solutions: Executing Large-Sized Strategic Deals & Acquisitions Like Belcan Can Truly Widen Its Market Reach!

Cognizant Technology Solutions reported its fourth-quarter and full-year 2024 financial outcomes, showing signs of growth and robust strategic...

Baptista Research

Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...