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>We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conference</li><li>Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand</li><li>(2) stable to upward bias in pricing and some improvement in the decision cycle</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 and several industry experts at the HDFC Securities’ 8th annual IT conferenceKey takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand(2) stable to upward bias in pricing and some improvement in the decision cycleContent 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.

<ul><li>IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in H2FY25E which is our ‘base’ case</li><li>We believe that the growth/earnings cut cycle has bottomed out, but the pace of recovery remains uncertain, especially with lingering macro events over the next couple of quarters</li><li>The relative under-ownership in the sector can still provide tactical opportunities, even as valuations relative to benchmarks are not compelling enough in aggregate—remain selective with preference for TCS within tier-1 and Persistent Systems within mid-tier IT.</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 (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in H2FY25E which is our ‘base’ caseWe believe that the growth/earnings cut cycle has bottomed out, but the pace of recovery remains uncertain, especially with lingering macro events over the next couple of quartersThe relative under-ownership in the sector can still provide tactical opportunities, even as valuations relative to benchmarks are not compelling enough in aggregate—remain selective with preference for TCS within tier-1 and Persistent Systems within mid-tier IT.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.

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>The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.</li><li>This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.</li><li>Moreover, the basket inched up by 5.8% in the last one month.</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.

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.Moreover, the basket inched up by 5.8% in the last one month.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.

Axis Top Picks for the month of July 2024

<ul><li>Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.5 Bn, registering a de-growth of 1% YoY (in US$ terms) but growth of 1.4% YoY in local currency.</li><li>It registered GAAP EPS of $3.04 for the quarter while adjusted EPS stood at $3.13, reporting 3% YoY de-growth. </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’s reported Q3FY24 results stood below street expectations on all financial and operational terms.Revenue for the quarter stood at $16.5 Bn, registering a de-growth of 1% YoY (in US$ terms) but growth of 1.4% YoY in local currency.It registered GAAP EPS of $3.04 for the quarter while adjusted EPS stood at $3.13, reporting 3% YoY de-growth. 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.

Sector Update: Accenture Q3 FY24 Result Update

<ul><li>Hiring trends and job postings have historically been correlated with growth in the sector</li><li>We look at the CompTIA data: the key highlights are (1) tech hiring is expected to accelerate (from 1.2% in CY23 to 3.1% in CY24E) in the US (2) growth in tech workforce is expected across regions, especially in areas with large tech presence of Indian IT (both east/west coast and Texas) (3) tech hiring growth in the automotive OEM region is lower than in most states</li><li>While there are always limitations to tech hiring estimates, the indicators and linearity are pointing to ‘demand recovery’ possibly towards the second half of the year.</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.

Hiring trends and job postings have historically been correlated with growth in the sectorWe look at the CompTIA data: the key highlights are (1) tech hiring is expected to accelerate (from 1.2% in CY23 to 3.1% in CY24E) in the US (2) growth in tech workforce is expected across regions, especially in areas with large tech presence of Indian IT (both east/west coast and Texas) (3) tech hiring growth in the automotive OEM region is lower than in most statesWhile there are always limitations to tech hiring estimates, the indicators and linearity are pointing to ‘demand recovery’ possibly towards the second half of the year.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: Tech Hiring to Recover in CY24

India

HCLTech is a global technology services and consulting company that provides a comprehensive range of software and infrastructure solutions. The company offers IT and business services, engineering and R&D services, and HCLSoftware products, focusing on digital, cloud, AI, and engineering solutions to help enterprises transform their businesses. HCLTech is headquartered in Noida, Uttar Pradesh, India, and was spun out in 1991.

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HCLTech (HCLT IN)

IT Sector: Recovery Signs

Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand (2) stable to upward bias...

HDFC Securities

IT: More of the same is good news

IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in...

HDFC Securities

Axis Top Picks for the month of July 2024

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same...

Axis Direct

Sector Update: Accenture Q3 FY24 Result Update

Accenture’s reported Q3FY24 results stood below street expectations on all financial and operational terms. Revenue for the quarter stood at $16.5 Bn

Axis Direct

IT Sector: Tech Hiring to Recover in CY24

While there are always limitations to tech hiring estimates, the indicators and linearity are pointing to ‘demand recovery’ possibly towards the...

HDFC Securities

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