汇丰银行-印度it服务业-indian it services takeaways from us 2q banking results season for indian it-20170721-hsbc.pdfVIP

21 July 2017   Indian IT Services EQUITIES IT SERVICES Takeaways from US 2Q banking results season for Indian IT India US banks continue to report better financial results (in 2Q17) Yogesh Aggarwal* Head of Research, India Sustainability of recovery and how quickly it will translate into HSBC Securities and Capital Markets (India) Private Limited yogeshaggarwal@hsbc.co.in higher IT spend still warrants patience; near term there may be +91 22 2268 1246 some loss of share to captives and sub-contractors Vikas Ahuja* Analyst, IT services We have a Buy rating on Infosys and HCL Technologies HSBC Securities and Capital Markets (India) Private Limited vikasahuja@hsbc.co.in +91 22 6164 0690 The banking sector’s recovery is the single most critical driver for IT stocks in FY18- Vivek Gedda*