India's Mphasis, Coforge, TCS to benefit most from US bank spend rebound -JP Morgan

Mphasis

09/09/2024 05:56

** India's Mphasis  MBFL.NS , Coforge  COFO.NS  and TCS
 TCS.NS  to benefit from recovery in client spending in U.S.
banking, financial services and insurance (BFSI) sector, JP
Morgan says
    ** MBFL will benefit the most as it has the highest
exposure, brokerage says
    ** JPMorgan says tech spending from top U.S. banks have
risen over past two quarters and US rate cut could boost
spending over next 12-18 months
    ** TCS shares up 0.4%; COFO up 1% and MBFL down 0.8%; IT
stocks  .NIFTYIT  up 0.1%
    ** TCS shares up 18.5% YTD, COFO up ~7% YTD and MBFL up
11.4% YTD vs 19% gains in IT index  .NIFTYIT  
    ** TCS is "buy" rated on average by analysts as per LSEG,
while COFO and MBFL are rated "hold"

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))