India's Tech Mahindra, Mphasis fall on JP Morgan downgrade

Mphasis

21/04/2023 08:03

** Shares of Tech Mahindra Ltd  TEML.NS  fall as much as
2.74%, while Mphasis Ltd  MBFL.NS  sheds about 2% as of last
trade 
    ** TEML and MBFL top losers on IT index  .NIFTYIT , which is
up 0.2%
    ** Brokerage JP Morgan downgrades both cos to "underweight"
from "neutral"
    ** Q4 earnings of TCS, Infosys and HCLT highlighted weakness
in banking, finance, services and insurance (BFSI), telecom,
hitech segments
    ** Flags, Tech Mahindra and Mphasis could be hurt the most
among IT stocks amid falling spends, high exposure to BFSI,
telecom and hitech segments
    ** Growth and margins in FY24 at risk for TEML and MBFL - JP
Morgan
    ** Brokerage also slashes FY24 revenue and core profit
margin estimates for both cos that are due to report Q4 earnings
on April 27
    




 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))