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Motilal Oswal Report
With Q4 result announcements just around the corner, Motilal Oswal has identified select large‑cap and mid‑cap stocks to Buy ahead of the March quarter, one of which offers a potential upside of up to 54%.
Motilal Oswal has highlighted HCLTech Ltd. and Tech Mahindra Ltd. as its preferred picks among large‑cap IT services companies, while reaffirming Coforge Ltd. as its top choice in the mid‑cap segment.
The brokerage remains positive on HCLTech, noting that it continues to be the fastest‑growing large‑cap IT services firm. Motilal Oswal cited the company's resilient, all‑weather portfolio, which continues to outperform in an uncertain demand environment. At current valuation levels, the brokerage believes that upside risks meaningfully outweigh downside risks, supporting its positive stance on the stock.
On Tech Mahindra, Motilal Oswal pointed to early signs of transformation under the new leadership, along with improving execution in the BFSI segment. The brokerage noted that the company's turnaround efforts appear relatively decoupled from discretionary spending, which bodes well for its medium‑term recovery.
In the mid‑cap space, Coforge remains Motilal Oswal's top pick. The brokerage highlighted the company's strong executable order book and resilient client spending across verticals, which are expected to support healthy organic growth. It also noted that the Encora acquisition strengthens Coforge's presence in the Hi‑Tech and Healthcare verticals.
Motilal Oswal added that Coforge is a structurally strong mid‑tier IT player, well‑positioned to benefit from ongoing vendor consolidation, cost‑takeout initiatives, and digital transformation deals across global enterprises.
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