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Emkay's Positive Shift on Indian IT Post-Selloff; Review Model Portfolio Updates
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Emkay Turns Constructive on Indian IT: Replaces Mphasis with Infosys, HCL Tech
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CNBC TV18
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26-02-2026, 10:56
Emkay Turns Constructive on Indian IT: Replaces Mphasis with Infosys, HCL Tech
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Emkay Global finds Indian IT valuations attractive after recent sell-off, dismissing overreactions to AI concerns.
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Brokerage expects subdued long-term sector growth (below 5%) but sees current pessimism as overdone and priced in.
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Meaningful value emerges at 14-18x P/E multiples, offering 4-6% free cash flow yield and favorable risk-reward.
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Emkay turns marginally 'Overweight' on the sector, adding Infosys and HCL Technologies to its model portfolio.
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Generative AI is not yet enterprise-ready at scale; IT firms will retain relevance in customizing and integrating solutions.
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