We maintain our BUY rating on TeamLease (despite a 65% rally since our IC in March-17), and like MCX and BLS International in the new age business space. Our IT sector coverage universe is expected to post revenue growth of 2.3% QoQ and 6% YoY. Within the IT universe, large cap IT stocks are expected to post USD revenue growth of 2.1% QoQ, as compared to 1.9% QoQ in 4QFY17 and 3.3% QoQ in 1QFY17. Tailwinds of cross currency will support revenue growth, with the benefit of 20bps to 130bps QoQ in 1Q (over 4% appreciation in GBP and EUR).