Wipro (WPRO) reported 2QFY19 that was a tad above expectations; the 0-2% QoQ USD revenue growth guidance (JMFe, adjusted for incremental revenues in the USD 1.5bn/10-years Alight Solutions deal) was on expected lines. Organic digital revenues grew 11% QoQ (30% YoY), on our estimates; management indicated a strong demand for cloud migration services. However, the presence of multiple moving parts divestment of data center business, Alight acquisition and the planned carving out of domestic public sector business lower the visibility of the internal construct. Further, the outlook for Healthcare vertical (13% of revenues) remains uncertain. Thus, we stay neutral. That said, we believe the stock's modest...