the uncertainty on revenue growth justifies the discount to its 5-year mean, LTTS to post steady revenue growth in tier-2 IT services under our coverage universe. We expect revenue growth in CC between -0.7%-3.2% QoQ for Tier-1 IT companies. We expect TCS to deliver 3.2% QoQ CC broad-based growth across verticals & geographies. We expect Infosys to deliver steady growth of 2.5% QoQ CC with ~146 bps QoQ decline in margins led by wage hike, H-1B visa costs & INR appreciation. We downgrade Tech M from Accumulate to Hold as we believe FY20E...