24%(Ple:25.6%, Cons:25.3%). BFSI & Retail contributes to 46% of the total revenues and are showing signs of weakness. We believe manufacturing (10% of total revs) weakness is yet to be seen as globally all the manufacturing PMI's are lowest in last 10 years. (The U.S. manufacturing PMI came in at 47.8% in Sept, the lowest since June 2009.) Digital growth slowed down in Q2FY20 to just 3.7% QoQ compared to average 8.8% QoQ in last 4 quarters. Despite of strong order booking of US$6.4bn, TCS management remained pessimistic about growth revival in 2HFY20. We note that 2H is...