TCS and Wipro's margins are expected to be impacted by wage hikes. TCS will have a second wage hike for all employees while Wipro will have a wage hike for 20% of employees & dilution in margins due to Capco acquisition. For Infosys, we expect flat margins due to absence of wage hikes. Adjusting for HCL Tech's one-time bonus in Q4FY21 (which impacted margins by ~370 bps), the company's margins are expected to decline 50 bps QoQ due to investment in geo & sales expansion. Midcaps also expected to witness margin dip...