Q2 is normally a strong quarter for Indian IT companies, but this one will not be one. Large caps are a story of muted volumes and margin repair. Macro caution, pricing pressure and soft mega-deal conversion cap USD growth near 1%, so the weaker rupee and the reversal of wage-hike costs, no major demand uptick lift reported numbers. Infosys is the weak spot, with pricing pressure, pulling margin down, and Wipro still struggles for growth. We prefer HCLTech and TCS. HCLTech has the clearest operating momentum: Jaspersoft, the HPE telco business and seasonal strength drive the best sequential growth, margins recover with...