Cloud & software are showing some signs of recovery
Enterprise software revenue streams remain more resilient
More new deals closed end of Sept than all of 3Q combined, sign of acceleration from here
AI is starting to change the priorities as IT prepares for AI adoption
Discretionary spend remains muted, select areas of tech spend could accelerate
Cloud and AI partnerships strongest for large IT services – TCS, INFOSYS
Outperform rating on TCS with a target price of Rs 4,170
Outperform rating on Infosys with a target price of Rs 1,740
Outperform rating on TechM with a target price of Rs 1,390
Market perform rating on HCL Tech with a target price of Rs 1,640
Underperform rating on Wipro with a target price of Rs 400
