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* Tech Mahindra’s (TECHM IN) stock price rose by 2.3% in yesterday’s trade, while the BSE Sensex rose 0.2%.
* Tech Mahindra’s Enterprise Business is expected to be the major revenue growth driver over the next few years, led by BFSI and Retail, apart from Digital initiatives.
* The company has performed well on margins, with >300bps YoY expansion witnessed in FY19 led by operational efficiency and INR depreciation.
* Revenue outlook appears to be improving for FY20E, albeit with the risk of 5G expansion getting delayed owing to trade wars.
We have a positive outlook on Tech Mahindra.
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