Top Five Investments

Emkay Research has advised "HOLD" for Infosys Technologies.

Information Technology - Ranking, Research & Review Report

Below is the Stock Ranking Report of Information Technology Stocks :

Rank	1	2	3	4	5
Company	Infosys	TCS	Wipro	HCL Tech	Mphasis
BSE Code	500209	532540	507685	532281	526299
Final Rating
Factors Ratings
Internal Factors
External Factors
Growth & Risk
Ratings
Internal Factors
Credibility & Reliability
Promoters Holdings
Management
Group Companies
Financial
External Factors
Industry Health
Market Sentiments
Fund House preference
Growth & Risk Factors
Short Term Risk
Long Term Risk
Future Growth

If you think I have missed out any Stock which is may be considered for Top Five position, then leave a comment .

	Overall Rating	Current Price	Rs 623.2
	Internal Factors Ratings	52 Week High/Low	Rs 1054.0 / Rs 418.0
	External Factors Ratings	Face Value	Rs 1
	Growth / Risk Factors Ratings	Market Cap	51465 Cr

Investment Rationale

TCS is India's largest IT services organization and one of the world's top IT service corporations. The company provides IT solutions and services (application development, maintenance), IT-enabled services (call centers, business process outsourcing), packaged software implementation, engineering and technology services, infrastructure-based services, asset-based offerings (products and associated services), and consulting (IT and business consulting). TCS was publicly listed in August 2004. Strong Pricing: Business Unit heads were confident about maintaining margins within a narrow band despite the pricing pressure being witnessed in the market. The company indicated that it is working on changing its engagement structures with clients (greater offshoring, shift to fixed-price and outcome-based deals, etc.) to achieve the twin objective of delivering the clients' targeted cost savings without taking a sharp hit on its own profitability.

A majority of TCS' clients have already finalized their budgets. The budgets forecast lower IT spends in CY09 although offshoring will rise. Offshore revenue contribution of TCS at ~44% is higher than peers. Besides, TCS expects specific opportunities in terms of integration, consolidation, infrastructure optimization and business transformation. Management believes that annual IT budgets will be reviewed as clarity on business outlook emerges.