India IT Services Q1 Outlook: ICICI Securities cuts large-cap IT to negative, mid-cap IT relatively favored
Based on three sources, ICICI Securities has downgraded its view on India’s large-cap IT sector from neutral to negative, citing a challenging macro environment, AI-driven price erosion, a shift in tech spending toward AI infrastructure, and GCC insourcing. Multiple sources point to mid-cap IT companies being relatively preferred, with Coforge and Mphasis repeatedly named. Information on specific earnings, guidance, and stock performance is limited across the sources, and some details cannot be confirmed from the provided material.