As previously reported, Morgan Stanley analyst Gaurav Rateria upgraded Genpact (G) two notches, to Overweight from Underweight. Rateria and fellow analyst Parag Gupta also downgraded the firm's India Technology industry view to In-Line from Attractive. A few IT vendors have cautioned on Europe and the analysts note that Accenture (ACN) said during its recent earnings call that growth in IT budgets could slow. Consensus data already reflect strong revenue growth for FY20, said Gupta and Rateria, who advise defensiveness and selectivity in IT services stocks. Gupta upgraded Infosys (INFY) to Overweight and raised his price target to INR775 from INR759, stating that he sees a favorable risk-reward for the stock, while Rateria raised his rating on Genpact following the stock's significant underperformance in 2018. He increased his price target on Genpact shares to $33 from $28.50.

Infosys announced a definitive agreement to acquire in-tech, an Engineering R&D services provider focused on German automotive industry. This strategic investment further strengthens Infosys' Engineering R&D capabilities and reaffirms its continued commitment to global clients to navigate their digital engineering journey. The acquisition is expected to close during the first half of fiscal 2025, subject to customary closing conditions and regulatory approvals.