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Nuvama Upgrades Indian IT Stocks To Buy
8.1
Brokerage Nuvama upgraded all top 10 Indian IT services stocks to 'Buy' after a Gen-AI-driven selloff, citing attractive valuations and overstated disruption fears. Nuvama argues enterprises will still need system integrators to customize and support complex brownfield stacks, and its reverse-DCF finds stocks discounting implausibly low terminal growth. It projects 14–84% upside and a $300–400 billion AI-services opportunity by 2030.
Key Points
- 1Upgrades all top-ten Indian IT services stocks to Buy after a Gen-AI-driven selloff
- 2Argues Gen-AI is not existential; clients still need system integrators for complex brownfield stacks
- 3Sees 14–84% upside and $300–400bn AI-services TAM by 2030; valuations significantly depressed
Scoring Rationale
Strong brokerage-backed, actionable buy thesis with credible analysis, but limited novelty beyond reiterating sector recovery view.
Sources
Public references used for this report.
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