ANCHOR REPORT Global Markets Research We set end-2026F Nifty target of 29,300, implying 12% return. The downside risks are global factors, including rise in risk premium, higher commodity prices, and trade deficit. The upside risks include a decisive pick up in the capex cycle. We recommend a selective bottom-up approach. We suggest that investors avoid narrative-driven richly valued stocks, consider increasing exposure to underperforming exporters, and be selective on segments with government intervention. ...

Core Insights - The Reserve Bank of India (RBI) cut the repo rate by 25 basis points to 5.25%, marking the first rate cut in six months, which positively impacted the stock market [1][2][5] - The RBI revised its GDP growth forecast for FY26 to 7.3% from 6.8% and lowered its inflation forecast to 2% from 2.6%, indicating a more optimistic economic outlook [3][5][7] Stock Market Performance - The BSE Sensex rose by 447.05 points (0.52%) to close at 85,712.37, while the NSE Nifty increased by 152.70 points (0.59%) to 26,186.45 [1][2] - The BSE midcap index increased by 0.21%, while the smallcap index decreased by 0.67% [5] Sector Performance - Rate-sensitive sectors such as banking, auto, and real estate saw significant gains due to the rate cut, with major winners including State Bank of India, Bajaj Finserv, and Infosys [3][4][7] - Conversely, sectors like services, capital goods, industrials, and FMCG lagged behind [6] Investor Sentiment - Investor sentiment improved significantly following the RBI's unexpected rate cut, leading to a risk-on attitude in the equity markets [5][7] - Foreign Institutional Investors (FIIs) sold equities worth ₹1,944.19 crore, while Domestic Institutional Investors (DIIs) purchased stocks worth ₹3,661.05 crore [8]

Hewlett Packard Enterprise (HPE) has reported revenue of $9.7bn for the fourth quarter ended 31 October 2025 (Q4 2025), representing a 14% increase compared to $8.4bn during the same period last year. The company’s annualised revenue run-rate (ARR) rose to $3.2bn, an increase of 63% year-on-year in actual dollars and 62% in constant currency. HPE has reported a loss from operations of $8m for the quarter, contrasting with earnings of $693m in the same quarter a year ago. Cash flow from operations was $2 ...

Core Insights - The Digital Operational Resilience Act (DORA) is a European Union regulation aimed at ensuring financial entities and their critical ICT providers can withstand and recover from technology disruptions [1] - IBM has been designated as a critical ICT third-party provider under DORA, highlighting its essential role in supporting the resilience of Europe's financial sector [2][3] - This designation places IBM under the supervision of European Supervisory Authorities, emphasizing its commitment to operational resilience and regulatory compliance [3][4] Company Implications - IBM's designation reinforces its longstanding partnership with financial services firms and its role in helping them meet DORA obligations while fostering innovation [4][5] - The company has proactively worked across its technology and services units to address DORA requirements, contributing to a framework that protects the stability of Europe's financial system [5] - IBM aims to engage constructively with European Supervisory Authorities, leveraging its expertise in risk management and cybersecurity to assist clients in navigating evolving regulatory requirements [6] Industry Context - The DORA regulation is designed to strengthen operational resilience across Europe's financial ecosystem, mitigate systemic risk, and ensure trust in digital services [2] - Financial institutions are expected to invest in resilience to safeguard stability and trust in their digital services, aligning with the objectives of DORA [9] - IBM's role as a critical ICT provider positions it to play a significant part in the ongoing digital transformation of the financial services sector [7]

Core Insights - Hexaware Technologies has expanded its global delivery network by opening a new center in Cairo, Egypt, starting with 100 professionals to serve clients in Egypt, the Middle East, and key European markets [1][2] - The Cairo center will provide multilingual customer experience services in Arabic, English, and major European languages, leveraging Egypt's strong education system and availability of international language skills [1][2] - The center is part of Hexaware's broader expansion strategy to establish modern, digitally-focused centers at key global locations, enhancing customer experience and operational capabilities [2] Company Information - Hexaware is a global provider of technology and business process services, focusing on enabling digital transformation for businesses worldwide [3] - The company aims to combine automation, analytics, and generative AI with skilled teams to enhance its delivery model [2]

Financial Performance - SAIC's FY26 3Q revenue was $1.866 billion, a decrease compared to $1.976 billion in FY25 [13, 14] - Adjusted EBITDA for FY26 3Q was $185 million, representing 9.9% of revenue, compared to $197 million, or 10.0% of revenue, in FY25 [14] - Adjusted diluted EPS for FY26 3Q was $2.58, slightly lower than $2.61 in FY25 [15] - Free cash flow for FY26 3Q was $135 million, compared to $143 million in FY25 [18] Guidance and Targets - FY26 revenue guidance is $7.275 billion - $7.325 billion, with an organic growth rate of -2% to -3% [19] - Adjusted EBITDA guidance for FY26 is approximately $695 million, with a margin of approximately 9.5% [19] - Adjusted diluted EPS guidance for FY26 is $9.80 - $10.00 [19] - Free cash flow guidance for FY26 is greater than $550 million [19] Business Development - The TCV (Total Contract Value) of submitted bids for FY27 is projected to be greater than $30 billion [8] - The company has identified over $100 million of annual savings to reallocate to drive growth and improve margins [5] Capital Deployment - The majority of capital deployment is expected to be allocated to the share repurchase program [5] - Approximately $500 million is allocated to share repurchases for FY26 [22]

Harding Loevner, an asset management company, released its “Global Equity Strategy” third-quarter 2025 investor letter.  A copy of the letter can be downloaded here. The fund returned 2.62% gross (2.52% net) in the third quarter of 2025, compared to a 7.74% return for the MSCI All Country World Index and 7.36% gain for the MSCI World Index. YTD, the strategy rose 10.61% (net) compared to 18.86% and 17.83% for the indexes. The firm highlighted in the letter that the last six months represented one of the str ...

Core Viewpoint - Cycurion, Inc. has entered into a securities purchase agreement with an institutional investor for the sale of 1,657,460 shares of common stock and warrants, aiming to raise approximately $6 million to support its growth strategy in AI-powered cybersecurity and government IT solutions [1][2]. Group 1: Securities Offering Details - The offering includes 1,657,460 shares of common stock and warrants to purchase up to 3,314,920 shares at an effective combined price of $3.62 per share, resulting in gross proceeds of about $6 million before expenses [1]. - The closing of the offering is anticipated on or about December 5, 2025, pending customary closing conditions [2]. - The warrants will have an exercise price of $3.62 per share, are immediately exercisable upon shareholder approval, and will expire five years from the initial exercise date [1][2]. Group 2: Use of Proceeds - The net proceeds from the offering are expected to be utilized for working capital and general corporate purposes [2]. Group 3: Company Overview - Cycurion, based in McLean, Virginia, specializes in IT cybersecurity solutions and AI, focusing on delivering secure and innovative services to clients globally [4]. - The company serves various sectors, including government, healthcare, and corporate clients, and is committed to enhancing digital security through its AI-enhanced ARx platform [4].

Core Insights - The global multi-vendor IT support services market generated approximately $13,830 million in revenue in 2022 and is projected to reach $17,640 million by 2029, with a compound annual growth rate (CAGR) of 3.5% from 2023 to 2029 [3]. Market Overview - The analysis covers the historical performance of the multi-vendor IT support services market from 2018 to 2022, including revenue, pricing, and market share across major regions and companies [2]. - The report forecasts revenue growth for the global market and key regions, as well as revenue predictions by product category and application through 2029 [2]. Regional Insights - In 2022, the Chinese market size was significant, contributing to the global market share, while North America and Europe also held notable shares [3]. - The Asia-Pacific region is expected to play an increasingly important role, with countries like Japan, South Korea, India, and Southeast Asia being highlighted as key markets [3]. Competitive Landscape - The top 10 companies accounted for approximately 60% of the global market share in 2019, with major players including IBM, Fujitsu, and Hitachi, whose revenue shares were 28.45%, 10.10%, and 5.37% respectively [3]. - The market is segmented into hardware support services and software support services, with various applications such as sales and marketing, financial accounting, supply chain, and IT operations being analyzed [4]. Company Profiles - Key companies in the multi-vendor IT support services sector include IBM, Fujitsu, Hitachi, NetApp, NEC, Lenovo, HP, Dell, Oracle, and others [5]. - The report provides detailed company profiles, including business operations, main products, and recent developments in the multi-vendor IT support services sector [5]. Market Dynamics - The report discusses market drivers, barriers, and development trends that are shaping the multi-vendor IT support services industry [2].

Core Insights - NTT DATA has launched four next-generation autonomous Cyber Defense Centers in India, specifically in Bengaluru, Hyderabad, Noida, and Mumbai, with plans for two additional centers in Birmingham (UK) by December 2025 and Dallas (USA) by January 2026 [1] - The new Cyber Defense Centers are designed to modernize cybersecurity in alignment with the advancements of the AI era, highlighting NTT DATA's strategic focus on integrating AI technologies into their cybersecurity services [1] Company Developments - The establishment of these Cyber Defense Centers signifies a significant investment in enhancing cybersecurity capabilities, reflecting the growing importance of AI in the industry [1] - The centers are purpose-built, indicating a tailored approach to address the specific challenges posed by modern cyber threats [1] Industry Trends - The launch of these centers aligns with a broader trend in the technology services industry, where companies are increasingly leveraging AI to bolster cybersecurity measures [1] - The expansion into international markets, such as the UK and the USA, demonstrates a commitment to global cybersecurity solutions and the recognition of the increasing demand for advanced cyber defense mechanisms [1]