Shares in Hexaware Technologies Ltd (HEXT.NS) gain 1.2 percent after Macquarie and Bank of America-Merrill Lynch upgrade their ratings on the stock, citing expectations earnings will recover this year and valuations.
Bank of America-Merrill Lynch upgrades the software services provider to "buy" from "neutral", while Macquarie upgrades its rating to "outperform" from "underperform".
Hexaware reported a 25 percent fall in October-December quarter net profit on Monday, but said sales grew 16.2 percent.
(Reporting by Manoj Dharra)
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column