February 12, 2013 / 8:59 AM / 5 years ago

Hexaware gains on expectations of earnings recovery

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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