Prashanth Tapse, Research Analyst, Mehta Equities
Nifty crashed today, ending its winning streak due to disappointing Q1 performances from INFY (-8.41%) and HUL (-3.82%). Overbought conditions and high greed contributed to the sell-off. Investors now await RIL Q1 results, expecting a consolidation around 19501 with resistance at the psychological 20000 mark. Caution is advised in this return of risk.
Amol Athawale, Technical Analyst (VP), Kotak Securities
Overnight fall in tech-heavy Nasdaq triggered a wave of massive correction in local software stocks led by Infosys, which slashed the revenue growth guidance for the rest of the year due to sharp deterioration in discretionary spending by the clients. The record upsurge in the markets in such a quick time was already raising concerns of expensive valuations, and hence investors took this opportunity of weak US cues to prune their holdings, although India's fundamentals remain on strong footing.
Technically, on intraday charts, the Nifty has breached the crucial support of 19825 and post breakdown it is comfortably trading below the same, which is largely negative. In addition, a sharp intraday correction and reversal formation on daily charts is also indicating temporary weakness. Below 19825, the weak sentiment is likely to continue below the same and could slip till 19600-19550.
On the flip side, a fresh uptrend rally is possible only after the dismissal of 19825 and above the same, the index could retest the level of 19900-19950. Contra traders can take a long bet near 19550 with a strict stop loss of 30 points.
For Bank Nifty, 45800-45500 would be the key levels to watch out for and above the same, the index could move up till 46500-46900. On the flip side, below 45500 uptrend would be vulnerable.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Domestic equities took a pause just before the 20k zones. Nifty opened lower dragged by selling in IT heavyweights after Infosys lowered its FY24 growth guidance. Nifty closed with a loss of 234 points (-1.2%) at 19745 levels. Broader markets were mixed with the Nifty midcap 100 down -0.4% while the Nifty smallcap 100 was up +0.7%. Except for PSU Bank and Auto, all sectors ended in red. IT, Consumer Durables, and FMCG were major laggards.
All eyes will be on the US Fed and ECB policy meeting next week. Investors would also take cues from various macro data that would be released. With the result season picking up pace, we expect a lot of stock-specific action and provide direction to domestic equities in the coming week. Apart from Index heavyweight Reliance, Banking sector is also likely to be in focus as ICICI Bank and Kotak Bank would announce results over the weekend.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets witnessed profit taking on Friday and shed over a percent, tracking weak cues. After the initial gap-down opening, Nifty drifted gradually lower and finally settled at 19745 levels. The decline was widespread wherein the IT pack faced the maximum heat, followed by FMCG and energy majors. Meanwhile, the broader indices traded mixed, capping damage to the market breadth.
We expect Nifty to spend some time around the current levels, to digest the recent surge and it would be healthy. Meanwhile, participants should focus more on risk management for the existing trades and prefer sectors that are showing resilience for fresh positions. Among the key sectors, banking and financials still looks promising for further up move while the crack in the IT pack has delayed its reversal so plan accordingly.
Kunal Shah, Senior Technical & Derivative analyst at LKP Securities:
The Bank Nifty index experienced a volatile trading session with both buying and selling pressure seen from market participants on both ends. This volatility indicates indecision in the market, and traders are closely monitoring the price movements. The option data suggests that the market may remain range-bound as there is significant option selling observed at the at-the-money (ATM) strikes.
Option sellers often anticipate that the market will remain within a specific range during a certain period. The lower end support for index is placed at 45900. If the index falls towards this level and holds, it may act as a support, preventing further downside. On the other hand, the upside resistance is visible at the 46350-46400 levels. If the index manages to surpass this resistance area, it could signal further upward movement.
Vinod Nair, Head of Research at Geojit Financial Services
The weak guidance from Infosys cast a shadow over the outlook of the Indian IT sector, causing a delay in Nifty's pursuit of the 20,000 mark. While the heavyweights surrendered to the bears, the small caps demonstrated resilience. Global markets presented a mixed picture, with the US market struggling due to weak earnings, while UK retail sales exceeded expectations with a 0.7% MoM growth.
Dilip Parmar, Research Analyst, HDFC Securities
The Indian rupee has outperformed Asian currencies due to dollar inflows. However, the greenback has extended a run of gains against major currencies ahead of next week’s big three central bank’s policy decision.
In the coming week, the forex market is expected to be volatile since Fed, ECB, and BoJ rate decisions will be announced along with month-end adjustments.
Spot USDINR has strong support at 81.75 and resistance at 82.30. In accordance with the derivative data, the pair is expected to settle at around 82 by the end of July.
Joseph Thomas, Head of Research, Emkay Wealth Management
The equity markets trended higher during the week and made a series of fresh closing all-time highs. The continued inflow of FII money and improved sentiments led to buoyancy in domestic equity markets. The healthy results in the ongoing earnings season, value unlocking through HDFC-HDFC Bank merger & Reliance demerger, expectations of inflation peaking out globally and indications of a soft landing in the US were some of the factors providing the backdrop for positive sentiments. Going ahead, over the near term, the ongoing earnings season and FII flows would continue to hold away over equity markets; some profit booking though cannot be ruled out.
Rupee Close:
Indian rupee closed marginally higher at 81.95 per dollar versus previous close of 81.99.
Market Close:
Benchmark indices ended lower on July 21 with Nifty below 19,800.
At close, the Sensex was down 887.64 points or 1.31 percent at 66,684.26, and the Nifty was down 234.20 points or 1.17 percent at 19,745. About 1578 shares advanced, 1725 shares declined, and 117 shares unchanged.
Biggest losers on the Nifty included Infosys, Tech Mahindra, HCL Technologies, HUL and Reliance Industries, while gainers were L&T, ONGC, NTPC, SBI and BPCL.
Among sectors, Information Technology down 4 percent, FMCG shed 1 percent and Metal down nearly 1 percent, while Capital Goods index up 1.7 percent.
The BSE Midcap and Smallcap indices ended with marginal change.
Colin Shah, MD, Kama Jewelry
The downward spiral in gold prices continued but the fall was marginal, prices were lower by 0.02% a slight decrease from the previous week. However, the dip was considerably better than the 1% drop from the week prior.
On the other hand Gold prices rose to Rs 59543.00/ 10 gms in the domestic market. Internationally, gold continues to trade at $1,968.30 per ounce.
A minor pullback in the currency rate of the US dollar has led to some optimism amongst Gold buyers.
In the domestic market, there seems to be a bit of a worry with regard to data projecting a fall this fiscal year in exportation by approximately 10 – 15% this fiscal year. However, with the onset of coming festivities, there seems to be optimism in the rise of purchases towards the end of H2 2023.
Stock Market LIVE Updates | Jefferies View On Infosys
-Buy rating, target at Rs 1,550 per share
-Q1 broadly in-line & new deal wins were up 10 percent QoQ
-Management cut FY24 growth guidance drastically to 1-3.5 percent YoY
-Lower estimates by 2 percent
-See limited risks of further earnings cuts & expect 10 percent EPS CAGR over FY23-26
Stock Market LIve Updates | HSBC View On Hindustan Unilever
-Buy rating, target at Rs 2,950 per share
-Q1 volume & sales growth were below estimates, in part due to channel destocking
-Gross margin and A&P is expanding, EBITDA margin were tad below
-Volume growth trajectory and extent of margin gains will be main catalysts
MSCI India index falls about 9%; Asia Pacific, EM indices also extend losses: Bloomberg
Sensex Today | Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Both the domestic benchmark indices – Nifty 50 and Sensex 30 index made new highs this week and posted weekly gains in excess of 1%. The BSE Midcap and BSE Small-cap index also gave positive returns this week.
FPI continued to invest in Indian equities. Amongst sectors, BSE Bankex moved up by more than 3% during the week. On the other hand, the BSE IT index underperformed the broader markets amid a challenging macroeconomic environment. Infosys cut down its revenue growth guidance.
For the equity markets, the focus next week will be on the upcoming US Federal monetary policy meeting. We also expect stock specific action to continue as the corporates continue to release their Q1FY24 results.
Sensex Today | Sumit Pokharna, Research Analyst & Vice President at Kotak Securities
Infosys’ share price is under deep pressure due to revenue growth guidance cut to 1-3.5% from 4-7%. The guidance cut was sharp. The magnitude of the cut was all the more surprising noting mega-deal announcements and a strong pipeline.
The guidance cut is either on account of the sharp deterioration in discretionary spending or compensating for a tad aggressive guidance earlier or both. Management attributed it to cut in discretionary spending and delays in large deal closures and ramp-ups. We believe that the weaker outlook is not Infosys-specific and captures a broader slowdown, especially in key verticals, i.e. banking and telecom.
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas:
The planned output cuts from OPEC+ are sucking around 5% of the global supplies, which is expected to bring the global market balance into a deficit of 1.5-2 mbpd by the end Q3. The only thing that is holding crude oil prices lower despite all the efforts from OPEC+ is the uneven growth of China since curbing covid restrictions last year.
Beijing is said to be working on plans to revive growth through various measures, but softening macro environment in Europe and US is also affecting the economic recovery of China. The June crude oil imports surged 45% yoy in China, reassuring faith among investors of gradual recovery into the largest energy importing country.
On the other hand, Saudi would extend a voluntary output cut of 1 million barrels per day (bpd) into August, while Russia would cut exports by 500,000 bpd in August.
We remain bullish on crude oil in the short to medium term, we expect the average trading prices of WTI to remain above $78/b in Q3, and for the day, we expected a sideways move in the counter as market participants will await the FOMC guidance next week.
Stock Market LIVE Updates | HSBC View On Coforge
-Buy rating, target raised to Rs 5,640 per share
-Company retained revenue growth guidance of 13-16 percent for FY24, bucking industry trend
-Robust executable orderbook secures the short term
-Strong TCV and large deals set up the medium-term well
-Continue to like stock for growth on offer
Stock Market LIVE Updates | Jefferies On Dalmia Bharat
-Buy rating, target at Rs 2,490 per share
-Q1FY24 was lower than estimates
-While realisation & volume came lower, costs were higher
-Volume grew 12 percent YoY to 7 mt, which was a 3 percent miss from estimates
-Average realisation was lower 1.5 percent QoQ
Sensex Crash Today | Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Indian Rupee slipped on weak domestic markets and a strong US Dollar. Domestic markets declined by ~1.1% while US Dollar gained on upbeat weekly unemployment claims data which led to renewed expectations of a hawkish US Federal Reserve. US weekly jobless claims data fell to 228,000 vs the forecast of 240,000 and a reading of 237,000 in the prior week. US treasury yields also rose.
We expect Rupee to trade with a slight negative bias on risk aversion in global markets and rising concerns over a global economic slowdown. The strong US Dollar amid safe-haven demand may also weigh on Rupee. However, steady foreign inflows may support Rupee at lower levels. We expect the USD/INR spot to trade between 81.60 to 82.50 in the near term.
Stock Market LIVE Updates | GNA Axles Q1 Results
The company has reported 2.6 percent fall in Q1 net profit at Rs 33.1 crore versus Rs 34 crore and revenue was down 2.5% at Rs 374 crore versus Rs 383.7 crore, YoY.
Stock Market LIVE Updates | JPMorgan View On Infosys
-Underweight rating, target at Rs 1,150 per share
-Sharp guidance cut brings welcome dose of realism that should be extended to valuations
-Underweight given weakening growth outlook & limited visibility on demand
Stock Market LIVE Updates | Ramkrishna Forgings Q1 results:
Ramkrishna Forgings has posted 52.7 percent jump in it Q1 net profit at Rs 78.5 crore against Rs 51.5 crore and revenue was up 27.6% at Rs 892.3 crore versus Rs 699.3 crore, YoY.
Stock Market LIVE Updates | UltraTech Cement Q1 Earnings:
UltraTech Cement has posted 6.8 percent jump in its Q1 net profit at Rs 1,690 crore versus Rs 1,582 crore and revenue was up 17% at Rs 17,737.1 crore versus Rs 15,163 crore, YoY.
Stock Market LIVE Updates | Lupin launches Luforbec 100/6 for Adult Asthma and COPD treatment in Germany
Hormosan Pharma GmbH (Hormosan), Lupin’s wholly-owned subsidiary in Germany, announced the launch of Luforbec 100/6 (beclometasone 100 µg / formoterol 6 µg), a fix combination in a pressurized metered dose inhaler (pMDI) for the treatment of adult asthma and chronic obstructive pulmonary disease (COPD) in Germany.
Stock Market LIVE Updates | HDFC Life Insurance Company Q1
Total APE was up 12.7% at Rs 2,328 crore versus Rs 2,065 crore and VNB was up 18% at Rs 610 crore versus Rs 518 crore, YoY.
Sensex Today | Recovery in Nifty stocks from day's low
| Company | CMP | High Low | Gain from Day's Low |
|---|---|---|---|
| UltraTechCement | 8,302.10 | 8,305.00 8,072.00 | 2.85% |
| Larsen | 2,586.00 | 2,595.00 2,521.10 | 2.57% |
| Hero Motocorp | 3,108.00 | 3,114.80 3,049.50 | 1.92% |
| Bharti Airtel | 891.35 | 891.90 874.80 | 1.89% |
| JSW Steel | 805.45 | 823.35 792.00 | 1.7% |
| Infosys | 1,326.20 | 1,350.00 1,305.00 | 1.62% |
| Grasim | 1,818.45 | 1,824.95 1,790.00 | 1.59% |
| Tata Steel | 117.30 | 117.95 115.50 | 1.56% |
| Apollo Hospital | 5,205.05 | 5,253.00 5,125.05 | 1.56% |
| Wipro | 407.05 | 414.35 401.00 | 1.51% |
Sensex Today| Trident rises after getting patent
Trident Limited has been granted patent for “Process of manufacturing a fabric with homogeneous pores” by European Patent Office. The present invention comprises a method of producing Air rich yarn and fabric with pores throughout the cross-section thereby producing Air Rich fabrics and yarns which have high wettability, easy dryablity, quick absorbency and increased thickness, the company said. These fabrics have added advantage of keeping the body warm as they do not allow the body's heat to transmit easily through the fabric.
Sensex Today | Atul rises sharply after Q1 show
Shares of Atul Ltd also reacted sharply to the better-than-expected earnings. The stock recovered its early gains and shot up to an intraday high of Rs 7,049.90 post the result announcement. At 1.52 pm, shares of Atul Ltd were trading at Rs 7,013.15, with gains of 6.5 percent on the National Stock Exchange.
There was also a sharp spike in trading volumes as three lakh shares changed hands on the exchanges, significantly higher than the one-month daily traded average of 56,000 shares.
Stock Market LIVE Updates | Tanla Platforms Q1 profit jumps 35% YoY to Rs 135 crore, revenue grows 14%
Tanla Platforms has registered a 35% year-on-year growth in profit at Rs 135.4 crore for quarter ended June FY24. Revenue during the quarter increased by 14% on-year to Rs 911.1 crore, with growth across both digital platforms and enterprise communications business.
Stock Market LIVE Updates | Hindustan Zinc Q1 net profit down 36.5% at Rs 1,964 crore versus Rs 3,092 crore, YoY.
Sensex crash today | Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One
The revised revenue growth guidance of Infosys for FY24 led to some pessimism in the counter which tanked nearly 9 percent in the day and dampened the overall sentiments. The Nifty IT index plunged nearly 4 percent, which is a major cause for the correction in Nifty50 in today’s trading session.
The technical structure remains buoyant for Nifty50 as some cool-off was likely on the cards post the recent runup. Considering the overbought scenario in markets, we may expect a price-wise correction anytime soon in the near period. However, since the undertone is strongly bullish, one may refrain from creating shorts at this point in time. The pragmatic approach would be to take some money off the table from aggressive bullish bets. As far as levels are concerned, 19700-19600 is likely to cushion any blip, while strong support lies around the 19500 zone. On the higher end, the 20K mark is likely to act as a sturdy wall in the comparable period. The mentioned range breakout would dictate the near-term trend for the market.
Atul Q1
Net profit at Rs 102.1 crore and revenue at Rs 1,182 crore
Stock Market LIVE Updates | Oriental Hotels shares fall after weak Q1 earnings
Oriental Hotels shares were down 3.6 percent after a tepid set of first quarter earnings.
On July 20, Oriental Hotels reported a 10 percent increase in net profit year-on-year to Rs 12.2 crore in the April to June quarter. Total revenue for the company also increased 6 percent to Rs 96.79 crore in Q1FY24 as compared with the same period a year before. Earnings Before Income Tax Depreciation and Amortisation (EBITDA), however, remained unchanged at Rs 26.83 crore during the same period.
The stock has given 24 percent returns since January 1.
“Continuing the demand momentum, the first quarter witnessed a healthy growth in revenues aided by RevPAR leadership in all our key markets,” said Pramod Ranjan, managing director and chief executive officer at Oriental Hotels, in an exchange filing after the April to June results. He further said in the current quarter, the company has commenced product enhancements across its portfolio, including a complete repositioning of Taj Malabar Resort and Spa in Cochin. Read More
Stock Market LIVE Updates | Shares of United Spirits jump 6%, hit new record high
Shares of United Spirits Ltd rose by 6 percent to Rs 1,038.65 on July 21 at 12:16 pm, following the company's announcement of its financial and operating results for the first fiscal quarter ending June 30, 2023. The stock hit a record high of Rs 1,044 after the company reported a healthy operational performance in June quarter (Q1FY24).
Diageo-owned liquor firm United Spirits Ltd (USL) on Thursday, July 20, reported an 82 percent year-on-year (YoY) jump in consolidated net profit at Rs 476.7 crore for the first quarter that ended June 30.
In the corresponding quarter last year, the company posted a net profit of Rs 261.10 crore, United Spirits said in a regulatory filing.
In spite of continued raw material inflation, United Spirits’ gross margins during the quarter expanded 140 bps, primarily driven by higher premiumisation. Read More
Neutral stance on IT despite lower valuations: Trideep Bhattacharya
Trideep Bhattacharya, Chief Investment Officer at Edelweiss AMC, maintained a neutral stance on the IT sector despite the low valuations of the companies. The Nifty IT index has delivered a 1.77 percent return over the past 6 months as against Nifty’s return of 9 percent over the same period.... Read More
Stock Market LIVE Updates | Morgan Stanley View On HUL
Equal-weight rating, target at Rs 2,408 per share
Earnings missed estimates
Headwinds from weaker volume growth, lower pricing growth & media investments
Management expects gradual recovery in consumer demand over 2-3 quarters
Sensex Crash Today | Market at 1 PM
The Sensex was down 732.57 points or 1.08% at 66,839.33, and the Nifty was down 190.00 points or 0.95% at 19,789.20. About 1,403 shares advanced, 1,678 shares declined, and 123 shares were unchanged.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 15612.00 0.22 | 23.79 0.23 | 5.65 24.09 |
| NIFTY IT | 29969.10 -3.78 | 4.71 -3.16 | 3.25 5.74 |
| NIFTY PHARMA | 14282.60 -0.12 | 13.38 2.42 | 7.81 12.89 |
| NIFTY FMCG | 53901.40 -0.62 | 22.03 0.84 | 3.79 27.48 |
| NIFTY PSU BANK | 4578.30 0.55 | 6.01 4.28 | 11.43 65.20 |
| NIFTY METAL | 6499.95 0.23 | -3.32 0.47 | 5.05 27.70 |
| NIFTY REALTY | 536.65 0.07 | 24.28 -0.58 | 4.38 22.52 |
| NIFTY ENERGY | 25859.15 -0.55 | -0.04 2.08 | 4.00 0.54 |
| NIFTY INFRA | 5939.40 -0.02 | 13.09 1.66 | 4.03 23.36 |
| NIFTY MEDIA | 1988.85 0.71 | -0.16 3.19 | 11.86 0.91 |
Stock Market LIVE Updates | Glenmark Pharma Q1 results:
Net profit up 24 percent at Rs 135.4 crore against Rs 109 crore.
Revenue was up 18.1% at Rs 578.4 crore versus Rs 489.8 crore and EBITDA was up 9% at Rs 193.2 crore versus Rs 176.6 crore, YoY.
RIL Q1 preview: Net profit seen at Rs 16,995 crore
According to a Bloomberg survey of 14 brokerages, the conglomerate’s consolidated net sales are expected to come in at Rs 2.14 lakh crore and net profit is estimated at Rs 16,995.50 crore according to seven brokerages.... Read More
Stock Market LIVE Updates | KRChoksey View on ICICI Prudential Life Insurance
ICICI Prudential Life Insurance reported a muted performance in Q1FY24. The company has been active in terms of product & distribution expansion to maintain its leadership amongst the private players. The premium growth for the quarter was impacted due to the taxation changes announced in the Union Budget, which led to subdued growth for a non-par segment while a demand shift towards ULIP and par segments.
The protection segment reported healthy growth in APE, led by a sharp recovery in the retail segment.
The company is expected to focus on APE growth, which will be the key driver for healthy VNB growth in FY24E. The margins for the quarter declined majorly, led by the decline in non-par segment contribution. However, company believes margins are already at their peak and will remain focused on increasing the absolute VNB going ahead. The persistency ratio for the company witnessed improvement across all the cohorts.
KRChoksey expect GWP to grow at a CAGR of 11.5% over FY23-25E, while margins to sustain at 31.5% for FY24-25E levels led by scaling up the new product pipeline and improving the contribution of the expanded distribution channels.
Broking firm assign a 2.0x P/EV (earlier 1.75x P/EV of FY24E) on FY25E EVPS of Rs 332.5 and a VNB multiple of 13.6x to arrive at a weighted average Target Price of Rs 665 per share (earlier Rs 570) (50:50 weights on the P/EV and appraisal value methodology); indicating a 21.5% upside from the CMP. Accordingly, re-iterated “Buy” rating on the shares of ICICI Prudential Life Insurance.
Stock Market LIVE Updates |
TCNS Clothing has received show cause notice from Securities Exchange Board of India (SEBI) alleged violation of regulation 26(6) of SEBI (Listing Obligation and disclosure requirements), 2015.
There is no operational impact on the listed entity. Financial impact may be to the extent of any monetary penalty, if any, imposed by the Regulator/Adjudicating Officer, said TCNS Clothing.
Sensex Crash Today | BSE Information Technology index fell 4 percent dragged by Infosys, Quick Heal Technologies, KPIT Technologies
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Infosys | 1,333.00 | -8 | 836.36k |
| Quick Heal Tech | 154.00 | -7.65 | 48.08k |
| KPIT Tech | 1,004.60 | -5.29 | 206.83k |
| Persistent | 4,790.05 | -5.01 | 25.63k |
| HCL Tech | 1,115.50 | -3.44 | 93.88k |
| Cressanda Sol | 24.00 | -2.83 | 442.76k |
| COFORGE LTD. | 4,689.85 | -2.56 | 18.99k |
| Wipro | 407.90 | -2.26 | 298.23k |
| Tata Elxsi | 7,342.05 | -2.16 | 15.15k |
| Cigniti Tech | 798.00 | -1.94 | 6.97k |
Infosys nosedives 10% on sharp guidance cut; fuels brokerage downgrades
Infosys Share Price: Infosys' surprising guidance cut triggered a flurry of estimate cuts from several brokerages, some even downgrading the stock... Read More
Sensex Crash Today | Nifty PSU Bank index up nearly 1 percent led by Union Bank of India, J&K Bank, Punjab & Sind Bank
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Union Bank | 90.50 | 4.14 | 32.68m |
| JK Bank | 72.00 | 1.98 | 4.67m |
| Punjab & Sind | 33.80 | 1.65 | 2.07m |
| Bank of Mah | 33.20 | 1.37 | 30.30m |
| Bank of India | 83.95 | 0.9 | 10.08m |
| UCO Bank | 29.10 | 0.87 | 11.17m |
| SBI | 615.10 | 0.83 | 14.17m |
| IOB | 26.90 | 0.75 | 11.16m |
| Central Bank | 31.05 | 0.65 | 7.31m |
Stock Market LIVE Updates | Macquarie View On Infosys
-Downgrade to underperform, target at Rs 1,130 per share
-Q1FY24 revenue & margin was in-line
-Disappointed by deal wins that imply USD 1.5 billion is partly a renewal
-Think USD 2 billion ‘framework’ deal is not a ‘mega deal’ as this is a management estimate
-Think company may not win a fair share of ‘outcome-oriented managed sevices’ deals
