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Don’t see an upgrade in IT sector from an earnings standpoint: Manik Taneja, Axis Capital
Manik Taneja says Axis Capital has reduced sell ratings for most tier I and tier II companies, except for Tech Mahindra which is rated positive. The positive reaction to stock prices is driven by companies reporting in line to a beat to modest expectations. The sector has underperformed compared to benchmarks, leading to some catch-up. However, the earnings trend continues to be mixed.