As Kotak Institutional Equities’ analysts said, outsourcing bookings have been volatile in the past fiscal. However, banking and financial services (BFS), a large business vertical for Indian IT companies, continued to lag other business verticals. “We believe that IT spending in financial services will be modest in 2019, after a strong 2018," it added. Its management expects IT services’ growth in FY20 to mimic growth rates in the fiscal year gone by. Indian companies are also seeing good demand for digital, or the so-called new-age services.

Source: Mint September 30, 2019 01:30 UTC