“CLSA downgraded Tata Consultancy Services (TCS), Infosys, and Tech Mahindra to 'Hold' and Wipro and Mphasis to 'Underperform' due to structural concerns, despite remaining bullish on several mid-tier IT vendors. This reflects a cautious outlook for large-cap IT stocks, with Q1 earnings being a mixed bag and AI volumes potentially superseding deflation by FY30, leading to low to mid-single-digit US dollar revenue growth.”