Hexaware gains on expectations of earnings recovery

Shares in Hexaware Technologies gained 1.2 per cent after Macquarie and Bank of America-Merrill Lynch upgraded their ratings on the stock, citing expectations earnings will recover this year and valuations.

Bank of America-Merrill Lynch upgraded the software services provider to "buy" from "neutral", while Macquarie upgrades its rating to "outperform" from "underperform".

Hexaware reported a 25 per cent fall in October-December quarter net profit on Monday, but said sales grew 16.2 per cent.



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