Indian IT stocks emerge as 'safe AI trade' amid rising Big Tech spending; Anand Rathi prefers TechM, LTM, Mphasis
Anand Rathi rate stocks including Mphasis, Tech Mahindra and Ltimindtree.
· LiveMint Markets
Anand Rathi sees Indian IT firms benefiting as rising AI infrastructure costs put pressure on global technology giants. It favors asset-light companies with strong cash generation, naming Tech Mahindra, LTIMindtree, and Mphasis as top picks.
The analysis
Where the names start from: Tech Mahindra is at its 52-week high, +12.2% over three months; Mphasis is 15% below its 52-week high, +4.0% over three months; Ltimindtree is 32% below its 52-week high, -4.2% over three months. A rating is set against the price on the day the note is written, so how far a stock has already run is the part of the case the headline upside leaves out.
Infra spending is both an economic-cycle signal and a direct order pipeline for capital-goods names.
Market context
- Brokerage calls from Anand Rathi, with ratings on the stocks named. The stocks: Mphasis, Tech Mahindra and Ltimindtree.
- On the day, 2 of 3 are higher: Tech Mahindra leads at +0.5% and Ltimindtree trails at -1.2%.
- Over three months: Mphasis +4.0% against IT -2.7% (6.8 points ahead); Tech Mahindra +12.2% against IT -2.7% (14.9 points ahead); Ltimindtree -4.2% against IT -2.7% (1.5 points behind).
- At least 25% below the 52-week high: Ltimindtree (32%).
- Trading well above normal today: Mphasis at 5.0 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| MphasisMPHASIS · IT | ₹2,520.00 | +0.4% | +9.7% | +4.0% | -14.7% | 5.0× | — |
| Tech MahindraTECHM · IT | ₹1,831.00 | +0.5% | +21.7% | +12.2% | -0.2% | 0.5× | — |
| LtimindtreeLTM · IT | ₹4,338.00 | -1.3% | +9.2% | -4.2% | -32.3% | 1.0× | — |
IT
1M +6.1% · 3M -2.7%
Mphasis, Tech Mahindra, Ltimindtree
Infrastructure
1M -3.1% · 3M -11.7%
Prices as of 6 Nov 2026, 16:11 IST. Sector moves are the average of the stocks we track in each sector.
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