Highlights of 20th November Fundamental Weekly Podcast:

- Both Nifty and Sensex gained ~1.5%.

- NSE Midcap Index gained 2.5% and the BSE Smallcap Index gained 4.3%.

- The Q2FY24 earnings season ended with a modest beat versus our expectations, primarily due to strong performance of OMCs.

- In Oct'23, FPIs were net sellers (in cash market) of US$2,657mn.

- PICK OF THE WEEK – Infosys - TARGET - Rs 1700

- Infosys reported revenue was spruced up by pass-through and one-off elements.

- Four mega deals drove TCV of US$7.7 bn with US$3.7 bn net new component.

- We cut FY2024-26 revenue and EPS estimates by 1-2% and tweak FV to Rs1,700, valuing the stock at unchanged 22X September 2025E earnings.

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