)
IT major Cognizant has recently announced its lowest projections for revenue growth in some time.
As Table 1 shows, its peers seemed to have recovered from a trough in growth some quarters ago - but their recovery seems unable to continue and to regain pace.
Still, most of the big IT majors are still showing decent profit growth, as Table 2 reveals.
Investors, however, are less bullish than they were. In 2013, as Table 3 shows, Indian tech stocks outperformed the Sensex easily - although that was not the case for US tech stocks and the Dow.
In 2014 to date, shown in Table 4, it is clear that the broader market is outperforming tech - again, a reversal of what is happening in the US.
Table 5 shows the IT stock boom in 2013 was broad-based, as is the more moderate performance this year.
Finally, Table 6 shows P-E ratios are in line with the broader market.
