NIFTY IT index trades at 24 times last twelve months PE—17% below its five-year average and in line with its 10-year average.

(Photo: Lucas Santos/ Source: Unsplash) The demand environment remains largely unchanged since Q1, as clients continue to exercise caution on discretionary spending. Key developments during the quarter included TCS layoffs, a steep $100,000 fee hike in H1-B visa and 25% outsourcing tax proposed by President Trump.

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