Emkay Global Financial Services estimates a 2.8-6.8% QoQ USD revenue growth for the Tier I universe despite 70-90 bps cross currency headwinds (V/s 50-90 bps cross currency boost in June'14 quarter). ''TCS, Tech Mahindra to lead on constant currency growth at 5% QoQ.''

''Infosys and TCS expected to report sequential improvement in margins while Wipro and HCL Tech will see margins declining sequentially on account of wage increments during the quarter,'' it said.

''Expect Infosys to retain FY15 revenue guidance. Wipro's Dec'14 quarter revenue guidance expected at 2.5-4.5% QoQ growth. We would be monitoring the revenue performance from US along with hiring/attrition trends as further room to push utilization up remains limited,'' said Emkay.

''Roll forward to Sep'15 drives a 3-20% raise in TP for coverage universe. Retain preference for Tier I's with Infosys and TCS as top picks,'' it opined.

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