HDFC Securities expects Tier 1 IT vendors to report 1.5- 5% QoQ USD revenue growth in 1QFY15E. ''Performance would remain vendor specific and we expect TCS and HCL Tech to deliver higher revenue growth for the quarter. Average rates of GBP/AUD/INR have appreciated by 1.8/4.5/3.4% vs. USD in 1QFY15,'' it said.

''Overall, we expect cross-currency movements to have positive impact of 50-70bps on USD revenues for the quarter,'' said HDFC Securities.

''We expect Infosys' USD revenues to grow by 2.4% QoQ in 1QFY15. We expect TCS to lead the pack by delivering a robust growth of 5% QoQ driven by traction across core verticals and geographies,'' it said.

''Wipro is likely to deliver revenue growth of 1.5% QoQ which is within its guidance range( (0.5%)-2% QoQ (decline)/growth in USD revenues).Robust traction in IMS services is likely to  aid HCL Tech's USD revenues to grow by 3.6% sequentially,'' the broking firm added.

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