< The 2015 All-Asia Research Team
Total appearances: 11
Team debut: 1998After spending the past three years at No. 2, Bank of America Merrill Lynch advances to claim its first top finish on this roster, led by Mumbai-based Mitali Ghosh and Kunal Tayal, a newcomer to the ranking. The analysts maintain a positive outlook on India’s information technology industry, citing likely market share gains from domestic companies’ greater participation in large outsourcing deals, plus an acceleration in both global sourcing from continental Europe and client IT spending on mobility, analytics, social media and the like. One fund manager compliments the group on its “remarkable calls,” which currently include buy ratings on India’s two largest software and services providers, Tata Consultancy Services and Infosys, respectively. TCS is a favorite thanks to “its strong competitive position across segments, stable and proven management team and steady business momentum,” according to Ghosh, 46. Infosys management’s initiatives to boost its offerings in large outsourcing deals, expand its suite of intellectual property–led offerings, energize sales and tighten delivery efficiency are “moves in the right direction,” she says, and a likely increase in the dividend payout will aid the stock’s performance. Tayal, 32, joined the firm in 2008 after stints at Lehman Brothers, as an equity research analyst, and Infosys, as a software engineer. He earned an MBA from the Indian Institute of Management, Lucknow, and a bachelor’s degree in electronics from the University of Mumbai. Ghosh signed on with what is now BofA Merrill in 1992, armed with an MBA from the Indian Institute of Management, Ahmedabad, and a bachelor’s degree in commerce from the University of Delhi. She started in investment banking and moved to equity research in 1996.