A NASCAR race in Homestead, Florida. (Photographer: Rhona Wise/Bloomberg News)
India's information technology industry is a classic case of how a few large-cap companies have for long remained in a separate tier, with mid-cap companies, barring a few, not being able to break into the A-list club, in the past two decades. That has led to a margin differential, arguably caused by pricing power, and economies of scale between large-, mid-, and small-cap Indian IT services companies. Now, though, the market seems t...