MARKET EYE-India's TCS gains on Morgan Stanley rating upgrade

Wed Dec 19, 2012 11:08am IST

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* Shares in Tata Consultancy Services gain 1.8 percent
after Morgan Stanley upgraded the stock to 'overweight' from
'equal-weight' and raised its target price on the stock to 1,415
rupees from 1,225 rupees.
* Morgan Stanley says IT spending could be stable in 2013 and
that it does not expect deal flow and volumes to be disrupted
despite uncertainty in Europe. 
* The investment bank says fiscal 2014 revenue can recover,
noting "revenue growth trends in the industry are not in a
secular decline."
* The investment bank also says a recent correction in TCS's
share price creates an opportunity for medium- to long-term
investors. 
* TCS stock is down 7.9 percent in December as of Tuesday's
close compared with a 0.6 percent return in India's benchmark
index in the same period.

 (abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.reuters.com@reuters.net;
aradhana.aravindan@thomsonreuters.com /;
aradhana.aravindan.reuters.com@reuters.net)
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