TCS gains on Morgan Stanley rating upgrade

Wed Dec 19, 2012 1:03pm IST

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/Files

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

Reuters Market Eye - Shares in Tata Consultancy Services(TCS.NS) gain 1.9 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 the BSE Sensex in the same period.

(Reporting by Abhishek Vishnoi and Aradhana Aravindan)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage