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BUZZ-India's TCS falls; management changes overshadow qtrly results
January 13, 2017 / 4:51 AM / 8 months ago

BUZZ-India's TCS falls; management changes overshadow qtrly results

** Tata Consultancy Services Ltd falls as much as 3.1 pct

** TCS reported better-than-expected earnings on Thursday, but results were overshadowed by CEO Natarajan Chandrasekaran’s departure to take over as Tata Sons chairman

** CFO Rajesh Gopinathan will be the new CEO, co said on Thursday

** “Major management changes with current CEO being elevated to group chairman and replaced by current CFO overshadowed the results and could keep the stock under pressure until growth/margins improve,” Jefferies wrote in a note on Thursday

** Added “strong credentials” of the outgoing CEO could increase investor nervousness

** Nineteen of 51 brokerages rate the stock “buy” or higher, 23 “hold” and nine “sell” or lower - Thomson Reuters Eikon data

** Up to Thursday’s close, stock had risen 0.70 pct in the past 12 months, compared with a 3.63 pct decline in Nifty IT index

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