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)
CCI fines cement companies $944 million for price fixing
MUMBAI The Competition Commission of India (CCI) has imposed a 63.2 billion rupee ($944 million) fine on 10 cement companies and a trade body for price fixing, the Ministry of Corporate Affairs said a statement.
India accords residency status to foreign investors
NEW DELHI India approved a plan on Wednesday to allow foreign investors to settle, emulating a policy in countries such as the United States and Singapore to woo investment from abroad.
India's fiscal deficit reaches 74 percent of full-year target in July
NEW DELHI India's fiscal deficit during April-July was 3.93 trillion rupees ($58.69 billion), or 73.7 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Wednesday.