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Sell TCS, target of Rs 440: Reliance Money
Reliance Money has maintained its sell rating on Tata Consultancy Services (TCS) with a target price of Rs 440 in its March 6, 2009 research report. The management continues to remain cautious on the industry environment and expects the pain to continue in CY2009, however remain optimistic about revival by Q2FY10E.
Reliance Money has maintained its sell rating on Tata Consultancy Services (TCS) with a target price of Rs 440 in its March 6, 2009 research report.
"The management continues to remain cautious on the industry environment and expects the pain to continue in CY2009, however remain optimistic about revival by Q2FY10E. The management indicated at margins to be resilient to the extent of single digit pricing cut and continues to exercise internal levers to the optimal levels. On the other hand, project cancellations intensified in the recent months and its ripple effect will be seen in TCS deferring the campus joinees date to late 2009 and reducing the bench strength to non-existent levels. We continue to remain negative on the sector and maintain 'SELL' rating on the TCS with a target price of Rs 440," says Reliance Money's research report.
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