Angel Broking's report on Tata Consultancy Services (TCS)
"TCS, the Management reiterated that it expects FY2015 to be better than FY2014 on the back of strong deal pipeline and budget indications from clients. A healthy deal pipeline, broad-based deal signings, initial signs of up-turn in discretionary spending and good traction in annuity, traditional and transformational business - all these factors have collectively lent confidence to the company in estimating FY2015 to be a better year than FY2014. TCS also indicated that it is reaping benefits of investments in geographies such as Continental Europe and Latin America. The Management, however, cited a word of caution on India business, which it expects to remain muted till 1HFY2015 due to impending elections. Over FY2014-16E, we expect TCS' revenue to post a CAGR of 14.6 percent in USD terms and of 14.7 percent in INR terms. We maintain our Accumulate rating on the stock with a target price of Rs 2,410", says Angel Broking research report.
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