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MARKET EYE-Despite TCS results, CLSA sticks to 'underperform'

Source : REUTERS
Last Updated: Tue, Apr 24, 2012 23:12 hrs

* India's Tata Consultancy Services shot up as much as 12.4 percent after its fiscal Q4 results, but CLSA says it will stick to its "underperform" rating on the stock. * Despite TCS' upbeat comments on Monday, CLSA says the overall demand environment is "volatile," while pricing pressures and the "elevated" costs of hiring will limit upside margins. * CLSA also says TCS' valuations of 16.5x March 2013 earnings limit any "money-making potential." * CLSA's 12-month price target of 1,160 rupees compares to TCS' latest share price of 1,190 rupees. (Reporting by Abhishek Vishnoi; Editing by Rafael Nam)



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