* 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)