Reiterate 'buy' rating on TCS shares, target price Rs 2,570: Nomura
Posted on 17th June 2014 |
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| We reiterate our buy rating on Tata Consultancy Services (TCS) with a target price of Rs 2,570 per share, valuing the stock at 20x FY16f EPS of Rs 128. The 20x multiple is at the higher end of TCS’ historical valuation range. We expect this to sustain on higher predictability of growth/margins and better positioning to benefit from the demand upturn. We attended TCS’s analyst briefing on June 13 and see no change in revenue outlook. H1FY15f will be better than H2FY14 and Q1FY15f is tracking to be better than Q4FY14. Most of the larger verticals are expected to grow in line with the company average, while smaller verticals are expected to outpace the company average. Europe will grow faster on outsourcing-led demand, India will be flattish, while the US’ demand remains strong with no lingering effects of issues seen in the past quarter. Demand continues to be more project-base in the US. Digital remains a strong area of demand and can manifest itself in any of the horizontals. Multi-service deals have seen no change in trend versus earlier. We believe it is positive that TCS management is indicating the status quo for its earlier outlook of H1FY15f being better than H2FY14, and Q1FY15f being better than Q4FY14 and FY15f being better than FY14 given that TCS will need 4-5% q-o-q USD revenue growth in Q1FY15f (likely to be the best revenue growth among tier-1 IT on our estimates) for it to better its FY14 revenue growth. So, we remain positive on TCS given its best-in-class revenue and EPS CAGR. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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