BofA-Merrill raises TCS rating to "buy"
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Last Updated: Monday, January 18, 2010, 12:23
Mumbai: Bank of America-Merrill Lynch has upgraded top software services firm Tata Consultancy Services to "buy" from "underperform", the investment bank said in a research note on Monday.

Late on Friday, Tata Consultancy reported a 33 percent rise in quarterly profit, beating street estimates as demand for outsourcing surged and prices stabilised.

"TCS should be a beneficiary of stabilising IT budgets and a pick up in offshoring, particularly the banking, financial services and insurance vertical," Bank of America-Merrill Lynch said in a note.

The investment bank had last week upgraded Infosys Technologies, the No. 2 software services exporter to "buy" from "underperform".

Bureau Report

First Published: Monday, January 18, 2010, 12:23

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