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TCS signs a contract with Deutsche Bank
TCS has signed a contract with Deutsche Bank to implement TCS BaNCS Core Banking Solution as its new core banking platform for Global Transaction Banking (GTB). This move is part of a global initiative to transform the bank’s transaction banking platform in more than 30 countries. TCS BaNCS Core Banking Solution provides transaction banking functionality, including account services, interest and charges, limits and facilities liquidity management, funds transfer and payments, statements, risk management and reporting. TCS BaNCS will replace several solutions with one modern, transaction-safe and cost-efficient platform. This deal would augur well for TCS to scale its revenue from the BFSI vertical, which contributed 44% to the company’s revenue and grew by 10% qoq in 2QFY2011. At the CMP of `1,078, the stock is trading at 22.5x FY2012E EPS of `47.8. We maintain a Neutral view on the stock.
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