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Tata Consultancy Services (TCS.BO, Neutral)
1) Growth outlook remains positive, 2011 budgets intact – TCS management
reassured that the demand outlook remains robust and they do not see significant risks
to a 20% growth in the near term. Recent customer surveys done by the company also
suggested that the client spending is intact. Pricing remains stable with uptick in the
last two quarters due to COLA increases.
2) Hiring plans on track – Hiring plans for the year are on track with no change in the
hiring guidance. More so, they are in the process of visiting campuses for next year’s
fresher hiring. Management stated that once they make the offers, they will not
withdraw this if the outlook worsens, but could stagger the intake.
3) Regulatory work to mitigate any slowdown in BFS vertical – Any meaningful
slowdown in the BFSI segment could be mitigated to a certain extent by the
presumptive spending on regulatory work. Corporates have already started spending
on compliance work related to Dodd Frank Act which will be come into implementation
in 2012.
4) Cloud, mobility and analytics are the next drivers – TCS stated that the technologies
in the areas of cloud, mobility and analytics are going to be the next growth drivers
and the TCS is strategizing to tap this opportunity. Initiatives like ION, platform BPO
division and the product division are the new initiatives where the company is
investing.
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