TCS shares rise on ‘optimistic’ demand outlook

TCS shares rise on ‘optimistic’ demand outlook
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First Published: Fri, Jul 18 2008. 10 33 AM IST
Updated: Fri, Jul 18 2008. 10 33 AM IST
Bangalore: Shares of India’s largest computer services provider, Tata Consultancy Services Ltd (TCS), rose the most in three months after chief executive officer S. Ramadorai said he was “optimistic” about the outlook for demand.
TCS climbed 7.1% to close at Rs779.20 on the Bombay Stock Exchange, the biggest advance since 15 April. The benchmark Sensitive Index rose 4.3%.
“The management is saying that the issues with specific clients they faced are sorted out and the others will get sorted out in a quarter or two,” said Krupal Maniar, an analyst at ICICI Securities Ltd who has a “buy” rating on the stock.
TCS fell 16% in the four trading sessions to Wednesday’s close after closest rival Infosys Technologies Ltd said on11 July profit growth slowed as financial companies delayed orders. TCS expects to boost sales to clients in manufacturing and retail, Ramadorai said on Thursday.
Pooja Thakur in Mumbai contributed to this story.
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First Published: Fri, Jul 18 2008. 10 33 AM IST