Brokerages are bullish on Tata Consultancy Services after it announced to foray into France on Tuesday. The software services exporter has signed definitive agreements to buy 100 percent of Alti SA, an IT services company in France for Euro 75 million in an all-cash deal.
The acquisition will strengthen TCS' ability and footprint to service its customers in France and other regions in Europe. The stock rallied 2.19 percent to close at Rs 1,530.05 on the BSE.
Morgan Stanley has an overweight rating on the stock with a target of Rs 1670. It says the acquisition will contribute 1 percent of rev and 0.5 percent in FY14.
Agreeing that the buy will have negligible earnings impact, UBS, too, advises to buy the stock for a target price of Rs 1850. According to UBS, the acquisition will boost TCS' presence in EU.
Religare also has a buy rating on the stock. "We expect limited financial impact for TCS despite lower margins, as it will add 1 percent to revenues on a run-rate basis," it said.
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