Changing attire

PENNY WISE

peline looking strong.  TCS has a strong head-count growth plans (around 6,400 campus offers made), high utilisation rates and a willingness to walk away from GE's business. The pricing is stable. The company trades at a P/E of 20.2, 16.7 and 14.1 for FY06, FY07and FY08.  IDBI (OVERWEIGHT)
Morgan Stanley has initiated coverage on IDBI with an 'overweight' stance with a 12-month price target of Rs 108. It says the conversion of former IDBI, a project finance company, into a bank is a positive development that will enable it to lower its cost of funds, improve margins and earnings. The key benefit for IDBI from this conversion is its access to lower cost of funds to replace its high cost funds. The cost of funds for IDBI is expected to fall to 5.6 per cent in FY08 from an estimated 8.4 per cent in March 2005, enabling net interest margins to expand to 2.2 per cent from negative levels currently.  IPCL (SELL)
ABN Amro has initiated coverage in IPCL with a