Tata Consultancy Services shot up as much as 12.4% after its fiscal Q4 results, but CLSA says it will stick to its "underperform" rating on the stock.
Despite TCS' upbeat comments on Monday, CLSA says the overall demand environment is "volatile," while pricing pressures and the "elevated" costs of hiring will limit upside margins.
CLSA's 12-month price target of Rs 1,160 compares to TCS' latest share price of Rs 1,190.
