TCS –Accumulate- Angel Securites
TCS’s UK-based subsidiary Diligenta, which provides BPO services to the UK life and pension sectors, has won new contracts from the Phoenix Group and Old Mutual International.
The new contract with the Phoenix Group is an extension by another six years till 2018. Both the Phoenix Group and Old Mutual International contracts are expected to increase the number of policies administered from 3.6mn to 5.0mn and generate £250 million over the next eight years.
This is a positive development for TCS as it will help it further strengthen its presence in UK’s life and pension sectors. We maintain an ACCUMULATE on the stock, with a target price of Rs920.
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