Mumbai, July 10 -- One foreign brokerage retained its 'Accumulate' rating on the stock, while revising its target price to Rs 2,370 from Rs 2,410. The brokerage said TCS expects demand to improve from the September quarter and noted that management remained optimistic about the company's growth prospects. It also highlighted that continued headcount additions suggest there has been no material AI-driven disruption to the company's business model so far.

Another foreign brokerage described the June quarter performance as broadly in line with expectations, citing a modest revenue beat led by India and stable margins. The brokerage added that management's optimism regarding a recovery in demand during the second quarter provides confidence ...