TCS:Hold,TCS management meeting

We met TCS CFO Mr V Ramakrishnan and discussed demand and margin trends indetail. He reiterated that the sector is grappling with slower IT spend, evident inmoderating growth rates, but that this could still reverse in the coming quarters. Manystructural headwinds have pulled down sector growth, but macro weakness is a bigcontributor to the sector slowdown as well. Some of this spend may come back withimprovement in the macro environment and the business outlook of IT clients.

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